Epoxy Curing Agents Market Size to be Worth USD 9.0 billion by 2031, with Notable CAGR of 6.5%| Transparency Market Research, Inc.
The increased government initiatives and infrastructure investment will drive the demand for epoxy curing agents.
Wilmington, Delaware, United States, Jan. 05, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The epoxy curing agents market was valued at US$ 5.1 billion in 2022. A CAGR of 6.5% is predicted from 2023 to 2031, resulting in a market value of US$ 9.0 billion. Epoxy curing agents with enhanced properties are likely to be developed through ongoing research and development. In addition, these advancements may improve the product’s performance by improving the speed of curing, adhesion, and environmental resistance.
Increasing government spending on public works and infrastructure development provides favorable conditions for epoxy curing agents. Sustainable and green materials are becoming increasingly popular as environmental concerns grow. Environmentally friendly epoxy curing agents may, therefore, gain popularity in the future.
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Global Epoxy Curing Agents Market: Key Players
Prominent manufacturers of epoxy curing agents are developing curing agents for epoxy resins. Leading epoxy-curing agent companies adopt close collaborations within their industries as part of their marketing strategies.
- Huntsman International LLC.
- Westlake Chemical Corporation
- Cardolite Corporation
- Epochemie International Pte Ltd
- RPM International Inc.
- The DOW Chemical Company
- BASF SE
- Evonik Industries
- Shandong Deyuan Epoxy Resin Co. Ltd
- Royce Global
- Kylin Chemicals Co. Ltd.
Key Findings of the Market Report
- As construction industries expand and industrialization increases in various regions, epoxy curing agents are expected to rise.
- Based on product type, the amines segment is expected to create a significant market.
- A steady growth rate is expected in North America for the epoxy curing agents market over the forecast period.
- The Asia Pacific region dominated the global landscape in 2022.
Global Epoxy Curing Agents Market: Growth Drivers
- The construction industry is a leading consumer of epoxy-curing agents. For various applications, such as coatings, adhesives, and composites, epoxy-based materials are in greater demand as construction and infrastructure development projects increase. A wide variety of thermal and mechanical properties makes epoxy resins ideal for use in aerospace and automotive applications. Due to the growth of these industries, epoxy curing agents are also in high demand.
- The electronics industry commonly uses epoxy resins for encapsulating and insulating components. The demand for epoxy curing agents is increasing as electronic devices and components continue to develop. The production of wind turbine blades relies heavily on epoxy resins. Increasing global interest in renewable energy sources, especially wind power, is expected to increase the demand for epoxy curing agents used in wind turbine blade manufacturing.
- Epoxy curing agents are constantly being developed through research and development in the fields of materials science and chemistry. Through innovation in formulations and technologies, enhanced performance characteristics can drive market growth. Increasing environmental concerns and stricter regulations drive a greater focus on sustainable and environmentally friendly materials. An epoxy curing agent that meets or exceeds environmental standards might be in high demand.
- Increasing urbanization and industrial development can stimulate the demand for epoxy-based products and epoxy curing agents in emerging markets. Epoxy-based materials are excellent for repairs and maintenance because of their adhesive and protective properties. With the aging of infrastructure, its need for maintenance and repair increases.
Global Epoxy Curing Agents Market: Regional Landscape
- A high demand for epoxy curing agents is expected to emerge in the Asia Pacific region. In recent years, urbanization and infrastructure development have been accelerating in India and China, which contributes to the demand for epoxy curing agents. Construction applications, including adhesives, coatings, and sealants, use these agents.
- Electronics manufacturing is a major industry in Asia-Pacific. The epoxy resin and curing agents are used in a lot of electronic components, circuit boards, and devices. As the consumer electronics market grows in this region, epoxy curing agents are in greater demand. For lightweight and high-performance components, epoxy-based materials, along with epoxy curing agents, are becoming increasingly popular in countries like China and India.
- Wind energy projects are on the rise in the Asia Pacific region. The production of wind turbine blades relies heavily on epoxy resins and curing agents. Epoxy curing agents are expected to be in high demand as countries invest in renewable energy sources.
- Several APAC countries are experiencing an increase in middle-class populations, resulting in the need for automobiles, housing, and consumer goods. Developing countries such as China have expanded their chemical and manufacturing industries, which directly affects epoxy curing agent demand. Industrial processes and applications rely heavily on these agents.
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- In March 2023, Westlake Corporation took part in the European Coatings Show in Nuremberg, Germany, launching its new AZURES product line. In addition to its Azures modifiers, epoxy resins, and curing agents, Westlake Epoxy also offers products that have been SVHC and CMR-free developed.
- In December 2023, BASF expanded its Geismar, Louisiana facility to produce specialty amines. The company can manufacture more Baxxodur ® and Lupragen TM polyetheramines and amine catalysts.
Global Epoxy Curing Agents Market: Segmentation
By End-use Industry
- Building & Construction
- Electrical & Electronics
- Wind Energy
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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