The global epoxy curing agents market size was valued at $4.9 billion in 2020, and epoxy curing agents market forecast projected to reach $8.4 billion by 2030, with global epoxy curing agents market forecast expected at a CAGR of 5.6% from 2021 to 2030.
Epoxy resin systems are divided into two parts: "A" side and a "B" side. The epoxy curing agent is found on the B side, commonly known as the "hardener," and is responsible for interacting with the epoxy groups in the epoxy resin A side. Curing agents react with epoxy resins to produce rigid, thermoset materials. Epoxy curing agents are of several types majorly amines, polyamides and anhydrides. The increasing demand of epoxy curing agents from the building & construction industry and new innovative developments in light-weight materials are the major factors driving the demand for the epoxy curing agents industry during the forecast period. The usage of lightweight materials in different industrial sectors, such as aerospace and automotive, is encouraged by strict regulatory rules and quality standards. Furthermore, epoxy curing agents are in high demand for the production of printed circuit boards (PCBs), which are utilized in a wide range of electronic goods, including mobile phones, smartphones, automotive electronics, equipment, and other consumer electronics. As a result, rising demand for epoxy curing agents as a lightweight raw material in a variety of industrial applications will continue to have a positive influence on epoxy curing agents market trend in the coming years. In addition, increase in demand for paints and coating in the construction sector, especially for flooring and interior painting will provide a good opportunity for the growth of amine-based epoxy curing agents. Due to excellent thermal and electrical insulating properties of epoxy curing agents and excellent mechanical properties, epoxy curing agents market is expected to possess high market growth due to rapid development in wind and solar energy and increase in demand for a variety of industrial tools around the globe. Due to rapidly increasing demand of epoxy curing agents across the globe, manufacturers are expanding their global footprints in order to gain increased customer base. For instance, in 2018, BASF SE, a German chemical firm that specializes in epoxy curing agents, has expanded its regional collaboration with Gustav Grolman GmbH & Co. KG, a specialty materials distributor, to sell amine-based curing agents for professional epoxy resin processing across Europe.
During the production of epoxy curing agents, manufacturers must follow strict regulations as it has toxicity effect, due to its VOC (Volatile Organic Compound) in nature that may lead to dermatitis. During the production, epoxy curing agents can also produce harmful gases that can cause global warming and pollution. Hence, manufacturers are practicing new innovative methods to reduce problems faced while manufacturing epoxy curing agents. This is a key restraining factor for the growth of epoxy curing agents market.
By Curing Agent
Amines is projected to create abundant $ opportunity till 2030
The global epoxy curing agents market is segmented on the basis of curing agent, application, end user and region.
By Application
Paints & Coating is projected as the most lucrative segment.
On the basis of curing agent, the global epoxy curing agents market is segmented into amines, polyamides, anhydrides and others. The applications covered in the study include paints & coating, adhesives, composites and electronic encapsulation & others. The end users covered in the study include building & construction, transportation, general industrial, wind power, aerospace and marine & others.
By End User
Paints & Coating is projected as the most lucrative segment.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
By Region
Asia Pacific holds a dominant position in 2020
The major companies profiled in this report include Bhor Chemicals and Plastics Private Limited. Cytec Solvay Group, Atul Ltd., Mitsubishi Chemical Corporation, Park Aerospace Corp., Reliance Composites Polymers, Barrday Inc., Hexcel Corporation, Huntsmann Corporation and Evonik Industries AG.
Key findings of the study
- By region, the Asia-Pacific epoxy curing agents market is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
- As per epoxy curing agents market analysis, by curing agent type, the amines segment accounted for the largest epoxy curing agents market share in 2020.
- On the basis of application, the paints & coating segment accounted for the largest market share in 2020.
- On the basis of end-user, building & construction segment accounted for the largest market share in 2020.
Impact Of Covid-19 On The Global Epoxy Curing Agents Market
- Emergence of COVID-19 had a negative impact on the growth of the global epoxy curing agents market for a short period.
