EPOXY CURING AGENTS MARKET ANALYSIS

Global epoxy curing agents market was valued at US$ 3.13 Billion in 2022 and is projected to reach US$ 4.59 billion by the year 2030, exhibiting CAGR of 4.90 % during the forecast period 2023-2030.  Market has witnessed growth over the past few years, owing to the variety of applications of epoxy curing agents in various end-use industries  and significant developments by the market players.  Therefore, market is expected to expand over the forecast period due to such strong growth determinants.

Global Epoxy Curing Agents Market: Regional Insights

Asia Pacific is expected to hold a large share i.e. 44% of the global epoxy curing agents market. Increasing application such as concrete binding, marble laminated, and flooring will further boost demand for epoxy curing agents. Massive manufacturing growth in China coupled with supportive policies are the major factor driving the product demand. North America experienced growth during the forecast period, due to growing electronics industries in the region. Moreover, increasing construction sector in the region has boosted market growth. Europe is seeing modest demand growth. Increasing production boosted the market growth in the Europe. Moreover, growing product penetration in renewable energy is the major factor that drives market growth in Europe. Latin America and Middle East are projected to  have significant growth in the global market, owing to various construction projects in these regions.

Figure 1. Global Epoxy Curing Agents Market (%), By Region

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Global Epoxy Curing Agents Market: Growth drivers

• Rising establishment of wind energy generation plants

Increasing demand for energy and mandates to conserve the environment has fueled the development of renewable energy generation plant. Wind energy has emerged as a popular energy generation alternative, and is being widely adopted in various regions worldwide. There is high demand for epoxy curing agents in wind energy generation, as  it is used in manufacturing of  turbine blades due to its shear strength capabilities. Sales of epoxy curing agents is expected to rise  due to increased deployment of wind energy, and key suppliers of epoxy curing agents are focusing on maximizing their sales potential.

• High demand in end-use industry

Global epoxy curing agents market is driven by rising demand for epoxy curing agents in the wind energy industry, and increasing adoption of epoxy curing agents in civil engineering and construction applications. Moreover, increasing demand for epoxy curing agents as it is used in adhesives and coatings, and increasing demand for adhesives in the construction industry are expected to drive the market throughout the forecast period. Global epoxy curing agents market is expected to be fueled by rising usage of epoxy curing agents in civil engineering and construction applications such as concrete bonding, flooring, and marble laminate.

Global Epoxy Curing Agents Market: Restraints

• High cost of raw material

High cost of raw material of epoxy is expected to hinder growth of global epoxy curing agents market.

• Stringent regulations

Stringent environmental regulations regarding the usage of epoxy  is expected to hinder growth of global epoxy curing agents market.

Among product type, low temperature cure segment hold a huge revenue and volume share i.e. 63% in the global epoxy curing agents market and is expected to lead the market by exhibiting CAGR of 5.4% over the forecast period. Increasing demand for low temperature cure epoxy curing agents in paints and coatings application is projected to  drive growth of this segment in the near future.

Figure 2. Global Epoxy Curing Agents Market (%), By Product Type

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Global Epoxy Curing Agents Market: Recent Developments

• In February 2022, Westlake Chemical Corporation, announced that it has acquired Hexion Inc’s global epoxy business for USD 1.2 billion.
• In September 2021, Axalta, announced that it broke ground for the construction of a state-of-the-art coatings facility in Jilin City, North China. This 46,000-square-meter new plant will produce mobility coatings for light vehicles, commercial vehicles, and automotive plastic components.
• In May 2021, PPG, announced the completion of US$ 13 million investment in its Jiading, China paint and coatings facility including eight new powder coating production lines and an expanded Powder Coatings Technology Center. This expansion will increase the plant’s capacity by more than 8,000 metric ton per year.

Global Epoxy Curing Agents Market: Key Companies

The major players in the epoxy curing agents market include Cardolite Specialty Chemicals India LLP, Dow Chemicals Company, BASF SE, Hexion, Inc., Trans Ocean Chemicals Private Ltd, MGI Chemicals Private Ltd., and Paladin Paints & Coatings Pvt. Ltd.  . Key players are strategically investing in global epoxy curing agents market to enhance their product portfolio through collaboration, joint ventures, merger, and acquisitions. 

Definition: Epoxy curing agents are used to obtain optimum performance characteristics of epoxy resins by crosslinking with them. Selection of curing agents depends on the process and end user requirements