Curing Agent Market is projected to be worth USD 5.8 Billion by 2030, registering a CAGR of 5.3% during the forecast period (2021 - 2030).
Curing Agent Market Overview
Curing Agent Market is projected to be worth USD 5.8 Billion by 2030, registering a CAGR of 5.3% during the forecast period (2021 - 2030). The curing agent market is divided into types (Amines, polyamides, Anhydrides, and other types), applications (composites, paints and coating, adhesives and sealants, electrical and electronics and other applications). The growing demand from the building and construction industry and new development in lightweight composite materials are the main factors driving the demand for the market study. However, environmental controls on amine-based curing agents are expected to hinder the growth of the market and the development of new environmentally friendly epoxy curing agents and other opportunities are expected to provide numerous chances for the manufacturers over the forecast period.
The Asia-pacific region is expected to dominate the market, and the largest consumption tends to be registered in countries, such as India and China. Curing agents are used to cure epoxy resins by reacting with the epoxide groups and by promoting the self-polymerization of the epoxy group by catalytic action. This system consists of two parts, an A and B side. The B side, also known as the hardener, is the epoxy groups confined in the epoxy resin A-side and the reaction of curing agents with epoxy resin outcomes in hard, thermoset materials.
Some of the manufacturers operating in the curing agent market are Evonik Industries AG (Germany), BASF SE (Germany), Huntsman International LLC (US), Hexion (US), Olin Corporation (US), Cardolite (US), Aditya Birla Chemicals (India), Mitsubishi Chemical Corporation (Japan), Atul Ltd (India), Albemarle Corporation (US), GABRIEL (US), Campbell Plastics (UK), Arnette Polymers, LLC (US), Cargill, Incorporated (US), Epochemie International Pte Ltd (Singapore), KUMIAI CHEMICAL INDUSTRY CO., LTD. (Japan), and LEUNA-Harze GmbH (Germany).
The global curing agent market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific dominated the global curing agent market in 2017 due to the high production and sales of automobile in the region. Furthermore, the growth of the construction industry on account of the rapid industrialization and urbanization in the emerging countries such as India, Thailand, Malaysia, and Singapore, is fueling the market demand.
The market in Europe is driven by the increased production and sales of automobile parts in the Western European countries such as Germany, Italy, UK, and France.
North American market is expected to witness a high growth of the market owing to the high demand from major end-use industries in the region.
The global curing agent market has been segmented on the basis of type, application, and region.
Based on type, the market has been segmented into epoxy, polyurethane, silicone rubber, and others.
By application, the market has been segmented into coatings, adhesives, composites, wind energy, and others.Recent Development
Due to the covid-19 pandemic and the nationwide lockdown around the globe, disruption in manufacturing activities and supply chain, production halts have negatively impacted the curing agent market in 2020 and the market for curing agents is projected to grow from USD 4.2 billion in 2018 to USD 5.9 billion by 2023, at a compound annual growth of 6.8% during the forecast period. The growth applications like wind energy, coatings, construction, composites, electrical and electronics are majorly taking forward the curing agent market and India as a country is likely to witness an investment of around USD 1.300 trillion in housing over the coming seven years, which will boost the market studied.
|CAGR||CAGR 6.5% (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Evonik Industries AG (Germany), BASF SE (Germany), Huntsman International LLC (US), Hexion (US), Olin Corporation (US), Cardolite (US), Aditya Birla Chemicals (India), Mitsubishi Chemical Corporation (Japan), Atul Ltd (India), Albemarle Corporation (US), GABRIEL (US), Campbell Plastics (UK), Arnette Polymers, LLC (US), Cargill, Incorporated (US), Epochemie International Pte Ltd (Singapore), KUMIAI CHEMICAL INDUSTRY CO., LTD. (Japan), and LEUNA-Harze GmbH (Germany).|
|Key Market Opportunities||Epoxy Curing Agent Market is primarily driven by increasing demand for epoxy curing agents from their application in adhesive and coating.|
|Key Market Drivers||Coatings, wind energy, electrical & electronics, construction, composites, and adhesives is majorly driving the curing agents market.|
The curing agent market is projected to grow at a 6.5% CAGR between 2016-2023.
The curing agent market is predicted to touch USD 4632 million by 2023.
The APAC region is expected to lead the curing agent market.
It finds extensive applications in wind energy, composites, adhesives, and coatings.
Strict regulations for environment protection may limit market growth.