Epoxy Curing Agent Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Epoxy Curing Agent Market Report is Segmented by Type (Amines, Polyamides, Anhydrides, And Other Types), Application (Composites, Paints and Coatings, Adhesives and Sealants, Electrical and Electronic Equipment, And Other Applications), And Geography (Asia-Pacific, North America, Europe, South America, And the Middle East and Africa). The Market Size and Forecasts for Epoxy Curing Agents are Provided in Terms of Revenue (USD) for all the Above Segments.

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Epoxy Curing Agent Market Size

Epoxy Curing Agent Market Summary
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Study Period 2019-2029
Market Size (2024) USD 4.29 Billion
Market Size (2029) USD 5.45 Billion
CAGR (2024 - 2029) 4.85 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Epoxy Curing Agent Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Epoxy Curing Agent Market Analysis

The Epoxy Curing Agent Market size is estimated at USD 4.29 billion in 2024, and is expected to reach USD 5.45 billion by 2029, growing at a CAGR of 4.85% during the forecast period (2024-2029).

  • The COVID-19 pandemic had a negative impact on the market in 2020. However, the market has now reached pre-pandemic levels, and it is expected to grow at a steady pace in the forecast period.
  • The increasing demand from the building and construction industry, new developments in lightweight composite materials, and growing demand for epoxy curing agents in the electronics industry are the major factors driving the demand for the studied market.
  • However, environmental regulations on amine-based curing agents are expected to hinder the market's growth. Developing new eco-friendly epoxy curing agents will provide numerous opportunities for manufacturers over the forecast period.
  • The Asia-Pacific region is expected to dominate the market, with the most prominent consumption trends registered in countries such as China and India.

Epoxy Curing Agent Market Trends

Increasing Demand from the Paints and Coatings Industry

  • Epoxy-curing agents are used to cure epoxy resins by reacting with the epoxide groups. Epoxy resins are extensively used to manufacture adhesives and sealants, paints and coatings, and composites.
  • The paints and coatings industry has been witnessing positive growth over the years owing to the increased demand from sectors like automotive, building and construction, and others.
  • Such increased demand has led to several expansion projects by global and domestic players in several countries to reduce the demand and supply gap. For instance –
  • In May 2023, Nippon Paint Holdings Company Ltd. announced that through its subsidiary Nippon Paint Marine Coatings Co., Ltd., the company is expanding its coatings production to Vietnam in response to the growing market demand. The facilities located in industrial zones in the north, south, and central regions of Vietnam are likely to begin the production of marine anticorrosion and protective coatings by this year. At the same time, the hull and antifouling products are set to be added to production lines by 2024-2025.
  • In July 2022, BASF Coatings expanded the production capacity of automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province, in South China. With the completion of the expansion, BASF’s annual production capacity of automotive refinish coatings increased to 30,000 metric tons.
  • The growing construction industry plays a keen role in the increasing demand for paints and coatings. The greater the increase in the number of construction activities, the greater the demand for paints and coatings, which will eventually boost the market for epoxy-curing agents.
  • As per the Institution of Civil Engineers, China, India, and the United States are projected to contribute to nearly 60% of the worldwide expansion in the construction sector by 2025, consequently boosting the market demand for epoxy resins within the industry.
  • All the factors mentioned above are expected to increase the industry's growth during the forecast period.
Epoxy Curing Agent Market: Export and Import Value of Paints and Allied Products, in INR Billion, India, FY 2018 - FY 2022

Asia-Pacific Region to Dominate the Market

  • In the Asia-Pacific region, China continues to dominate in terms of demand in the market studied, which is attributed to its vast production base for paints and coatings.
  • As reported by European Coatings, China hosts approximately 10,000 coatings manufacturers. Despite the significant presence of domestic paint and coatings producers, foreign companies and joint ventures also command a considerable market share.
  • As of December 2022, the paint manufacturing industry in China had a market size of USD 94 billion. In FY 2022, the export value of India's paint industry and allied products was around INR 22.96 billion (USD 280 million), which increased from INR 17.43 billion (USD 210 million) in the previous year.
  • As per the National Development and Reform Commission of China, the Chinese government has greenlit 26 infrastructure initiatives valued at approximately USD 142 billion, slated for completion by 2023. This is expected to drive up the need for paints and coatings in construction, consequently propelling the market expansion of epoxy curing agents.
  • As companies ramp up investments in the construction of diverse coatings manufacturing facilities, the demand for epoxy curing agents is experiencing a surge. PPG recently finalized a USD 13 million investment in its paint and coatings plant situated in Jiading, China. This investment encompasses the installation of eight new powder coating production lines and the expansion of the Powder Coatings Technology Center. Consequently, the plant's capacity has been bolstered by over 8,000 metric tons annually.
  • Furthermore, epoxy resins find extensive application in coating and encapsulating electrical circuit components and electronic devices. As per the Japan Electronics and Information Technology Industries Association (JEITA), the electronics industry's total production surged to USD 7,098.34 million in November 2022. Japan also exported a total of USD 8,395.45 million worth of electronics in December 2022.
  • In India, the electronics market experienced a surge in demand, leading to a rapid expansion in market size. Electronic goods exports from India amounted to USD 16.67 billion in December 2022, compared to USD 10.99 billion in December 2021. The burgeoning electronics and appliances sector in both India and China has the potential to further propel market growth in the Asia-Pacific region.
  • Therefore, the above-mentioned factors will provide a growing market for epoxy curing agents in the country during the forecast period.
Epoxy Curing Agent Market - Growth Rate by Region

Epoxy Curing Agent Industry Overview

The epoxy curing agents market is partially consolidated, with the presence of majorly multi-national players. The major companies of the market studied include Evonik Industries AG, Huntsman International LLC, Olin Corporation, Westlake Corporation, and BASF SE, among others.

