Curing Agents Market Research, 2031
The global curing agents market size was valued at $11.3 billion in 2021, and is projected to reach $22.2 billion by 2031, growing at a CAGR of 7.0% from 2022 to 2031.
Curing agents are utilized to harden a substance or surface. They are applied to polymer surfaces in order to bind the molecular components; the stronger the bond, the harder the material's surface. Their primary function is to improve the material's hardness or viscosity. They include active hydrogen-containing compounds, anionic & cationic initiators, and reactive cross-linkers. In can & coil, protective, marine, ornamental, and general industrial coatings, curing agents are utilized. Curing agents are used in primers to improve the adhesion quality of coated components in marine and other applications, particularly on metal surfaces where corrosion and chemical resistance are necessary to prevent damage and wear.
The curing agents market is segmented into type and end use industry, and region. Depending on type, the curing agents industry is categorized into epoxy, polyurethane, silicone rubber, and others. On the basis of end-use industry, the market is categorized into paints & coatings, building & construction, electrical & electronics, composites, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The expansion of the economy and the industrial activities of end-users are major factors that drive the expansion of the worldwide curing agent market. In addition, curing agents are preferred for the construction of wind blades due to their high sheer, compressive strength, and low weight, which is anticipated to drive the expansion of the market. For example, Hexion develops epoxy resins for infusing carbon fiber and makes strong carbon fiber composites that manage heat development in a composite during infusion and give high temperature glass transition, which benefits in the production of wind turbine blades.
In addition, the demand for epoxy curing agents, particularly those based on amines, have grown due to their usage in a variety of applications, which drives the expansion of the worldwide market. In addition, curing agents are resistant to heat, have low volatility, and low toxicity that contributes to the expansion of the global market. In addition, they are employed in the food preservation and flavoring process to take moisture out of the food via osmosis, so contributing to the expansion of the market. However, it is expected that the high costs of raw materials used in the manufacturing of curing agents can limit the expansion of the target market.
The epoxy segment accounted for the largest share i.e., 42.9%. Epoxy curing agent segment is the fastest growing segment, growing around 6.4% CAGR over the forecasted period, this is due to increased demand for epoxy resin from construction industry.
The Paints and coatings segment accounted for the largest share i.e., 24.1%. Paints and coatings segment is the fastest growing segment, growing around 6.6% CAGR over the forecasted period. This is due to increased demand for curing agent by Paints and coatings sector in flooring, interior painting, decorative coatings, can & coil coatings and marine coatings.
Asia-Pacific contributed the 33.62% curing agents market share in 2021 and is projected at a CAGR of 8.1% during the forecast period. Owing to the increased demand from construction and electronics industries.
Major players that operate in the global Curing agent market include Albemarle Corporation, Alfa Chemical, Arnette Polymers LLC, Atul Ltd, BASF SE, Cardolite Corporation, Epochemie - Epoxy Curing Agents, Evonik Industries AG, Hexion Inc., Huntsman Corporation, Kumho P&B Chemicals, Inc., Mitsubishi Chemical Holdings Corporation, Olin Corporation, Shandong Deyuan Epoxy Resin Co. Ltd, Vijai poly products Pvt.
Other players operating in the Curing agent market are LEUNA-Harze GmbH, Cargill, Aditya Birla Chemicals, Kumiai Chemical Industry Co. Ltd.
IMPACT OF COVID-19 ON THE GLOBAL CURING AGENT MARKET
- The recent COVID-19 pandemic negatively impacted the market for curing agents in a significant way.
- During COVID-19, the demand for curing agents in the construction, transportation and industrial sectors has decreased as a result of the closure of several industrial manufacturing facilities.
- The most of these sectors have experienced damage as a result of insufficient transportation and labor shortages during the pandemic.
- The need for curing agents has expanded alongside the demand for medical equipment like as incubators and other medical storage devices.
- As a consequence, it is anticipated that the mentioned factors would restrain the growth of the global curing agent market in the near future.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the curing agents market growth analysis from 2021 to 2031 to identify the prevailing curing agents market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the curing agents market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes curing agnets market analysis at the regional as well as global curing agents market trends, key players, market segments, application areas, and market growth strategies.
Curing Agents Market Report Highlights
| Aspects | Details |
 By Type |
|
 By End use industry |
|
 By Region |
|
 Key Market Players | Olin Corporation, cargill, Evonik Industries AG, Arnette Polymers, Alpha chemicals, aditya birla chemicals, Atul Ltd, KUMIAI CHEMICAL INDUSTRY CO. LTD., BASF SE, cardolite, Cardolite, Hexion, Albemarle Corporation, Huntsman International LLC, Mitsubishi Chemical Corporation |
Analyst Review
According to the perspective of the CXOs of leading companies, the increased demand form construction and paints & coating industries is expected to drive the demand for curing agent market during forecasted period. The global market for curing agents has expanded as a result of technological improvements in several manufacturing industries. Prior to the production of polyurethane and epoxy, curing agents are used to build layers and coatings. This aspect has played a significant impact in the expansion of the global market for curing agents. In addition, the presence of a growing electronics and electrical sector has produced an abundance of potential prospects for the worldwide curing agent market. The need for superior adhesives is anticipated to generate new growth opportunities for the worldwide curing agent market. However, strict government regulations governing the use of toxic chemicals are anticipated to limit demand for curing agents
Increased demand from end-use industries like building & construction, paints & coatings and electrical & electronics is driving the demand for curing agent market.
The global curing agent market size was valued at $11.3 billion in 2021, and is projected to reach $22.1 billion by 2031, growing at a CAGR of 7.0% from 2022 to 2031.
The curing agent market is segmented on the basis of type and end-use industry. By type, the market is categorized into epoxy, polyurethane, silicone rubber, and others. On the basis of end-use industry, the market is fragmented into paints & coatings, building & construction, electrical & electronics, composites, and others.
Asia-Pacific is the largest regional market for curing agents accounting for 33.6% of market share.
include Albemarle Corporation, Alfa Chemical, Arnette Polymers LLC, Atul Ltd, BASF SE, Cardolite Corporation, Epochemie - Epoxy Curing Agents, Evonik Industries AG, Hexion Inc., Huntsman Corporation, Kumho P&B Chemicals, Inc., Mitsubishi Chemical Holdings Corporation, Olin Corporation are some of the top companies.
The Paints and coatings segment accounted for the largest share i.e., 24.12%. Paints and coatings segment is the fastest growing segment, growing around 6.6% CAGR over the forecasted period. This is due to increased demand for curing agent by Paints and coatings sector flooring, interior painting, decorative coatings, can & coil coatings, and marine coatings
COVID-19 had negative impact on curing agent market owing to decreased in demand from end-use industries.
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