Epoxy-Curing Agents Market Size Worth USD 9.19 Billion in 2032 | Emergen Research

Rising demand for materials used in construction and transport industry, rising demand for efficient wind and solar power plants, and new developments in lightweight composite materials are some of the major factors driving the epoxy-curing agents market revenue growth

Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global epoxy-curing agents market size was USD 5.39 Billion in 2022 and is expected to register a revenue CAGR of 5.5% during the forecast period. Rising demand for materials used in construction and transport industry, rising demand for efficient wind and solar power plants, and new developments in lightweight composite materials are some of the major factors driving the epoxy-curing agents market revenue growth.

Epoxy-curing agents are used in applications such as metal coatings, civil engineering, composites, and adhesives among others. Strong mechanical properties, high abrasion resistance, excellent chemical resistance, and excellent corrosion protection are some of the crucial characteristics making epoxy-curing agents highly cost-effective and substantially demanding. Rising demand for materials used in construction and transport industry is driving the revenue growth of the epoxy-curing agents market. The construction industry across the globe is witnessing substantial growth. The India Construction market size was valued at USD 700 billion. Epoxy-curing agents are primarily used in construction industry for flooring and roofing systems. In addition, the agent is used in protective coatings, concrete repair, and grouts. Rapid urbanization, infrastructure development, and renovation projects are creating a demand for epoxy-based solutions in the construction sector.

Rising demand for epoxy-curing agents owing to advanced lightweight materials is also expected to create high demand over the forecast period. Usage of lightweight materials in different industrial sectors, such as aerospace and automotive is expected to drive the epoxy-curing agents market revenue growth. Major companies are introducing latest products using this innovative technology which will further drive the market revenue growth. For instance, in January 2021, Evonk launched their Ancamine 2739, Ancamine 2712M, and Ancamide 2769 ultra-low emission epoxy curing agents that provide the highest level of performance and reduce Volatile Organic Compound (VOC) levels, protecting the environment, applicators, and valuable assets. 

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Competition from substitute products can act as a major factor restraining the market revenue growth. Epoxy-curing agents face competition from alternative curing technologies and materials. Some applications can find substitutes in other types of resins, adhesives, or coatings that offer similar or comparable properties. The availability and adoption of these substitutes can impact the demand for epoxy-curing agents.  

Segment Insights

Curing Agents Insights:

On the basis of curing agents, the global epoxy-curing agents market is segmented into amines, polyamides, anhydrides, phenolic compounds, and mercaptans. The amines segment accounted for largest revenue share in 2022 and is also expected to register a rapid revenue CAGR over the forecast period. Amines are mostly used as a curing agent in epoxy matrices for high-performance composites. Mechanical toughness, low-temperature cure-post cure, ease to toughen, low viscosity, and latency are some of the major factors driving revenue growth of this segment. The amine segment is further sub-segmented into aliphatic amines, cycloaliphatic amines, and aromatic amines.

Application Insights:

On the basis of application, the global epoxy-curing agents market is segmented into coatings, adhesives, composites, electrical and electronics, construction, automotive, aerospace, and marine. The coatings segment accounted for largest revenue share in 2022. Epoxy-curing agents are majorly used in the coating industry. Growing construction and vehicle manufacturing industry is expected to create high demand for coating industry which in turn will drive revenue growth of this segment. Approximately 55% of global coating production is dedicated to enhancing and safeguarding newly constructed buildings, as well as preserving existing structures, encompassing residential dwellings, public edifices, and industrial facilities. An additional 35% of coatings serve the purpose of adorning and safeguarding various industrial products. Demand for coatings increased by 2% in the United States, 1.5–2% in Western Europe, and 2.2% in Japan in 2021. The coatings segment is further sub-segmented into protective coatings, decorative coatings, and floor coatings.  

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Regional Insights:

Asia Pacific accounted for largest revenue share in 2022 and is expected to register a significant revenue CAGR over the forecast period. The epoxy-curing agents market revenue growth in this region is due to growth in the construction industry, increasing automotive manufacturing industry across many developing countries, such as China and India, rising paint and coating industry, and presence of major market players. Manufacturers and market players in this region are expanding their business due to the increase in end-use industries such as construction, automotive, and others which will further drive the market revenue growth in this region. For instance, in July 2021, Aditya Birla Group, a manufacturer of epoxy resin, announced plans to increase capacity by 125 kilo-tonnes per annum through a brownfield expansion at its existing location in Vilayat, Gujarat, India. According to the company, the expansion will include standard and specialty epoxy products along with curing agents.

North America market accounted for a significantly large revenue share in the global epoxy-curing agents market in 2022. The market in North America is expected to dominate in terms of revenue owing to the presence of major market players, technological advancements, higher growth in construction industry, and rising adoption of lightweight materials in aerospace and marine industries among other factors. Transport industry in countries such as the U.S. and Canada is also expected to drive market revenue growth. For instance, as of March 2023, 75% of the U.S. population reported having access to their car, with an additional 20% having access to a company or family car. The high motor vehicle demand in the country fuels an active automotive industry which will further drive the overall market revenue growth in this region.

