Epoxy curing agents are those materials used to reduce the curing time of epoxy resins which consequently reduces the total manufacturing time and cost. Moreover, specific properties imbued into resins by these materials, such as excellent adhesion, anti-shrinkage static, and high resistance to chemicals, corrosion, impact solvent, make epoxy curing agents as an irreplaceable component in the manufacturing of automotive, aircraft, and marine industries.
Construction and electronics industries are also a key application area of these resins. Similarly, epoxy curing agent also witnesses a vast consumption in paints and coating adhesive manufacturing industry. As a result, these agents enjoy a large uptake and demand in some of the burgeoning industries which leads to encouraging the growth of the epoxy curing agent market on the global platform.
Acknowledging the rapid expansion, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global Epoxy Curing Agent Market Trends is projected to be worth USD 5998.21 million by 2030, registering a CAGR of 6.6% during the forecast period (2021 - 2030).
Owing to their additional properties such as quick-drying, forming a durable layer, epoxy resins modified with the curing agents are extensively applied on steel parts in ships, vehicles, electrical system electronics, and industrial aerospace machine parts, among others. Therefore, epoxy curing agents cover a vast area of application across automotive, aircraft and marine manufacturing industries.
Factors such as the augmenting demand from some of the burgeoning industries like construction, automotive transport, and electricals electronics drive the growth of the epoxy curing agent market. Additionally, factors like increasing population, urbanization coupled with the improving economy worldwide that enhances consumers’ purchasing power contribute to market growth.
On the other hand, factors such as the volatility in the prices and the demand supply gap in the raw materials required for the production of these materials impede the market growth. Nevertheless, some trends in the automotive industry such as lightweight vehicles, letting out lower emission, offering maximum fuel efficiency are expected to support the growth of the market throughout the assessment period.
Global Epoxy Curing Agent Market – Segments
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Type: Amines, Polyamide, Imidazoles, Polymercaptan, Anhydrides, and Polymercaptan, among others (Thiols, Dicyandiamide, Photo- Ultraviolet-Curing Agents, etc).
By Application: Adhesive, Coatings, Composites, and Electronics among others (wind energy, additives, etc.).
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Epoxy Curing Agent Market – Geographical Analysis
The Asia Pacific region, heading with the augmenting demand from the end-user industries such as coatings, adhesives, and electronics, dominates the global epoxy curing agent market. The APAC accounts for the largest producer and consumer of these agents. Moreover, the factors such as the augmenting demand in various applications such as coatings and adhesives in Japan and China, increasing demand for coatings, adhesives, composites in the India, Taiwan, and South Korea are fostering the growth of the regional market.
APAC has always been attracting foreign investors with the availability of cost-competitive logistics such as land, labor force, and raw materials. Moreover, favorable governmental policies are encouraging the manufacturers from the developed countries to shift their production bases to this region.
The North American region is another lucrative market for epoxy resin prices which is heading with the increasing consumption of these materials, flowing the APAC region closely. Due to the increasing demand for coatings, adhesives, composites in the manufacturing of marine and aerospace in the US Canada, the region accounts for a considerable market share.
The European region is emerging as a profitable market for epoxy curing agents, led by the spurting paints curing industry backed by the dynamic automotive sector. Continuing with the same growth trends Europe is expected to register fabulous accruals over the assessment period.
Global Epoxy Curing Agent Market – Competitive Landscape
Fiercely competitive the epoxy curing agent market appears fragmented with the several large and small players alongside the new entrants churning the competition in the market. Growing innovations in product and technologies are creating strong investment opportunities for market players. These players are focused on improving their market performance and increasingly acquire promising companies to expand in the fast-growing markets.
Major Players:
Key players leading the global epoxy curing agent market include BASF SE (Europe), Evonik Industries AG (Europe), Huntsman International LLC (US), Kukdo Chemical Co., Ltd. (South Korea), Cardolite Corporation (US), Aditya Birla Chemicals (India), Momentive Specialty Chemicals Inc. (US), Mitsubishi Chemical Corporation (Japan), The Dow Chemical Company (US), and Air Products Chemicals, Inc. (US) among others.
Industry/ Innovation/ Related News:
November 19, 2018 ---– Gabriel Performance Products, LLC (the US), a market-leader in epoxy curing agents, Phenoxy alkyd resins, and complex specialty chemical manufacturing launched a new brand messaging platform and website to help communicate their extensive product and service offerings to its ever-growing customer base.
Post to the acquisition of Royce International and its products, Ranbar® and RoyOxy® in April 2018, now, Gabriel also announced the completion of the integration of all its acquisitions and significant investments in capacity.
The company has also refined its Go-To-Market approach featuring a strong direct sales team, full-featured Application Development lab, and an RD team staffed with leading industry chemists and engineers.
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