Global Epoxy Curing Agents Market

Global Epoxy Curing Agents Market, By Type (Amine-Based Curing Agents, Anhydride Curing Agents, Other Curing Agents), By Application (Construction, Electrical & Electronics, Wind Energy, Adhesives, Coatings, Composites, Other Applications), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC2175
  • Available Format: PDF
  • Page: 187

Report Overview

A number of factors contribute to the high growth rate of the epoxy curing agents market including increasing demand for epoxy curing agents in the building and construction industry for paint and coating applications and the launch of innovative products.

Global Epoxy Curing Agents Market- Industry Trends & Forecast Report 2027

The global epoxy curing agents market was worth USD 3.9 billion in 2020 and is further projected to reach USD 5.3 billion by the year 2027, growing at a CAGR of 4.7% in the forecast period. The increasing demand for epoxy curing agents in the building and construction industry for paint and coating purposes is significantly propelling the growth of the market. Growth of the epoxy curing agents market is also being driven by the burgeoning demand for its products in the medical industry for various products such as incubators and others.

Global Epoxy Curing Agents Market

Source: BlueWeave Consulting

Global Epoxy Curing Agents Market- Overview

Epoxy curing agents react with the epoxide groups to cure epoxy resins. Alternatively, they catalyze the self-polymerization of the epoxy group for curing epoxy resins.These curing agents are mainly used as coatings and as components in finished goods, such as adhesives or composites. Epoxy curing agents can cure at room temperature but also have excellent heat and chemical resistance properties. As a result, these materials are becoming more popular as structural and technical adhesives. Epoxy curing agents are commonly used in the manufacturing of vehicles, snowboards, and aircraft, among other things.

Global Epoxy Curing Agents Market Forecast and Trends

Growth Drivers

Expanding Demand for Epoxy Curing inthe Construction Industry

The growing use of epoxy curing agents in the building and construction industry is one of the major factors driving the growth of the global epoxy curing agents market. Epoxy curing is becoming more popular for coating applications during the construction of buildings and other facilities, as it provides the requisite hardness, strong adhesion, chemical and heat resistance, and other features needed to make the building sturdy.Epoxy curing agentsmarket is expected to flourish during the forecast period as construction activities for economic growth expand, especially in emerging economies.

Advancements in Epoxy Curing Coatings

Epoxy curing agents are finding new applications in various industries, and as a result, recent advancements are being made to fulfill the needs of their end-users.For instance, In 2020, a two-component epoxy polyamide coating was replaced with a single-component epoxy coating with epoxy-amine reactive functionality and good shelf life and corrosion resistance.The new generation single-pack epoxy coatings have the edge over their predecessors as they offer better color stability, enhanced productivity, and faster coat and recoat times. Such advancements are significantly propelling the demand for epoxy curing in the end-user industries.

Restraints

Potential Health Effects from Overexposure to Epoxy Curing Agents and Fluctuating Prices of Raw Materials and

Epoxy curing agents are harmful chemicals. Direct exposure to it for a prolonged period may cause serious health issues, significantly restricting market growth, especially when environmental concerns are increasingly taking center stage.When epoxy fumes are inhaled for a prolonged period, they can affect the nose, throat, and lungs, causing inflammation.The repeated and high amounts of exposure can also trigger sensitization and asthma.Besides posing considerable risks to health, these kinds of risks also affect the adoption of this product and, ultimately, the market growth.

Additionally, high fluctuation in the prices of raw materials for epoxies can be a stifling factor for the growth of the epoxy curing agents market.Manufacturers are unable to generate an adequate profit margin andmay also cease their operations until prices stabilize.

Impact of COVID-19 on Global Epoxy Curing Agents Market

The COVID-19 pandemic has had a negative impact on the global epoxy curing agents market. The operation of several industries, such as manufacturing and construction, was entirely suspended, resulting in a significant drop in demand for epoxy curing agents, resulting in only losses for the manufacturers.Additionally, lockdown protocols in several countries led to the suspension of production and distribution of epoxy curing agents, which caused severe losses to the market. However, the market is projected to recover quickly in the post-COVID-19 period as the economic activities resume.

Global Epoxy Curing Agents Market - By Type

Based on types, the global epoxy curing agents market is segmented into amine-based curing agents, anhydride curing agents, and other curing agents. The anime-based curing agents accounted for the largest market share in 2020. This segment is further classified into aliphatic amine curing agents, cycloaliphatic amine curing agents, polyamide curing agents, amidoamines curing agents, and other amines-based curing agents. Among these subtypes, the demand for aliphatic amine curing agents has the largest market share because of its wide application in the cartilage health and electronics industry.

