New York, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Crosslinking is the development of chemical links between molecular chains to form a three-dimensional network of interconnected molecules. Crosslinking occurs when rubber is vulcanized with elemental sulfur, converting raw rubber from a brittle plastic to a durable elastomer. The market study's primary factors are the demand for diverse coatings and a higher emphasis on high-performance crosslinking agents. However, the presence of self-crosslinking agents may limit the market growth. The global crosslinking agent market will exhibit considerable potential over the anticipated decade due to the rising demand for advanced coatings.
Report Scope
| Study Period | 2019-2031 | CAGR | 5% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 13.22 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 20.51 Billion |
| Largest Market | Asia-Pacific | Fastest Growing Market | Europe |
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Growing Demand for a Variety of Coatings Drives the Global Market
According to Straits Research, “The crosslinking agent market size was valued at USD 13.22 billion in 2022. It is projected to reach USD 20.51 billion by 2031, growing at a CAGR of 5% during the forecast period (2023-2031).” Crosslinking agents are used in the coatings industry to improve coatings' appearance, mechanical toughness, and chemical resistance. The coating's color and corrosion resistance are enhanced by the crosslinking agents. The rising usage of industrial coatings across various sectors, including automotive, electronics, marine, oil and gas, mining, power generation, and many other industrial applications, has boosted the demand for crosslinking agents. For instance, the growing oil and gas industry, which has increased pipeline installation globally, has raised the need for coatings.
For airplane systems, coatings with high friction and wear resistance are crucial. The production of aerial vehicles has increased. For instance, Airbus announced in June 2021 that it would increase the production of its A320 aircraft fleet by up to 60% by 2023 in expectation of a significant aviation renaissance. It is projected that the demand for coatings will significantly rise as a result of the expanding opportunities from numerous end users. Manufacturers are increasingly using environmentally friendly powder coatings to cover metals for products composed of structural steel and road components. These green powder coatings can be recovered to around 92% of their original amount by recycling the overspray fraction.
Growing Popularity of High-Performance Cross-Linking Agents Creates Tremendous Opportunities
Others require interaction between polymer resins to produce the necessary applied film qualities, whereas most paints and coatings make physical films after solvent or water vapor evaporates. These reactions can be accelerated by heat, a catalyst, or a curing/crosslinking agent. Since they are incorporated into the finished polymer network, crosslinking agents significantly impact the characteristics of the coatings that are applied. Therefore, research focused on developing more eco-friendly crosslinking chemistries that provide the best coating performance. Evonik Industries AG developed a variety of urethane-alkoxysilane binders and crosslinkers with high scratch resistance levels for use in wood and automotive coatings.
Regional Analysis
The region with the highest revenue contribution, Asia-Pacific, is anticipated to expand at a CAGR of 5.80% during the projection period. China, the largest economy in the Asia-Pacific region, significantly contributes to the area's growth. The key drivers of the country's economic expansion are manufacturing, electrical & electronics, mining, textiles, automobiles, medical & pharmaceutical, building & construction, and other industries. In 2021, the nation's top exports were mobile phones and computer accessories, automatic data processing machinery and parts, textiles, garments, clothing accessories, and integrated circuits. The Chinese government projects an electric car market share of 20% by 2025. Due to the country's expanding vehicle production, there will be an increase in the need for automotive coating, which is projected to affect the crosslinking agents market
During the forecast period, European crosslinking agent industry share is anticipated to grow at a CAGR of 5.05% and produce USD 2460.70 million. Germany has the most extensive construction market in all of Europe. The gradual growth of the nation's construction industry is primarily attributable to an increase in the number of new residential construction projects. Due to the expansion of the construction industry, the market for specialist coatings will expand in the coming years. Typically, decorative coatings are applied to the exterior surfaces of stationary installations such as facades, pavements, and prefabricated materials, as well as static constructions such as buildings, bridges, and highways.
Key Highlights
- The global crosslinking agent market is bifurcated based on type into an amide, amine, amino, carbodiimide, isocyanate, and other classes. The isocyanate segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.10% during the forecast period.
- Based on application, the global crosslinking agent market is bifurcated into automotive coatings, decorative coatings, industrial coatings, packaging coatings, and other applications. The decorative coatings segment is the highest contributor to the market and is estimated to boost at a CAGR of 6.40% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.80% during the forecast period.
Competitive Players
The global crosslinking agent market's major key players are BASF SE, Aditya Birla Chemicals, Allnex GMBH, Covestro AG, Evonik Industries AG, Hexion, Huntsman International LLC, Dow, Wanhua Chemical Group Co. Ltd, Nisshinbo Chemical Inc., Nippon Shokubai Co. Ltd, Mitsubishi Chemical Corporation, Kumho P&B Chemicals Inc.
Market News
- In December 2022, BASF and StePac announced chemically recycled flexible packaging to preserve fresh produce.
Global Crosslinking Agent Market: Segmentation
By Type
- Amide
- Amine
- Amino
- Carbodiimide
- Isocyanate
- Other Types
By Application
- Automotive Coatings
- Decorative Coatings
- Industrial Coating
- Packaging Coatings
- Other Applications
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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