Epoxy Curing Agent Market Size, Share & Trends Analysis Report By Type (Amines, Polyamides, Anhydrides, Other Types), By Applications (Composites, Paints and Coatings, Adhesives and Sealants, Electrical and Electronics, Other Applications) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global epoxy curing agent market was valued at USD 3.92 billion in 2021. It is projected to reach USD 6.05 billion by 2030, growing at a CAGR of 4.93% during the forecast period (2022-2030). Factors such as increasing demand from the building and construction industry and new developments in light weight composite materials, significantly drives the demand for epoxy curing agent market.

Epoxy curing agents are amine-based substances that, when combined with epoxy resin, form a three-dimensional crosslinked system with remarkable performance characteristics, making them the perfect choice for usage in a wide range of industrial applications. There are two elements to epoxy resin systems: an "X" side and a "Y" side. The epoxy curing agent commonly referred to as the "hardener," is present on the Y side. It interacts with the epoxy groups present on the X side of the epoxy resin to cause a reaction. Due to rising demand for paints and coatings, adhesives and sealants, and composites, growth in the manufacturing, construction, electronics, automotive, and power generation sectors is anticipated to drive up demand for epoxy curing agents.

Market Dynamics

Epoxy curing agent market drivers

Increasing demand from the building and construction industry

By interacting with the epoxide groups or by catalyzing the epoxy group's self-polymerization, epoxy curing agents are used to cure epoxy resins. Epoxy resins are used in a variety of construction-related applications. The paints and coatings industry values them because of their characteristics, as they offer the two fundamental benefits of adornment and protection. Floor coatings, anti-corrosive primers, primer tie coats, primer finishes, abrasion-resistant coatings, chemical, heat, and fire-resistant coatings, and wall coatings are just a few of the paint and coating products that may be made using epoxy resin.

Epoxy resins are also widely used in producing adhesives and sealants, which have several industrial applications. In order to address construction obstacles, lightweight composites are being developed using epoxy curing agents for the building and construction sectors. Additionally, waterproofing treatments, sealants, and primers all use epoxy resins. It serves as a moisture barrier for concrete. They also have excellent adhesion, quick drying, and high concrete mechanical strength.

New developments in light weight composite materials

The manufacturing of composites requires resins or curing agents for faster curing and superior strength. The longevity of goods made with resins is greater than that of conventional items. Despite being approximately 50% lighter than steel and almost 30% lighter than aluminum, composite materials exhibit outstanding performance and strength in various automotive and aerospace applications.

Due to their exceptional strength and lightweight, they are also used in specific building applications, boosting the market: the space, aerospace, marine, and car industries significantly expenditures in composites research and development. The automotive sector uses composite materials in a variety of applications. In addition, the aerospace sector uses epoxy prepreg-based carbon fiber reinforced composites.

Epoxy curing agent market restraint

Environmental regulations on amine-based curing agents

The aliphatic amine curing agents, cycloaliphatic amine curing agents, and aromatic amine curing agents are all types of amine-based epoxy curing agents. Both an epoxy resin and an epoxy curing agent are present in epoxies. The majority of reactive diluents and liquid epoxy resins are not readily biodegradable. As a result, they meet the classification standards set forth by the European Union as being environmentally hazardous. Some epoxy resin types, such as solvent-borne epoxy resins, also release dangerous VOCs into the atmosphere.

Regulatory agencies like the Environmental Protection Agency (EPA) and REACH (Registration, Evaluation, Authorization, and Restriction of Compounds) are likely to exert constant pressure to restrict the use of such efficient chemicals to lessen the effects on people and the environment. Long-term contact with epoxies may sensitize the skin, resulting in dermatitis and blistering, and can cause asthma-like problems. In addition, improperly cured aromatic amine curing agents are carcinogenic, but correctly cured systems may not adversely affect human health or the environment.

Epoxy curing agent market opportunities

Rising establishment of wind energy generation plants

The construction of renewable energy generation facilities has been fueled by rising energy demand and environmental regulations. In many parts of the world, wind energy has gained popularity as a substitute for traditional energy production. Epoxy curing agents are highly sought-after in the wind energy industry since they are employed in the manufacture of turbine blades. Key suppliers of epoxy curing agents concentrate on this factor to maximize their sales potential as wind energy deployment is anticipated to increase.

Regional Analysis

The global epoxy curing agent market share is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

Asia-pacific dominates the global market

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. Nearly 10,000 coatings producers are based in China, according to European Coatings. Although many paint and coating manufacturing businesses in China, overseas firms and joint ventures also account for a sizeable portion of the industry. Many international players also attempt to improve their standings by making fresh additions. 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. Only lately have vendors at the Tier-II and Tier-III levels begun producing parts for the Indian commercial aerospace industry.

However, as demand from business travelers and other travelers rises with the economic expansion, there is a significant surge in the production of smaller aircraft, business jets, etc., for regional connectivity and speedier movement. This is anticipated to drive the epoxy curing agent market growth over the forecast period. In the semiconductor sector, the Singapore Semiconductor Industry Association (SSIA) and the India Electronics and Semiconductor Association (IESA) signed a Memorandum of Understanding (MoU) to establish and develop trade and technical cooperation between the electronics and semiconductor industries of the two nations, which will create tremendous opportunities for the market growth.

