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The curing agent market size is forecast to increase by USD 2.08 billion at a CAGR of 7.1% between 2023 and 2028. The market is experiencing significant growth due to the increased demand for epoxy resin systems as primers in various industries, including construction and automotive. New product launches are also driving market growth, as manufacturers introduce innovative solutions to cater to the evolving needs of consumers. These agents provide chemical resistance, mechanical durability, and electrical insulation, making them essential for protective anti-corrosion coatings and lightweight materials. However, environmental regulations are posing challenges to market growth, as stricter regulations on the use of certain curing agents, such as those containing volatile organic compounds, are being implemented. These regulations are forcing manufacturers to invest in research and development of alternative, eco-friendly curing agents to meet the changing market demands. Overall, the curing agent market is expected to continue its growth trajectory, driven by these trends and challenges.
The curing agent market is witnessing significant growth in various industries, including construction, wind energy, and electronics. In construction, curing agents play a crucial role in enhancing the properties of industrial adhesives and sealants coatings, and composite materials. In the wind energy sector, curing agents are used extensively in the production of wind turbine blades. Exothermic curing agents, such as anhydrides and amines, are commonly used for curing epoxy resins. These agents ensure the cross-linking of polymers, resulting in improved thermal properties and enhanced mechanical strength. Moreover, the demand for eco-friendly solutions is driving the market for bio-based alternatives to traditional curing agents. These alternatives offer better environmental sustainability and reduced volatile organic compound (VOC) emissions. In the consumer electronics industry, curing agents are used in the production of varnishes, sealants, and resins for electronics components. Cross-linked polymers, such as epoxy curing agents, are widely used due to their excellent thermal properties and electrical insulation capabilities.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The epoxy segment is estimated to witness significant growth during the forecast period. The market encompasses a wide range of applications in various industries, including Construction, Wind Energy, Transportation, Aerospace, Electronics, and Building & Construction. In Wind Energy, curing agents play a crucial role in the production of composite materials for wind turbine blades, ensuring chemical resistance, mechanical durability, and electrical insulation.
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The epoxy segment was the largest segment and valued at USD 3.24 billion in 2018. Exothermic curing agents, such as anhydrides and amines, are commonly used for this purpose. Adhesives and coatings, including epoxy resins and polyamides, are essential in the manufacturing of composite materials for Construction and Infrastructural developments. These materials offer superior thermal properties, protective coatings, and lightweight solutions, contributing to environmental sustainability and eco-friendly solutions. Hence, such factors are fuelling the ggrowth of this segment during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is witnessing significant growth in various industries such as Construction, Wind Energy, and Electronics, driven by the demand for protective coatings, adhesives, and composite materials. In Wind Energy, the use of curing agents in producing wind turbine blades is crucial for ensuring chemical resistance, mechanical durability, and electrical insulation. Exothermic curing agents like anhydrides and amines are commonly used in the production of cross-linked polymers, epoxy resins, and polyamides. Hence, such factors are driving the market in APAC during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for epoxy resin systems as primer is notably driving market growth. The market encompasses a range of chemical compounds utilized to accelerate the curing process of epoxy resins, specifically functioning as hardeners. These agents significantly impact the degree of curing, gel time, and viscosity of the epoxy resin system. Product categories within this market include active hydrogen-containing chemicals, anionic initiators, cationic initiators, and reactive cross-linkers. In the coatings industry, epoxy primers employing curing agents are extensively used as sealers before painting.
These primers offer superior protection to various steel surfaces in industrial and commercial settings exposed to harsh environmental conditions. The coatings provide excellent adhesion to steel, galvanized steel, and aged epoxy surfaces, shielding them from corrosion. Epoxy primers find extensive applications in industries such as wind energy, where high sheer strength and low weight are essential. In the wind turbine sector, epoxy primers contribute to the protection of blades and towers from environmental factors. Thus, such factors are driving the growth of the market during the forecast period.
New product launches is the key trend in the market.The global curing agent market experiences growth due to new product launches by both regional and international players. These innovations increase the market shares of vendors and provide them with a competitive edge. For instance, in April 2024, Evonik Industries introduced Ancamine 2880, a UV-resistant epoxy curing agent. Similarly, in August 2022, Hexion launched a new epoxy system coupled with a curing agent to cater to the escalating demand for epoxy resins and curing agents in various applications.
The curing agents market comprises product categories such as active hydrogen-containing chemicals, anionic initiators, cationic initiators, and reactive cross-linkers. These chemical compounds play a crucial role in the curing cycle, influencing the degree of curing, viscosity, and other properties. In the coatings industry, curing agents are essential for achieving high sheer strength and low weight in wind turbine applications. Thus, such trends will shape the growth of the market during the forecast period.
Environmental regulations affecting market growth is the major challenge that affects the growth of the market. Epoxy resin systems, a crucial component in various industries, consist of a resin and a curing agent. The curing agent, also known as a hardener, catalyzes the curing process by reacting with the resin to form a cross-linked polymer. The degree of curing, determined by the gel time, significantly influences the final properties of the epoxy material.
The curing cycle, which includes the curing temperature and duration, also plays a vital role in ensuring the desired viscosity and high shear strength. Product categories of epoxy curing agents include active hydrogen-containing chemicals, anionic initiators, cationic initiators, and reactive cross-linkers. These raw materials vary in their reactivity and curing mechanisms. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aditya Birla Management Corp. Pvt. Ltd: The company offers curing agent namely Epotec TH 7210 F.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The curing agent market is witnessing significant growth in various industries, including construction, wind energy, and electronics. In construction, the demand for curing agents is driven by the increasing usage of adhesives, coatings, and composite materials in infrastructure developments and residential and commercial buildings. In wind energy, curing agents play a crucial role in the production of wind turbine blades, with epoxy curing agents being widely used for their excellent chemical resistance, mechanical durability, and electrical insulation properties. Anhydrides and amines are commonly used curing agents for cross-linked polymers, such as epoxy resins, in the manufacturing of composite materials for the aerospace, transportation, and building & construction industries. Lightweight materials, protective coatings, and eco-friendly solutions are also gaining popularity due to their thermal properties and environmental sustainability. The chemical sector is expanding its manufacturing capabilities to cater to the growing demand for curing agents in various industries. Bio-based alternatives to traditional curing agents, such as polyamides and anhydride, are also gaining traction due to their reduced volatile organic compound emissions. The market for curing agents is expected to grow significantly in emerging economies due to the increasing capacity expansion in the wind power sector and infrastructural developments.
Market Scope |
|
Report Coverage |
Details |
Page number |
143 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
Market growth 2024-2028 |
USD 2.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.5 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aditya Birla Management Corp. Pvt. Ltd., Air Products and Chemicals Inc., Albemarle Corp., Atul Ltd., BASF SE, Campbell Plastics Ltd., Cardolite Corp., Cargill Inc., Evonik Industries AG, Hexion Inc., Huntsman Corp., KUKDO Chemical Kunshan Co. Ltd., LEUNA Harze GmbH, Mitsubishi Chemical Corp., Nan Ya Plastic Corp., Olin Corp., RPM International Inc., Shandong Deyuan Epoxy Resin Co. Ltd., Vijai Poly Products Pvt. Ltd., and Yunteh Industries |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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