Curing Agents Market Expected to Reach $22.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Curing Agents Market," The curing agents market was valued at $11.3 billion in 2021, and is estimated to reach $22.2 billion by 2031, growing at a CAGR of 7.0% from 2022 to 2031.

A curing agent helps in the setting and hardening of a surface by assisting the bonding of the material's molecular constituents. A curing agent is known as a cross linker that facilitates the polymerization process by reacting with the functionalities of the polymer material and after the reaction, the curing agent remains in the polymer build.

Three different kinds of curative agents exist mainly:
•    Substances that interact with the surface where they are applied.
•    Catalysts that don't interact with the surface of the material.
•    Agent initiators that alter the hardening processes but do not continue to react with the system.

Specific curing agents may add extra properties to the system by properly constructing a 3D network with the binder. A three-dimensional cross-linked system that has excellent performance properties, make it well-suited for use in a variety of industrial application such as:
•    Metallic Coatings: Marine, Protective, Oil & Gas, OEM, Aerospace.
•    Civil Engineering: Flooring, Building Maintenance, Roads and Bridges.
•    Composites and Adhesives: Windmill Blades, Automotive Sector for adhesion, Fiber Composites technology.

The increased demand for curing agents is expected to grow further due to surge in demand for coating application. Emerging trends, which have a direct impact on the dynamics of the epoxy hardener industry, include the development of epoxy hardeners with low temperature cure and improved performance characteristics. Curing agents produce harmful gases that have negative impact on environment causing global warming and pollution while rapid fluctuating price of chemicals alters the pricing of agents making market expensive and weak. This factor hampers the growth of the curing agent market. Corporations have launched a new portfolio of low-temperature curing agents for heavy-duty industrial coating which may resolve this issue. These agents are often used in sectors including oil & gas, marine, transportation, and industrial maintenance. The growth in need for high-performance, durable, and easy-to-use products help to drive the growth of the curing agent’s market. The expansion in wind energy sector with utilization of lightweight composite is a positive attribute in business growth.

The curing agent market is segmented on the basis of type, end-use industry, and region. On the basis of type, the market 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.

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, and Vijai poly products Pvt.

Other players operating in the curing agent market are LEUNA-Harze GmbH, Cargill, Aditya Birla Chemicals, and Kumiai Chemical Industry Co. Ltd.

Key findings of the study

• The report outlines the current curing agent market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The curing agent market size is provided in terms of revenue and volume.
• Depending on type, the epoxy segment is expected to grow at a CAGR of 6.4%, in terms of revenue, during the forecast period.
• Depending on end-use industry, the paints and coatings segment is expected to grow at a CAGR of 6.6%, in terms of revenue, during the forecast period.
• Region wise, Asia-Pacific garnered a share of 8.1% in 2021 in terms of revenue.

COVID-19 impact analysis 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 such 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.