The global epoxy curing agents industry is expected to witness a healthy CAGR of around 4.6% during the forecast period from 2023 to 2033. The global market is now estimated at around US$ 3,658.7 million in 2023, with a projected high of around US$ 5,740.0 million by 2033. Furthermore, epoxy-curing chemicals are often used as primers for protective coatings. According to FMI’s historical data, the global epoxy curing agents market is expected to grow at a CAGR of 3.7% by 2022. The market’s expansion is aided by changing trends such as the replacement of dicyandiamide curing agents, which has a direct impact on the dynamics of the epoxy curing agents sector.
Epoxy curing agents are necessary components in epoxy resin systems because they aid in the chemical curing process. They react with the epoxy resin to generate a strong, long-lasting substance. These agents are classified as amine-based or anhydride-based, with each giving distinct curing properties for certain purposes. Proper curing agent selection is critical for achieving desirable qualities such as strength, flexibility, and heat resistance in epoxy-based products such as adhesives, coatings, and composites.
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The development of curing agents with low volatile organic compounds is anticipated to increase the demand for epoxy curing agents in the forthcoming years. Furthermore, the upsurge in the requirement from several end-use industries such as the paints & coatings industry is anticipated to bolster growth in the market along with large demand for epoxy resin-based composites in the aerospace and wind-energy industries are expected to fuel the global forum of epoxy curing agents.
According to the experts of Future Market Insights, the global market of epoxy curing agents is expected to have healthy growth. However, it has also been revealed that after studying the market in-depth, certain prevailing elements are likely to curb the growth in the long run.
Key Takeaways
- The rising shares and surging growth of the manufacturing sector, construction sector, electronics, and automotive industry are prime drivers of reshaping dynamics in the concerned market.
- Due to rapid technological advancements, and increasing consumer shift towards environmentally friendly options, the new environmentally friendly epoxy curing agents extend profitable opportunities to the market players in the forecast period.
- Surging demand for electronic products such as smartphones and automotive electronic equipment also increases the demand for epoxy curing agents over the projection period.
- According to the research conducted by the experts of Future Market Insights, epoxy curing agents have diverse usage in multiple building and construction applications as they possess high sheer strength, coupled with better quality finish characteristics. Furthermore, rapidly changing trends like replacing dicyandiamide curing agents in the construction sector are likely to make a major contribution to driving the growth of the epoxy curing agents market during the assessment years.
- Consumers are drastically shifting their preferences towards a better standard of living owing to a rise in disposable income along with a significant shift of preference within the construction industry for decorative buildings, along with increased spending by the government on sustainable construction, which is estimated to propel the sales of epoxy curing agents further amidst the period 2023-2033.
- Increasing demand for adhesives from the construction industry is propelling the growth and advancements within the global epoxy curing agents market. In addition to that, demand for lighter components in the automotive industry is also known as a key demand driver over the projection years.
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Competitive Landscape
The global epoxy curing agents market exhibits lucrative growth opportunities, as the market players are desperate to grab benefits out of the immense opportunities in the market. The need for improved coatings in construction activities has generated a plethora of opportunities for growth within the global epoxy curing agents market. Furthermore, the manufacture of silicone rubber also incorporates the utilization of epoxy curing agents which is one of the prominent factors bolstering growth in the market. The epoxy curing agents companies are maximizing their revenue potential by creating sustainable offerings as the sustainability trend is on the rise on a global scale.
Key Players are Huntsman Corporation, Olin Corporation, Hexicon Inc., Evonik Industries AG, BASF SE, Cargill Incorporated, DIC Corporation, Showa Denko KK, Aditya Birla Corporation, Toray Fine Chemicals Co. Ltd.
More Insights into the Epoxy Curing Agents Market
The United Kingdom is expected to dominate the European epoxy curing agents market by accounting for a robust growth of around 8% through the forecast period. The growth in the region is attributed to account for the strong presence of leading aircraft component manufacturing companies all over the country. Furthermore, a surging preference for lightweight components for manufacturing aircraft structures is propelling the adoption of epoxy-curing agents. A significant increase in the application of epoxy resins in various industries such as construction, paints, and coatings will improve the demand in the market. Favorable government policies mandating the use of eco-friendly materials are compelling end-users to adopt this product further.
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Key Segmentation
By Product:
- Amines and Polyamines
- Amides and Polyamides
- Anhydrides
- Phenolic
- Others
By Application:
- Paints, Coatings, and Inks
- Adhesives and Sealants
- Composites
By End Use:
- Construction
- Electrical and electronics
- Power Generation
- Automotive and Transportation
- Marine
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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