Global Epoxy Curing Agents Market was valued at US$ 3.13 billion in 2022 and is expected to reach US$ 4.59 billion by 2030, projecting a CAGR of 4.9 % over the forecast period 2023-2030. According to global epoxy curing agents market report, By Product Type (Low Temperature Cure and High Temperature Cure), By Application (Marine, Industrial & Protective, Construction, Adhesive and Others).
Favorable growth in infrastructure development, and increasing demand for epoxy curing agents in end-use industries such as paints & coatings, electronics, adhesive, and marine are expected to drive growth of the epoxy curing agents market at the global level. Moreover, increasing demand for high performance epoxy resins and increasing trade activities in the field of polymer across regions is also contributing to growth of the market. Stringent environmental government regulations that is imposed on VOC content and growing unorganized market especially in polymer coatings is expected to hinder growth of the global epoxy curing agents market. According to EPA, volatile organic compound are required to meet a level of stringency known as Reasonably Available Control Technology that is defined as the lowest level of emissions that can be attained in both technical and economic considerations.
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Key Trends and Analysis of the Global Epoxy Curing Agents Market:
- Among product type, the low temperature cure segment held a dominant position in 2022 and is expected to retain its dominance in the global epoxy curing agents market over the forecast period
- Among application, construction segment accounted for the largest market share in 2022. The construction segment is expected to exhibit significant market growth, owing to rising demand for these agents among business firms, commercial buildings, and educational institutions in order to enhance the aesthetic appeal of the interiors of buildings.
Key Takeaways of Global Epoxy Curing Agents Market:
- According to study, Asia Pacific accounted for the highest market share, in terms of revenue and volume, in global epoxy curing agents market in 2022. This region is expected to maintain its dominance throughout the forecast period, due to growing end-use industries that uses epoxy curing agents, along with increasing government investment in infrastructural development. For instance, according to Asian Development Bank, Asia invested around US$ 8 trillion - 9 trillion in infrastructural development by 2018. Major investments in building & construction industry is expected to result in rapid economic development and increasing population, and this is projected to boost demand for epoxy curing agents throughout the forecast period.
- Asia Pacific is projected to be the fastest growing region in the global epoxy curing agents market and is expected to exhibit a CAGR of 6.2% over the forecast period. Emerging economies such as China and India are expected to contribute to the growth of the epoxy curing agent market in Asia Pacific over the forecast period.
- Key players are making investment in developing products with low VOCs in order to ensure regulatory adherence. For instance, Hexion Inc., introduced NextGen Epoxy Waterborne System for more cost-effective, ultra-Low VOC, and high-performance coatings at the 2016 American Coatings Show (ACS) in Indianapolis. This system offers coating performance comparable to solvent-borne systems and meets the stringent volatile organic compounds (VOC) regulations.
