Epoxy curing agents Market Size Expected to Reach $8.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, "Epoxy Curing Agents Market by Curing Agent, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2030," 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.

Rapidly increasing urbanization across the globe, especially in the developing countries such as India, Indonesia, Brazil and others, has led to fuel the demand for epoxy curing agent across the globe. In addition, new product innovations such as development of environmentally friendly epoxy curing agents, has positively impacted the demand for epoxy curing agents market throughout the forecast period. In addition, transportation and building & construction sector are two major prominent sectors that have witnessed growth in demand for epoxy curing agents in recent years and are also anticipated to further support the growth of the global epoxy curing agents industry during the forecast period.

Epoxy resins are excellent electrical insulators and protect electrical components from short-circuiting, dust, and moisture. It is generally employed in motors, transformers, switchgear, bushing, and insulators. In addition to the present, it’s a primary resin utilized in molding integrated circuits, transistors, hybrid circuits, and also within the manufacturing of computer circuit boards. Rapidly developing electrical and electronic technology is expected to create increased opportunities for the epoxy curing agents market as epoxy curing agents is a key product for manufacturing highly trending printed circuit boards (PCB’s). The increase in demand of electrical goods is one of the prime reasons for the growth of epoxy curing agents market. 

However, cheaper imports and new entrants in the market will keep the market competitive and may keep margins under pressure. Since the two main raw materials, namely Bisphenol-A and Epichlorohydrin, are imported, fluctuations in foreign exchange may impact margins. In addition, several government initiatives toward release of volatile organic compounds and increase in health concerns are some of the factors expected to hamper the sales of epoxy curing agents market during the forecast period. 

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. The amines segment held the largest epoxy curing agents market revenue share in 2020, and is depicted to grow at a CAGR of 5.1%. 

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. As per global epoxy curing agents market analysis, Asia-Pacific accounted for the largest share of the market in 2020 and Asia-Pacific is also depicted to be the fastest growing region. 

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. 

Due to rapidly increasing demand of epoxy curing agents, key players are expanding their production capacities in order to meet relative market share across the globe. Additional growth strategies such as new product developments, partnership and acquisition strategies, are also adopted to attain key developments in the epoxy curing agents market trends. For instance, in 2021, DuPont invested in a new production plant in Circleville, Ohio, in order to expand production of new films and other adhesives products. The firm hoped that by expanding, it would be able to meet the rising demand of epoxy curing agents from its consumers. 

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 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.