Curing Agent Market Research Report – Global Forecast till 2030

Curing Agent Market: Information by Type (Epoxy, Polyurethane, Silicone Rubber, and Others), Application (Coatings, Adhesives, Composites, Wind Energy, and Others), Region — Global Forecast till 2030

ID: MRFR/CnM/5926-HCR | February 2021 | Region: Global | 140 pages         

Curing Agent Market

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).

Segmentation

By Type Epoxy Polyurethane Silicone Rubber Others
By Application Coatings Adhesives Composites Wind Energy Others

Key Players

  • 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)

Drivers

  • Coatings wind energy electrical & electronics construction composites and adhesives is majorly driving the curing agents market.
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Curing Agent Market Overview


Curing agent is a substance used for hardening of surface or material. It is applied to polymer surfaces to facilitate the bonding of the molecular components of the material. The curing agent market was valued at USD 4632 million and is expected to grow at a healthy CAGR of 6.5% during the review period.


The curing agent market is majorly driven by the extensive use of curing agent in various coatings used in construction, automotive, and electronics & electrical industries. The use of curing agents offers superior properties to the resins such as chemical resistance, moisture resistance, adhesion, hardness, corrosion resistance, and weather resistance. The rising growth of the global construction industry on account of the infrastructural development is driving the demand for curing agents. Rapid industrialization and urbanization in the emerging economies of Asia-Pacific fuels the demand for curing agents. Moreover, the use of these agents in electrical and electronics devices such as mobile phones, smartphones, PCs, tablets, and gaming devices is expected to propel the market growth. This can be attributed to the rising disposable income and the changing lifestyle trend of the consumers. Furthermore, the curing agents are also used in automotive which is a major factor influencing the growth of the market.


However, the stringent regulations for environment protection may hamper the market growth during the forecast period. 


The major market players are focused on strategic growth initiatives such as new product launch, mergers, and acquisition to strengthen their position in the market. For instance, in August 2018, BASF SE signed a distribution agreement with Gustav Grolman GmbH & Co. KG, where the later will market BASF SE’s amine-based curing agents for the professional processing of epoxy resins under the Baxxodur brand to Italy, Spain, and Portugal. Furthermore, in April 2018, Huntsman International LLC launched three new products ARA Cool 3077, ARA Cool 1047 W 80, and ARA Cool 1034 XW 90, which are designed for quick curing at low temperatures and reduced VOC levels.


Key Players


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).


Regional Analysis


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.


Segmentation


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


June 2021 Rassini's hybrid rear suspension, which consists of a parabolic main steel leaf supported by a composite helper spring, was invented — and is manufactured — in Piedras Negras, Mexico. Rassini claims that its hybrid suspension achieves the same stiffness and durability as a traditional multi-steel leaf spring pack while dropping weight by 16 kg. With this considerable investment in composite production capabilities, Rassini has confirmed its technological leadership.

According to the business, Rassini chose Hexion's EPIKOTE resin TRAC 06150 with EPIKURE curing agent TRAC 06150 epoxy resin system to mass-produce the composite helper spring. In addition to the vehicle's decreased carbon footprint and improved payload, the business claims that the composite component provides a smoother interaction and less friction and noise. Rassini's composite helper spring is made on new high-pressure resin transfer molding (HP-RTM) production lines in Piedras Negras.


Intended Audience



  • Curing agent manufacturers

  • Traders and distributors of curing agent

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 4632 Million
  • 2030: Significant Value
  •   CAGR   CAGR 6.5% (2022-2030)
      Base Year   2021
      Forecast Period   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.


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    Frequently Asked Questions (FAQ) :

    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.