In 2023, the amine hardener market is expected to be worth US$ 1.7 Billion. The market is expected to reach US$ 2.9 Billion by 2033, expanding at a 5.1% CAGR throughout the forecast period. With the growing infrastructural and industrial developments in various regions, especially Asia Pacific, the amine hardener market is estimated to witness a significant growth opportunity during the forecast period.
The amine hardener industry faces several obstacles, including intense competition from substitutes such as polymercaptan epoxy curing agents and phenalkamine curing agents, rising concerns regarding environmental hazards caused by the use of conventional petrochemical-based epoxy curing agents, and shifting consumer preference towards the use of bio-based curing agents among various end use sectors.
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Increasing sales and production of automotive vehicles along with the increasing demand for protective coatings, adhesives, lightweight composite materials and others is anticipated to provide several lucrative opportunities for the growth of product market. The development of customized or modified amine curing agent with enhanced properties and more eco-friendlyepoxy curing agents is another key factor that provides opportunities for manufacturers to expand their product portfolio.
Rising environment concerns and increasing awareness about negative effects of amine curing agents on human health have led to development of amine hardeners with lower environment impact. Development of new and innovative amine-based hardeners for applications that require a long pot life such as pultrusion, filament winding, resin transfer molding or casting is anticipated to drive the sales of amine hardeners during the forecast period.
Manufacturers across the globe are focusing on the development of amine hardener low VOC content and are introducing advanced technologies to manufacture ultra-low emission epoxy curing agents. Growing efforts towards the replacement of petroleum-based feedstock with naturally occurring and environmentally compatible materials is another key factor bolstering the market growth across the globe.
Key Takeaways from the Amine Hardener Market:
- The amine hardener industry in the United States is predicted to reach US$ 0.14 Billion by 2033, increasing at a 4% CAGR.
- The amine hardener industry in India is estimated to reach a market share of US$ 0.14 Billion, expanding at a CAGR of 2% by 2033.
- During the forecast period, the amine hardener industry in China is expected to reach a market share of US$ 0.95 Billion, securing a 1% CAGR.
- The amine hardener industry in Japan is predicted to reach US$ 0.11 Billion by 2033, increasing at a 9% CAGR.
- Germany’s amine hardener industry is predicted to achieve a market share of US$ 0.058 Billion, rising at a 8% CAGR during the forecast period.
- With a CAGR of 4% from 2022 to 2033, the cycloaliphatic amine segment is expected to dominate the amine hardener industry.
- With a CAGR of 8% from 2022 to 2033, the windmill blades end use is expected to dominate the Amine Hardener industry.
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How Does the Competition Look in the Amine Hardener Market?
The Amine Hardener industry has a highly consolidated market, with a significant number of players vying for market share.
Key Players in the Amine Hardener Industry
- BASF SE
- Huntsman Corporation
- Evonik Industries
- Admark Polycoats
- The Dow Chemical Company
- Miller-Stephenson, Inc.
- Westlake Corporation
- Olin Corporation
- Aditya Birla Corp
- Cargill, Incorporated
The main players are notably investing in research and development endeavors to create novel and innovative products that are cost-effective, less harmful, and provide excellent physical and mechanical properties. They are additionally concentrating on broadening their range of products and reinforcing their distribution channels to meet the changing demands of end users.
Manufacturers have also entered into long-term agreements with direct end-users, such as automotive manufacturers, windmill rotor blades manufacturers, and paints & coatings manufacturers, among others.
The global market for amine curing agents is a consolidated market and a number of prominent players participate in mergers and acquisitions to increase profitability, reduce cost and increase market share.
Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks. They are also focusing on offering cost-effective solutions to customers in these markets to gain a competitive edge.
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