- The shutdown of various industry production facilities led to decline in the demand for epoxy curing agents in construction, industrial, and transportation sector. Most of these industries are affected due to improper transportation and the presence of low labor during this pandemic period
- The increase in demand for medical equipment such as incubation chambers, and other medical storage devices lead to an increase in demand for epoxy curing agents.
- Thus, the abovementioned factors are expected to limit the global epoxy curing agents market growth in current times.
Key Market Segments
By Curing Agent
- Amines
- Polyamides
- Anhydrides
- Others
By Application
- Paints & Coating
- Adhesives
- Composites
- Electronic encapsulation & Others
By End User
- Building & construction
- Transportation
- General Industrial
- Wind Power
- Aerospace
- Marine & Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key players in the global epoxy curing agents market are:
- Bhor Chemicals and Plastics Private Limited
- Cytec Solvay Group
- Atul Ltd.
- Mitsubishi Chemical Corporation
- Park Aerospace Corp.
- Reliance Composites Polymers
- Barrday Inc.
- Hexcel Corporation
- Huntsmann Corporation
- Evonik Industries AG
Epoxy Curing Agents Market Report Highlights
| Aspects | Details |
 By Curing Agent |
|
 By Application |
|
 By End User |
|
 By Region |
|
 Key Market Players | Atul Ltd., Hexcel Corporation, Barrday Inc., Mitsubishi Chemical Corporation, Bhor Chemicals and Plastics Private Limited, Huntsmann Corporation, Evonik Industries AG, Park Aerospace Corp., Cytec Solvay Group, Reliance Composites Polymers |
Analyst Review
The global epoxy curing agents market is expected to witness increased demand during the forecast period, due to rapidly growing building & construction and electronics industry throughout the forecast period.
Several environmental and health concerns associated with epoxy curing agents based products are anticipated to hinder the growth of the epoxy curing agents market during the forecast period. However, increasing demand for epoxy curing agents in the application of wind energy and increasing demand of epoxy curing agents in several end-use applications such as building & construction, electrical and electronics, and transportation, are some of the key factors expected to provide high demand for the epoxy curing agents market throughout the forecast period. In addition, rapidly glorifying infrastructure and high urbanization growth especially in developing countries are expected to drive the global epoxy curing agents market demand throughout the forecast period.
The COVID-19 pandemic has negatively impacted the global epoxy curing agents market for a short span due to shutdown of various industry production facilities such as infrastructure, paints & coating, and transportation sector leading to the decline in demand for epoxy curing agents compounds, thereby hindering the global epoxy curing agents market for a short span of time.
Moreover, companies are inheriting expansion and acquisition strategies to boost the growth of the epoxy curing agents market throughout the forecast period.
Increase in demand for materials used in construction and transport industry, increase in demand for efficient wind and solar power plants are the key factors driving the growth of epoxy curing agents market
The expected market value of Epoxy Curing Agents by 2030 is US$ 8.4 billion
Bhor Chemicals and Plastics Private Limited. Cytec Solvay Group, Atul Ltd., Mitsubishi Chemical Corporation, Park Aerospace Corp., Reliance Composites Polymers, Barrday Inc., Hexcel Corporation, Huntsmann Corporation and Evonik Industries AG
Building & construction industry is projected to increase the demand for Epoxy Curing Agents Market
The global epoxy curing agents market is segmented on the basis of curing agent, application, end user and region. On the basis of curing agent, the global epoxy curing agents market is segmented into amines, polyamides, anhydrides and others. The applications covered in the study include paints & coating, adhesives, composites and electronic encapsulation & others. The end users covered in the study include building & construction, transportation, general industrial, wind power, aerospace and marine & others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Increase in annual deployed capacities for epoxy curing agents across the globe is the Main Driver of Epoxy Curing Agents Market
Paints and coating segment is expected to drive the adoption of Epoxy Curing Agents?
Emergence of COVID-19 had a negative impact on the growth of the global epoxy curing agents market for a short period.
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