Europe is expected to grow at a CAGR of 4.09%, generating USD 1,360.98 million during the forecast period. Manufacturers from various industries, including equipment producers, suppliers of materials and components, manufacturers of engines, and integrators of complete systems, may be found in Germany, one of the top manufacturing hubs for the automobile industry. It is predicted that over 30-35 thousand new aircraft will be in service within the next 20 years to meet the growing demand in the aviation sector. Therefore, it is anticipated that the market for epoxy curing agents will increase as aircraft manufacturing rises during the projection period.

The United Kingdom is the largest European market for high-end consumer electronics items, with over 18,000 UK-based electronics companies. The Department for International Trade estimates that the UK's electronics industry contributes GBP 16 billion annually to the nation's economy. Consumers are increasingly choosing goods with attractive looks and numerous features as disposable income grows, which is anticipated to accelerate market expansion. Italy is one of the most economically and technologically advanced nations, having less income inequality than some of the more powerful, more developed nations. The major industries have been going through a time of maturity, and the main forces behind market demand have been technical advancements and other product improvements.

One of the world's biggest and most developed economies is the United States. The nation was able to evolve as one of the world's hotspots for the epoxy curing agents market thanks to its leading position. With more than 1,400 manufacturing firms, the United States is one of the primary paints and coatings producers worldwide. Due to the accelerated speed of innovation, technological improvement, and R&D operations in the electronics industry, there has been a significant demand for newer and quicker electronic devices.

Positive trends in the construction and automotive industries are anticipated to significantly impact the Canadian paints and coatings manufacturing sector throughout the projected period. The expansion of the industry is being aided by numerous government initiatives, including the Affordable Housing Initiative (AHI) and the New Building Canada Plan (NBCP). Canadians value new product developments, so the consumer electronics industry expanded and seized new opportunities in the core product area. The country's increased network connectivity is one of the main reasons fueling the expansion of the epoxy curing agent market.

Brazil's construction industry has faced significant challenges over the past ten years, including a shortage of public funding, corruption schemes, etc. But in recent years, government programs like "Minha Casa Minha Vida" and "Programa de Parcerias de Investimentos" have supported the industry's recovery and led to a significant increase in construction activity throughout the nation, which has a bearing on the demand for the epoxy curing agent market from the construction industry. Due to the domestic policy framework contradictions, reduced commodity prices, weak external demand, and the devaluation of the peso's value, Argentina has been experiencing sluggish economic growth during the past few years. However, long-term assistance for the Argentine economy is anticipated to come from the trade- and investment-friendly policies brought about by the new liberalization program.

Segmental Analysis

The global epoxy curing agent market is segmented by type and application.

Based on type, the global 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. Due to their practical curing speeds and final thermoset performance, amine curing agents are commonly used. In primary, secondary, and tertiary amines, respectively, one, two, or three ammonia (NH3) hydrogen molecules have been substituted for the hydrocarbon molecule. Depending on how many amines make up a single molecule, amines are classified as monoamine, diamine, triamine, or polyamine. At room temperature, the most widely used glycidyl-ether resins cure, but inner epoxy resins like cyclohexene oxide and epoxidized polybutadiene hardly do. Due to the growing use of composites in wind turbines, paints, coatings, adhesives, and sealants in the construction industry, the consumption of amines epoxy curing agents is likely to rise during the forecast period.

A backbone of aliphatic chains connected by amide linkages forms the foundation of polyamides. The toughness and general performance of the finished thermosets are improved by the unique characteristics of polyamides used as curing agents. Additionally, it increases the finished product's resistance to impacts, cracking, and substrate adhesion. In the finished thermosets, polyamides, which are much more vicious, provide excellent water resistance.

Due to its excellent water resistance and toughness, it is a top choice for applications like adhesives, primer coatings, moisture barrier coatings, and electrical potting. These polyamide resins are also created by the condensation reaction between dimer acid and polyamine and contain reactive primary and secondary amines in their molecules. They have been widely used as a curing agent for epoxy resin. Epoxy resin of the bisphenol-A type and polyamide amine combine to cure at or below room temperature with only moderate heat generation.

Based on application, the global 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. In India, the paint industry receives a 15% contribution from the construction sector. The real estate and urban development sectors make up India's construction industry. At the same time, the segment of urban development includes sub-segments like water supply, sanitation, urban transportation, schools, and healthcare. India's construction market is anticipated to become the third-largest in the world by 2025, and annual average growth in construction output is predicted to be 7.1%, which is expected to present tremendous opportunities for the epoxy curing agent market.

Aliphatic amines are utilized as a rapid adhesive cure and amine catalyst and offer excellent adhesion to various substrates and cures in chilly, damp circumstances. Additionally, they work well with multifunctional epoxy resins for enhanced resistance to hot chemicals and moisture. As a result, they are also employed in tank linings, adhesives, high-solids and solvent-free coatings, and amidoamine accelerators. The building and construction sector is one of the leading end-user industries for adhesives and sealants. Ceramic tile, concrete, drywall lamination, heating, ventilation, air conditioning, joint cement, manufactured homes, pre-finished panels, roofing, and wall covering are just a few of the applications for adhesives and sealants in the construction sector. Construction-related adhesives and sealants must be stable, long-lasting, and resistant to moisture, heat, chemicals, and the elements.

Recent Developments

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