Global Epoxy Curing Agent Market Ascends at a Healthy CAGR of 4.93%

Introduction

Epoxy resin and curing agents combine to create a three-dimensional crosslinked system with exceptional performance properties. Epoxy-curing agents are amine-based compounds making them the perfect choice for use in various industrial applications. Growth in the manufacturing, construction, electronics, automotive, and power generation sectors is predicted to drive up demand for epoxy curing agents due to the increased need for paints and coatings, adhesives and sealants, and composites.

Market Dynamics

Increasing Demand from the Building and Construction Industry Drives the Global Market

Epoxy resins are employed in numerous applications in the building industry and are valued by the paint and coatings industry because of their qualities. They provide the two essential advantages of decoration and defense. Epoxy resin can create paint and coating products, including floor coatings, anticorrosive primers, primer tie coats, primer finishes, abrasion-resistant coatings, and chemical, heat, fire-resistant and wall coatings. Epoxy resins are frequently employed in manufacturing adhesives and sealants, which have several industrial uses. These factors are anticipated to drive market growth over the forecast period.

Rising Establishment of Wind Energy Generation Plants Creates Tremendous Opportunities

Rising energy demand and environmental laws have encouraged constructing renewable energy-producing plants. Wind energy has become more well-liked as a replacement for conventional energy production in many parts of the world. Epoxy curing agents are highly sought-after in the wind energy industry since they are employed in the manufacture of turbine blades. As the use of wind energy is predicted to rise, significant suppliers of epoxy curing agents concentrate on this to boost their sales potential.

Regional Analysis

Asia-Pacific is the most significant revenue contributor to the global epoxy curing agent market and is expected to grow at a CAGR of 5.82% during the forecast period. China has seen a steady rise in the production of paints and coatings in recent years. Even though China is home to many paint and coating manufacturing companies, foreign companies and joint ventures make up a sizable percentage of the market. Many international players also make recruits to raise their standings. The aerospace manufacturing industry is still in its infancy in India because defense-related production, which includes HAL and its supply chain, has historically dominated the country. However, there has been a considerable increase in the construction of smaller aircraft, business jets, etc., for regional connectivity and faster movement as demand from business and other travelers rises with the economic boom. These factors are anticipated to drive the epoxy curing agent market over the forecast period.

Europe is expected to grow at a CAGR of 4.09%, generating USD 1360.98 million during the forecast period. Germany, one of the top manufacturing hubs for the automotive industry, is home to companies from various sectors, including equipment producers, suppliers of materials and components, engine manufacturers, and integrators of entire systems. The UK is the largest European market for high-end consumer electronics products, home to more than 18,000 electronics businesses. Currently, the country holds 40% of the European electronics design market. Italy is one of the most economically and technologically developed countries, and compared to some of the more robust, more developed countries, it has less income disparity. The major sectors have reached a stage of maturity, and technological developments and other product enhancements have been the primary drivers of market demand.

Key Highlights

• The global epoxy curing agent market was valued at USD 3,926.66 million in 2021. It is projected to reach USD 6,055.09 million by 2030, growing at a CAGR of 4.93% during the forecast period (2022-2030). 
• Based on type, the global epoxy curing agent market is bifurcated into amines, polyamides, anhydrides, and others. The amines segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.24% during the forecast period.
• Based on application, the global epoxy curing agent market is bifurcated into composites, paints and coatings, adhesives and sealants, electrical and electronics, and other applications. The paints and coatings segment owns the highest market share and is estimated to grow at a CAGR of 5.14% during the forecast period.
• Asia-Pacific is the most significant revenue contributor to the global epoxy curing agent market and is expected to grow at a CAGR of 5.82% during the forecast period.

Competitive Players

Competitive Players

The global epoxy curing agent market’s major key players are Atul Ltd, BASF SE, Cardolite Corporation, Epochemie - Epoxy Curing Agents, Epoxy Division Aditya Birla Chemicals (Thailand) Limited (Aditya Birla Group), Evonik Industries, Hexion, Huntsman International LLC, Kukdo Chemical Co. Ltd, Kumho P&B Chemicals Inc., Mitsubishi Chemical Corporation, Olin Corporation, Shandong Deyuan Epoxy Resin Co. Ltd, and Toray Industries Inc.

Recent Developments

Market News

• In January 2022, Cardolite Corporation announced New Waterborne Curing Agent for Epoxy Systems.
• In April 2022, Huntsman International LLC announced CTS, which offers specialized curing and toughening agents, resin adducts, and other high-performance epoxy resins.

Segmentation

Global Epoxy Curing Agent Market: Segmentation

By Type

• Amines
• Polyamides
• Anhydrides
• Other Types

By Applications

• Composites
• Paints and Coatings
• Adhesives and Sealants
• Electrical and Electronics
• Other Applications

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA