Curing Agent Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan - Size and Forecast 2024-2028

Curing Agent Market Size 2024-2028

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 increasing demand for epoxy resin systems in the production of protective coatings and lightweight materials. Cross-linked polymers, primarily amines, are widely used as curing agents in epoxy resins to enhance their thermal properties. This trend is particularly prominent in the paints and coatings industry, where epoxy resins are utilized for their durability and resistance to harsh environmental conditions. Moreover, the demand for eco-friendly solutions is driving the market towards the adoption of bio-based alternatives to traditional curing agents. For instance, bio-based amines derived from renewable sources are gaining popularity due to their lower carbon footprint and reduced environmental impact. This shift towards sustainability is expected to continue, especially in sectors such as wind energy, where the production of lightweight and durable wind turbine blades relies heavily on advanced materials and coatings.
• However, environmental regulations pose a challenge to the market's growth. Strict regulations on the use of volatile organic compounds (VOCs) and other harmful chemicals in coatings and adhesives are driving the need for low-emission curing agents. As a result, manufacturers are investing in research and development to create innovative solutions that meet both regulatory requirements and customer demands for high-performance materials. In summary, the market is witnessing growth due to the increasing demand for epoxy resin systems in protective coatings and lightweight materials. The trend towards eco-friendly solutions and the need for low-emission curing agents are key market drivers, while environmental regulations present challenges that manufacturers must address to remain competitive.

What will be the Size of the Market During the Forecast Period?

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• The curing agents market is a significant sector within the chemical industry, playing a crucial role in enhancing the properties of various materials used in construction, wind energy, and other industries. Curing agents are essential additives that catalyze the curing process of adhesives, coatings, composite materials, and other applications. Chemical resistance and mechanical durability are two essential properties that curing agents contribute to the final product. In the construction industry, curing agents are used to improve the thermal properties and electrical insulation of concrete and other building materials.
• In wind energy, curing agents are vital for the production of lightweight, high-performance composite materials used in wind turbine blades. Exothermic curing, a process that generates heat during the curing reaction, is a popular method used in the industry. Anhydrides and amines are common types of curing agents used in this process. Cross-linked polymers, another application area for curing agents, are used to enhance the protective coating's performance and eco-friendly solutions' durability. The demand for curing agents is driven by the need for sustainable and lightweight materials in various industries. In wind energy, the shift towards bio-based alternatives to traditional volatile organic compound (VOC) curing agents is a significant trend.
• Moreover, epoxy curing agents and composites are popular choices due to their high chemical resistance and mechanical durability. The use of curing agents in electronics and other industries is also on the rise. Resin types such as acrylic, polyurethane, and alkyd are commonly used in the production of paints and coatings, sealants, and varnishes. Curing agents play a crucial role in enhancing the properties of these products, including their thermal stability, chemical resistance, and mechanical durability. Environmental sustainability is a critical consideration in the curing agents market. The use of eco-friendly solutions and the reduction of VOC emissions are key areas of focus for manufacturers.
• In conclusion, the development of new resin types and curing agents that meet these requirements is a significant trend in the industry. In conclusion, the curing agents market is an essential sector within the chemical industry, with applications in various industries, including construction, wind energy, and electronics. The demand for curing agents is driven by the need for sustainable, lightweight, and high-performance materials. The use of exothermic curing, anhydrides, amines, and cross-linked polymers are common trends in the industry. The focus on eco-friendly solutions and the reduction of VOC emissions is a significant trend that is expected to shape the future of the curing agents market.

How is this market segmented and which is the largest segment?

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.

• Type
  • Epoxy
  • Polyurethane
  • Silicone Rubber
  • Others
• Geography
  • APAC
    • China
    • Japan
  • Europe
  • North America
    • US
  • South America
  • Middle East and Africa

By Type Insights

• The epoxy segment is estimated to witness significant growth during the forecast period.

Epoxy-curing agents hold the largest market share in the global curing agent industry. These agents are utilized in the production of epoxy resins, which are cross-linked polymers extensively applied in various industries. Epoxy resins are known for their exceptional thermal properties and are commonly used in protective coatings for construction, including flooring, shipbuilding, automotive, infrastructure, and home appliances. They offer enhanced strength, durability, and resistance to environmental factors, contributing to a longer product lifespan and reduced maintenance costs.

Moreover, the resin and the hardener (the curing agent). The hardener plays a crucial role in the curing process, enabling the epoxy resin to transform from a liquid to a solid state. The use of epoxy curing agents in paints and coatings not only improves their performance but also contributes to the production of lightweight materials, making them an eco-friendly solution in various industries. Moreover, the increasing demand for sustainable and environmentally friendly alternatives, such as bio-based curing agents, is expected to drive market growth. This trend is particularly relevant in the wind energy sector, where the use of epoxy curing agents in wind turbine blades is essential for their longevity and resistance to harsh weather conditions.

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The epoxy segment was valued at USD 3.24 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• 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.

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The Asia Pacific (APAC) region is a significant contributor to The market due to its expanding manufacturing sector, particularly in countries such as China, India, Japan, and South Korea. These nations host a multitude of industries, including construction, automotive, electronics, and aerospace, which are major consumers of curing agents. Curing agents are crucial in various applications, including coatings, adhesives, sealants, and composites, as they improve the material's durability, chemical resistance, and mechanical strength. China, the largest producer and consumer of curing agents in the APAC region, fuels market growth with its vast industrial landscape and increasing infrastructure projects.

Moreover, the manufacturing capabilities in these countries are undergoing capacity expansion, driven by infrastructural developments and the chemical sector's continuous innovation. Emerging economies in the region are also investing heavily in industries that rely on curing agents, further boosting market demand. The market's growth in the APAC region is a result of the thriving manufacturing sector and the increasing demand from industries such as transportation, aerospace, wind power, and wind energy. The market's growth is expected to continue as these industries expand and innovate, requiring more advanced materials and solutions that curing agents provide.

Market Dynamics

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.

What are the key market drivers leading to the rise in adoption of Curing Agent Market?

Increased demand for epoxy resin systems as primers is the key driver of the market.

• Epoxy primers, a crucial component in the epoxy resin system, serve as sealers prior to painting. These primers are essential for corrosion protection in various industrial and commercial settings where steel surfaces are exposed to harsh environmental conditions. They effectively shield steel structures, such as bridges, pipes, offshore platforms, marine hulls, superstructures, and decks, from corrosion. The strong adhesion properties of epoxy primers make them suitable for bonding with steel, galvanized steel, and aged epoxy surfaces. Epoxy primers are widely used in the manufacturing sector for coating metal cans and containers, particularly those designed for storing acidic food items like tomatoes. Their fast-drying and handling characteristics, coupled with extended overcoating ability, make them ideal for factory applications.
• Moreover, epoxy primers offer excellent abrasion resistance, ensuring resistance to mechanical damages during transportation. The curing process of epoxy primers involves the use of chemical compounds known as hardeners. The degree of curing is determined by the curing cycle, which can be influenced by factors like temperature, humidity, and gel time. Active hydrogen-containing chemicals, such as anionic initiators and cationic initiators, are employed to initiate the curing process. The viscosity of epoxy primers can be adjusted to suit specific application requirements. In summary, epoxy primers play a vital role in providing corrosion protection for various industrial and commercial applications. Their excellent adhesion properties, fast-drying capabilities, and extended overcoating ability make them an indispensable choice for factory applications. The curing process is initiated by chemical compounds, and the degree of curing is influenced by factors like temperature, humidity, and gel time.

What are the market trends shaping the Curing Agent Market?

New product launches are the upcoming trends in the market.

• The global market for curing agents experiences continuous expansion due to new product launches by key players. These introductions boost the revenue of companies and broaden their customer base. New product launches enhance a company's market share and provide a competitive advantage. Some recent product launches in the market include: Evonik Industries unveiled a new UV-resistant epoxy curing agent, Ancamine 2880, in April 2024. This innovative product caters to the increasing demand for durable and chemically resistant coatings and adhesives in construction and wind energy applications.
• In August 2022, Hexion introduced an epoxy system accompanied by a new curing agent to cater to the escalating need for epoxy resins and curing agents in various industries. The new product offering aims to improve the mechanical durability and electrical insulation properties of composite materials. These product launches underscore the commitment of market participants to delivering advanced solutions for construction, wind energy, and other industries that rely on curing agents for adhesives, coatings, and composite materials.

What challenges does Curing Agent Market face during the growth?

Environmental regulations affecting market growth are key challenges affecting the market growth.

• Epoxy resin systems are essential components in various industries, including the coatings industry, for protecting structures from environmental hazards and extreme temperatures. These systems consist of a resin and a curing agent, which react to form a cross-linked polymer. The curing agent plays a crucial role in enhancing the epoxy resin's properties, such as high sheer strength, low weight, and resistance to chemicals and heat. Manufacturers of epoxy curing agents incorporate additives to improve the agents' performance and quality. However, these additives can pose health and environmental risks due to their toxic nature. Some common toxic additives include silica, lead, and volatile organic compounds, which can lead to gene mutations and other severe health issues.
• To address these concerns, the specialty additive division of raw material suppliers is focusing on developing eco-friendly alternatives to toxic curing agents. These alternatives offer similar performance benefits while reducing the environmental and health risks associated with traditional curing agents. The coatings industry, including wind turbine manufacturers, is a significant consumer of epoxy resin systems. The increasing demand for renewable energy and the need for durable, high-performance coatings for wind turbines are driving the growth of the market.
• In conclusion, epoxy curing agents play a vital role in enhancing the properties of epoxy resin systems, making them an essential component in various industries. However, the toxic nature of some curing agent additives poses health and environmental risks. To mitigate these risks, raw material suppliers are focusing on developing eco-friendly alternatives. The coatings industry, particularly wind turbine manufacturers, is a significant consumer of epoxy resin systems, driving the growth of the market.

Exclusive Customer Landscape

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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• 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.
• Yunteh Industries

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.

Research Analyst Overview

The market encompasses a wide range of chemical compounds used in various industries such as construction, wind energy, and electronics, among others. These agents play a crucial role in enhancing the properties of adhesives, coatings, composite materials, and resins. In wind energy, for instance, curing agents are essential for manufacturing wind turbine blades with high chemical resistance, mechanical durability, and electrical insulation. Exothermic curing agents like anhydrides and amines are commonly used in the production of epoxy resins. These agents help in cross-linking polymers, improving thermal properties and increasing the degree of curing. The curing cycle, viscosity, and gel time are critical factors that determine the effectiveness of curing agents. Curing agents are also used in the manufacturing of protective coatings for lightweight materials in the transportation, aerospace, and building & construction sectors. Eco-friendly solutions, such as bio-based alternatives, are gaining popularity due to environmental sustainability concerns. The specialty additive division of the coatings industry is a significant consumer of curing agents. The chemical sector's capacity expansion and infrastructural developments in emerging economies are driving the demand for curing agents.

Moreover, epoxy curing agents, anhydride, polyamides, and other resin types are widely used in various applications due to their unique properties. Active hydrogen-containing chemicals, anionic initiators, cationic initiators, and reactive cross-linkers are some of the key product categories in the market. Raw material costs and launchings of new products are significant factors influencing the market dynamics. The volatility of raw material prices and the need for high-performance, low-weight curing agents are some of the challenges faced by manufacturers. The market is expected to grow significantly due to the increasing demand for high-performance materials in various industries.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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