Epoxy Curing Agent Market Leaders

  1. Evonik Industries AG

  2. Huntsman International LLC

  3. Olin Corporation

  4. Westlake Corporation (Hexion)

  5. BASF SE

*Disclaimer: Major Players sorted in no particular order

Epoxy Curing Agent Market Concentration
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Epoxy Curing Agent Market News

  • June 2022: BASF SE increased the production capacity for its highly efficient curing agents and chain extenders in epoxy and polyurea applications for the wind, electrical, composites, adhesives, and flooring industries.
  • February 2022: Westlake Chemical Corporation acquired the global epoxy business of Hexion Inc. for an approximate value of USD 1.2 billion in an all-cash transaction. The acquisition helped the company in expanding its epoxy resin portfolio.

Epoxy Curing Agent Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Building and Construction Industry

      2. 4.1.2 New Developments in Lightweight Composite Materials

      3. 4.1.3 Growing Demand for Epoxy Curing Agents in the Electronics Industry

    2. 4.2 Restraints

      1. 4.2.1 Environmental Regulations on Amine-based Curing Agents

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Amines

      2. 5.1.2 Polyamides

      3. 5.1.3 Anhydrides

      4. 5.1.4 Other Types (Amidoamine, Phenalkamine )

    2. 5.2 Application

      1. 5.2.1 Composites

      2. 5.2.2 Paints and Coatings

      3. 5.2.3 Adhesives and Sealants

      4. 5.2.4 Electrical and Electronics

      5. 5.2.5 Other Applications (Repairs)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Atul Ltd.

      2. 6.4.2 BASF SE

      3. 6.4.3 Cardolite Corporation

      4. 6.4.4 Epochemie - Epoxy Curing Agents

      5. 6.4.5 Epoxy Division Aditya Birla Chemicals (Thailand) Limited (Aditya Birla Group)

      6. 6.4.6 Evonik Industries AG

      7. 6.4.7 Huntsman International LLC

      8. 6.4.8 Kukdo Chemical Co. Ltd.

      9. 6.4.9 Kumho P&B Chemicals Inc.

      10. 6.4.10 Mitsubishi Chemical Corporation

      11. 6.4.11 Olin Corporation

      12. 6.4.12 Shandong Deyuan Epoxy Resin Co. Ltd.

      13. 6.4.13 Toray Industries Inc.

      14. 6.4.14 Westlake Corporation (Hexion)

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Development of New Environmental Friendly Low or Non-VOC Epoxy Curing Agents

    2. 7.2 Other Opportunities

**Subject to Availability
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Epoxy Curing Agent Industry Segmentation

Epoxy curing agents are amine-based chemicals that react with epoxy resin to form a 3D crosslinked system. They are available in various forms, including amines, polyamides, and anhydrides. Epoxy-curing agents offer a number of advantages, including high abrasion and chemical resistance, enhanced mechanical properties, improved corrosion protection, low outgassing levels, and the ability to cure at low temperatures. They are also easy to use and offer flexibility and high performance. As a result, epoxy curing agents are widely used in various industries, including automotive, construction, oil and gas, transportation, marine, electronics, and aerospace.

The epoxy curing agent market is segmented by type, application, and geography. The market is segmented by type into amines, polyamides, anhydrides, and other types. Based on application, the market is segmented into composites, paints and coatings, adhesives and sealants, electrical and electronics, and other applications. The report also covers the market sizes and forecasts for the epoxy curing agents market in 15 countries across major regions.

For each segment, the market sizing and forecasts have been done based on revenue (USD).

Type
Amines
Polyamides
Anhydrides
Other Types (Amidoamine, Phenalkamine )
Application
Composites
Paints and Coatings
Adhesives and Sealants
Electrical and Electronics
Other Applications (Repairs)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Epoxy Curing Agent Market Research FAQs

The Epoxy Curing Agent Market size is expected to reach USD 4.29 billion in 2024 and grow at a CAGR of 4.85% to reach USD 5.45 billion by 2029.

In 2024, the Epoxy Curing Agent Market size is expected to reach USD 4.29 billion.

Evonik Industries AG, Huntsman International LLC, Olin Corporation, Westlake Corporation (Hexion) and BASF SE are the major companies operating in the Epoxy Curing Agent Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Epoxy Curing Agent Market.

In 2023, the Epoxy Curing Agent Market size was estimated at USD 4.08 billion. The report covers the Epoxy Curing Agent Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Epoxy Curing Agent Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Epoxy Curing Agent Industry Report

Statistics for the 2024 Epoxy Curing Agent market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Epoxy Curing Agent analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Epoxy Curing Agent Market Report Snapshots

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Epoxy Curing Agent Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)