Global Epoxy Curing Agents Market - By Application

Based on application, the global epoxy curing agents market is segmented into construction, electrical & electronics, wind energy, adhesives, coatings, composites, and other applications. Among these, the coatings hold the largest market share asepoxy curing proves to be extremely tough as a protective coating, ensuring excellent hardness.Epoxy curing agents are increasingly being used as coatings in the automotive industry since they are primarily designed for heavy-duty operations and offer effective heat resistance to vehicles, driving market expansion.

Global Epoxy Curing Agents Market - Regional Insights

Geographically, the global epoxy curing agents market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market and is also projected to witness the highest CAGR during the forecast period. The substantial concentration of large-scale industrial activity in this region drives up demand for epoxy curing agents.Furthermore, the growing construction activities in Asia Pacific’s emerging economies are also driving the global epoxy curing agents market growth.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leading players in the global epoxy curing agents market are Epoxy Base Electronic Material Co. Ltd., Evonik Industries, Atul Limited, Air Products and Chemicals, Inc., Mitsubishi Chemical Corporation, Hexion Inc., Aditya Birla Chemicals (Thailand) Ltd., BASF SE, Kukdo Chemical Co., Ltd., Huntsman Corporation, Cardolite Corporation, Olin Corporation, Epochemie - Epoxy Curing Agents, Kumho P&B Chemicals Inc., Shandong Deyuan Epoxy Resin Co. Ltd, Toray Industries Inc., DuPont, ThreeBond Holdings Co., Saint-Gobain, and other prominent players.

The market is highly fragmented with the presence of various global and regional market players. The companies significantly focus on research and development activities as well as product launches to cater to the needs of various industries. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., is also very prominent in this market.

Recent Developments

  • In June 2021, Aditya Birla Group, an Indian corporate group company, announced its plans to increase its business capacity through brownfield expansion, which includes standard and specialty epoxy products and curing agents.
  • In January 2021, Huntsman Corporation, a US-based chemical industry company, announced the acquisition of Gabriel Performance Products, a leading epoxy, and specialty chemical manufacturing company.

 

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Type, By Application, By Region

Key Players

Epoxy Base Electronic Material Co. Ltd., Evonik Industries, Atul Limited, Air Products and Chemicals, Inc., Mitsubishi Chemical Corporation, Hexion Inc., Aditya Birla Chemicals (Thailand) Ltd., BASF SE, Kukdo Chemical Co., Ltd., Huntsman Corporation, Cardolite Corporation, Olin Corporation, Epochemie - Epoxy Curing Agents, Kumho P&B Chemicals Inc., Shandong Deyuan Epoxy Resin Co. Ltd, Toray Industries Inc., DuPont, ThreeBond Holdings Co., Saint-Gobain, and other prominent players.

 

By Type

  • Amine-Based Curing Agents

Aliphatic Amine Curing Agents

Cycloaliphatic Amine Curing Agents

Polyamide Curing Agents

Amidoamines Curing Agents

Other Amines-Based Curing Agents

  • Anhydride Curing Agents
  • Other Curing Agents

By Application

  • Construction
  • Electrical & Electronics
  • Wind Energy
  • Adhesives
  • Coatings
  • Composites
  • Other Applications

Elastomers

Additives

Accelerators

By Region

  • North America
  • Europe
  • The Asia-Pacific
  • Latin America
  • The Middle East & Africa

Frequently Asked Questions:

Ans: The global epoxy curing agents market reached USD 3.9 billion in 2020.
Ans: The major factors driving the growth of the global epoxy curing agents market are the growing demand for epoxy curing in construction industry and advancements in epoxy curing coatings.
Ans: The key players in the global epoxy curing agents market are: Epoxy Base Electronic Material Co. Ltd., Evonik Industries, Atul Limited, Air Products and Chemicals, Inc., Mitsubishi Chemical Corporation, Hexion Inc., Aditya Birla Chemicals (Thailand) Ltd., BASF SE, Kukdo Chemical Co., Ltd., Huntsman Corporation, Cardolite Corporation, Olin Corporation, Epochemie - epoxy curing agents, Kumho P&B Chemicals Inc., Shandong Deyuan Epoxy Resin Co. Ltd, Toray Industries Inc., DuPont, ThreeBond Holdings Co., Saint-Gobain, and other prominent players.
Ans: The coatings segment accounted for the largest share in terms of applications in the global epoxy curing agents market.
Ans: The Asia-Pacific has the largest share in the global epoxy curing agents market.