Scope of Research

Report Details Outcome
Market size in 2022 USD 5.39 Billion
CAGR (2023–2032) 5.5%
Revenue forecast to 2032 USD 9.19 Billion
Base year for estimation 2022
Historical data 2019–2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Curing Agents, Applications, Curing Mechanism, End-Use, and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled PARK AEROSPACE CORP., Evonik Industries AG, Reliance Industries Ltd., Hexcel Corporation, Mitsubishi Chemical Group, Solvay, Huntsman International LLC., Barrday Inc., Bhor, Atul Ltd, BASF SE, Aditya Birla Chemicals (Thailand) Pvt. Ltd, Olin Corporation., and Westlake Corporation
Customization scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global epoxy-curing agents market is consolidated, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.

Some of the major companies included in the global epoxy-curing agents market report are:

  • Park Aerospace Corp.
  • Evonik Industries AG
  • Reliance Industries Ltd.
  • Hexcel Corporation
  • Mitsubishi Chemical Group
  • Solvay
  • Huntsman International LLC.
  • Barrday Inc.
  • Bhor
  • Atul Ltd
  • Aditya Birla Chemicals (Thailand) Pvt. Ltd
  • Olin Corporation.
  • Westlake Corporation

Strategic Development

  • On June 28, 2022, BASF announced its plans to bolster the production capacity of crucial specialty amines at its Geismar plant in Louisiana. By expanding a flexible, large-scale production asset, slated for completion by mid-2023, BASF aims to enhance its manufacturing capabilities for essential polyether amines and tertiary amines. These products are marketed under the brands Baxxodur and Lupragen.
  • On January 15, 2021, Huntsman International LLC, a renowned global chemical manufacturer, successfully finalized the acquisition of Gabriel Performance Products. Gabriel Performance Products specializes in the production of epoxy curing agents used in various applications such as coatings, adhesives, and more. 

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For the purpose of this report, Emergen Research has segmented the global epoxy-curing agents market on the basis of curing agents, application, curing mechanism, end-use, and region:

  • Curing Agents Outlook (Revenue, USD Billion; 2019-2032)
    • Amines
      1. Aliphatic Amines
      2. Cycloaliphatic Amines
      3. Aromatic Amines
    • Polyamides
      1. Dimer Acid-Based Polyamides
      2. Fatty Acid-Based Polyamides
      3. Modified Polyamides
    • Anhydrides
      1. Methylhexahydrophthalic Anhydride (MHHPA)
      2. Hexahydrophthalic Anhydride (HHPA)
      3. Nadic Methyl Anhydride (NMA)
      4. Phthalic Anhydride (PA)
    • Phenolic Compounds
      1. Cresols
      2. Bisphenol A
      3. Novolacs
    • Mercaptans
      1. Aliphatic Mercaptans
      2. Aromatic Mercaptans
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Coatings
      1. Protective Coatings
      2. Decorative Coatings
      3. Floor Coatings
    • Adhesives
      1. Structural Adhesives
      2. Potting and Encapsulation Adhesives
      3. Flexible Adhesives
    • Composites
      1. Fiber-Reinforced Composites
      2. Carbon Fiber Composites
      3. Glass Fiber Composites
    • Electrical and Electronics
      1. Insulation Materials
      2. Encapsulants
      3. Potting Compounds
      4. Printed Circuit Boards (PCBs)
    • Construction
      1. Concrete Repair
      2. Flooring Systems
      3. Protective Coatings
      4. Grouts and Mortars
    • Automotive
      1. Lightweight Components
      2. Structural Bonding
      3. Automotive Adhesives
    • Aerospace
      1. Aircraft Structures
      2. Interior Components
      3. Adhesive Bonding
    • Marine
      1. Hull Coatings
      2. Anti-Fouling Coatings
      3. Adhesive Bonding
      4. Composite Materials
  • Curing Mechanism Outlook (Revenue, USD Billion; 2019-2032)
    • Polyfunctional
    • Monofunctional
  • End-Use Outlook (Revenue, USD Billion; 2019-2032)
    • Construction
      1. Residential Buildings
      2. Commercial Buildings
      3. Infrastructure (Bridges, Tunnels, Roads)
    • Automotive
      1. Passenger Vehicles
      2. Commercial Vehicles
      3. Electric Vehicles
    • Electrical and Electronics
      1. Electrical Insulation
      2. Semiconductors and PCBs
      3. Consumer Electronics
    • Aerospace
      1. Commercial Aircraft
      2. Military Aircraft
      3. Spacecraft
    • Marine
      1. Shipbuilding
      2. Offshore and Oil Platforms
      3. Boat and Yacht Manufacturing
    • Others
      1. Machinery and Equipment
      2. Metal Fabrication
      3. Consumer Goods
      4. Energy and Power
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

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