Crosslinking Agents Market Size
|Market Size (2023)||USD 6.90 Billion|
|Market Size (2028)||USD 8.92 Billion|
|CAGR (2023 - 2028)||5.26 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Crosslinking Agents Market Analysis
The Global Crosslinking Agents Market size is estimated at USD 6.90 billion in 2023, and is expected to reach USD 8.92 billion by 2028, growing at a CAGR of 5.26% during the forecast period (2023-2028).
The COVID-19 pandemic negatively impacted the market but is projected to grow steadily in the forecast period owing to strong global growth in the construction and automotive sectors.
- The major factors driving the market are rising demand for various coatings and an increased emphasis on high-performance crosslinking agents.
- On the other hand, the presence of self-crosslinking agents might hamper the market growth.
- During the forecast period, the increasing demand for innovative coatings is a major opportunity in the global crosslinking agent market.
- Asia-Pacific has dominated the market and is expected to grow with the highest CAGR during the forecast period.
Crosslinking Agents Market Trends
This section covers the major market trends shaping the Crosslinking Agent Market according to our research experts:
Increasing Demand for Decorative Coatings
- Decorative coatings are applied to the interior and exterior surfaces of residential, commercial, institutional, and industrial buildings. The increase in the construction sector worldwide is, in turn, boosting the demand for various crosslinking agents in decorative coatings.
- The construction sector in the Asia-Pacific region is the largest in the world. It is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.
- China is one of the leading countries concerning the construction of shopping centers. China is one of the leading countries in shopping-center construction. China has almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025.
- Moreover, according to National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are estimated to be completed by 2023 and are ongoing. The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors.
- The United States has one of the world's largest construction industries. According to the United States Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,626,444 million in 2021, compared to USD 1,499,570 million in 2020.
- In Canada, various government projects, including the Affordable Housing Initiative (AHI), New Building Canada Plan (NBCP), and Made in Canada, have been supporting the expansion of the sector.
- According to the AIA (American Institute of Architects) Construction Consensus Forecast Panel, nonresidential building construction spending is expected to expand by 5.4% in 2022 and strengthen to a 6.1% expansion in 2023. By 2023, all the major commercial, industrial, and institutional categories are projected to witness at least reasonably healthy gains.
- All such factors are anticipated to drive the demand for decorative coating during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market, owing to the highly developed automotive sector in China, coupled with the continuous investments done in the region to advance the architectural and various industrial sectors through the years.
- The government of China estimates a 20% penetration rate of electric vehicles by 2025. China has the largest and fastest-growing EV market in the world, In H1 2022, over 2.4 million EVs were delivered to customers in mainland China equating to 26% of all car sales in China. With the increasing production of vehicles in the country, the demand for automotive coating is likely to ascend, which is anticipated to influence the market for crosslinking agents.
- Automobile manufacturing in China is a significant contributor to global automobile production. According to OICA, China has the largest automotive production base in the world, with a total vehicle production of 26.08 million units in 2021, registering an increase of 3% compared to 25.23 million units produced last year. Further, according to the China Association of Automobile Manufacturers (CAAM), in the first 7 months of 2022, the country has produced 14.57 million units of cars, registering a growth rate of 31.5% Year on Year.
- In India, under the Make in India reform, the government of the country has offered favorable regulations for multinationals to set up their bases in India. Moreover, an increase in FDI share in the manufacturing industry is further likely to attract investments by foreign players. Thereby, it is expected to support industrial production in the upcoming years.
- As per the reports by the Ministry of Economy Trade and Industry (METI), industrial production in Japan increased by over 3% in 2021. The country has a large production base for electronics and other components, the majority of which is exported to the economies in North America, Europe, and Asia-Pacific. According to the data published by the Japan Electronics and Information Technology (JEITA), Global production by Japanese electronics and IT companies is expected to record positive growth of 2% year on year by the end of 2022.
- Continuous growth in the paint and coatings industry for various applications is expected to drive the market for crosslinking agents through the years to come.
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Crosslinking Agents Industry Overview
The crosslinking agents market is partially fragmented in nature in terms of revenue with many players competing in the market. Some of the major players in the market include (not in any particular order) Evonik Industries AG, BASF SE, Dow, Huntsman International LLC, and Allnex GMBH, among others.
Crosslinking Agents Market Leaders
Evonik Industries AG
*Disclaimer: Major Players sorted in no particular order
Crosslinking Agents Market News
- In February 2022, Hexion completed the sale of its epoxy-based Coatings and Composite businesses, which includes the epoxy specialty resins and base epoxy resins and intermediates product lines for around USD 1.2 billion to Westlake Chemical Corporation.
- In December 2021, Allnex has become a part of PTT Global Chemical Public Company Limited (GC) after PTT Global bought Allnex from Advent for EUR 4 billion (~USD 4.25 billion).
Crosslinking Agents Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demad for Numerous Coatings
4.1.2 Increasing Focus on High-Performance Crosslinking Agents
4.2.1 Presence of Self-Crosslinking Agents
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1.6 Other Types
5.2.1 Automotive Coatings
5.2.2 Decorative Coatings
5.2.3 Industrial Coatings
5.2.4 Packaging Coatings
5.2.5 Other Applications
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Aditya Birla Chemicals
6.4.3 Allnex GMBH
6.4.4 Covestro AG
6.4.5 Evonik Industries AG
6.4.7 Huntsman International LLC
6.4.9 Wanhua Chemical Group Co. Ltd
6.4.10 Nisshinbo Chemical Inc.
6.4.11 NIPPON SHOKUBAI CO. LTD
6.4.12 Mitsubishi Chemical Corporation
6.4.13 KUMHO P&B CHEMICALS INC.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Demand for Innovative Coatings
Crosslinking Agents Market Research FAQs
How big is the Crosslinking Agents Market?
The Crosslinking Agents Market size is expected to reach USD 6.90 billion in 2023 and grow at a CAGR of 5.26% to reach USD 8.92 billion by 2028.
What is the current Crosslinking Agents Market size?
In 2023, the Crosslinking Agents Market size is expected to reach USD 6.90 billion.
Who are the key players in Crosslinking Agents Market?
BASF SE, Huntsman Corporation, Evonik Industries AG, Allnex GMBH and Dow are the major companies operating in the Crosslinking Agents Market.
Which is the fastest growing region in Crosslinking Agents Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Crosslinking Agents Market?
In 2023, the Asia Pacific accounts for the largest market share in the Crosslinking Agents Market.
Crosslinking Agents Industry Report
Statistics for the 2023 Crosslinking Agents market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Crosslinking Agents analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.