|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The market for epoxy curing agents is expected to reach USD 4,994.14 million, registering a CAGR of about 4.93%, globally, during the forecast period (2021-2026). The increasing demand from the building and construction industry and new developments in light weight composite materials are the major factors driving the demand for market studied. However, environmental regulations on amine-based curing agents and impact of COVID-19 outbreak are expected to hinder the growth of the market
- Development of new environmentally friendly epoxy curing agents and other opportunities is expected to provide numerous opportunities for the manufacturers over the forecast period.
- The Asia-Pacific region is expected to dominate the market, with the largest consumption trends being registered in countries, such as China and India.
Scope of the Report
Epoxy curing agents are used to cure epoxy resins by reacting with the epoxide groups or by promoting the self-polymerization of the epoxy group by catalytic action. Epoxy resins are extensively used to manufacture adhesives and sealants, paints and coatings, and composites. The epoxy curing agent market is segmented by type, application, and geography. By type, the market is segmented 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 on the basis of revenue (USD million).
|Paints and Coatings|
|Adhesives and Sealants|
|Electrical and Electronics|
Key Market Trends
Increasing Demand from the Construction Industry
Epoxy resin systems consist of two parts, an “A” and a “B” side. The B side, also known as the “hardener”, is the epoxy curing agent, and the curing agent is accountable for reacting with the epoxy groups confined in the epoxy resin A side. The reaction of curing agents with epoxy resins outcomes in hard, thermoset materials. These thermoset materials are often used as composites. Composites have been found to be the most promising and discerning material available in this century. Presently, composites reinforced with fibers of synthetic or natural materials are gaining more importance as demands for lightweight materials with high strength for specific applications are growing in the market. Fiber-reinforced polymer composite offers not only high strength to weight ratio, but also reveals exceptional properties, such as high durability, stiffness, damping property, flexural strength, and resistance to corrosion, wear, impact, and fire. These wide ranges of diverse features have led composite materials to find applications in mechanical, construction, aerospace, automobile, biomedical, marine, and many other manufacturing industries.
The aerospace and defense industry is the largest consumer of composites globally. The main objectives in the aerospace industry are to bring down the cost and lower carbon dioxide emissions and fuel consumption. The application of composites in the aircraft industry is increasing because of their contribution to reducing cost, weight, and vibrations. Aircraft OEMs are working toward products that are more fuel-efficient with the increase in the usage of fiber-reinforced composites materials, including interiors. Owing to their high strength to weight ratio, composites have had a long role in cabin finishes, and thus, contributing to high aircraft fuel efficiency.
The automotive is also one of the major end-user industries for composites. However, the global decline in automotive production is acting as a hindrance to the market studied. On the bright side, the environmental regulations on the increasing carbon emission are constraining the automotive industries to increase the production of electric vehicles, which also focuses on reducing the overall weight of the vehicle. Thus, the demand for composites is expected to increase during the forthcoming years in the electric vehicles sector, which is expected to increase the demand for the market studied in the upcoming years. The wind rotor blades and other structural components are made from composites produced from epoxy resins. Manufacturers prefer these resins as they are lightweight, resistant to fatigue, have good adhesion, and lack shrinkage after cooling. The rotor blades constitute about 2/3rd of all epoxy resins consumed in wind turbines. Over the past 20-year, epoxy resins have made it possible to steadily increase the diameter of wind blades, in turn, making them more efficient.
However, overall, production activities have declined in 2020 owing to COVID-19, which has impacted the market through 2020 and is even expected to have a significant impact through 2021 too.
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China to Dominate the Asia-Pacific Market
In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, despite the trade disturbances caused due to its trade war with the United States. Although China was the first country affected by COVID-19 and its related lockdown, it was the first country to come out of the lockdown. However, the country has been witnessing recurring cases of COVID-19, leading to brief lockdowns occasionally. The manufacturing sector in the country has taken a major hit in Q1 2020, subsequently leading to a 6.8% drop in GDP, the lowest ever witnessed in years. However, the country has been focusing on several measures such as tax breaks and other incentives to enhance its economic recovery. Overall, in 2020, China’s GDP has recorded a growth rate of 1.9%, indicating signs of a V-shaped recovery. According to the IMF forecast, the country is expected to reach a GDP growth of 8.2% in 2021.
China continues to dominate, in terms of demand in the market studied, powered by its huge production base for paints and coatings. The country has more than 1/3rd of the global production share. The annual paint production in the country rocketed from 17.6 million metric tons in 2018 to nearly 18.6 million metric tons in 2019. According to European Coatings, there are nearly 10,000 coatings manufacturers located in China. The Chinese paints and coatings production has been showing steady growth over the recent years. Although China is home to a huge number of companies producing paints and coatings, foreign companies and joint ventures also hold a fair share of the market. In addition, many international players are looking to further strengthen their positions through new acquisitions.
The construction industry grew at a strong pace in 2019, even though the growth slowed down during the year compared to 2018. The construction sector had supported the economic growth in the country whenever a major slowdown occurred. Demographics in the country are expected to continue to spur the growth in residential construction. Rising household income levels combined with population migrating from rural to urban areas are expected to continue to drive the demand for the residential construction sector in the country. Increased focus on affordable housing by both the public and private sectors will drive growth in the residential construction sector. China is the world's largest automotive producer. However, since 2018, the country has been witnessing a decline in automotive production. In 2018, the country recorded a decline of 4.16% in vehicle production, followed by 7.5% in 2019. The automotive industry's performance was affected by the economic shifts and China's trade war with the United States. In 2019, the country also recorded a decline of 8.2% in domestic automotive sales.
China has the world's largest electronics production base, and it offers tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. With the increase in the middle-class population's disposable incomes, the demand for electronic products is projected to increase steadily in the future, thereby driving the market studied. The electronics manufacturing industry is constantly expanding in China as a result of low cost and increasing demand for electronics products. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future. COVID-19 presented a problematic situation for the epoxy curing agents market in the country. However, currently, the conditions are better, which has concreted the probability of market recovery over the forecast period.
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The global epoxy curing agents market is partially consolidated, with the presence of majorly multi-national players. The top ten players account for about ~50% market share of the global market demand. The market is competitive in nature. some of the key players operating in the market include BASF SE, Hexion, Olin Corporation, Huntsman International LLC, and Evonik Industries AG, among others.
- In January 2021, Huntsman International LLC completed the acquisition of Gabriel Performance Products, a specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, and others from Audax Private Equity.
- In May 2020, Huntsman International LLC completed the acquisition of CVC Thermoset Specialties (CTS), a North American specialty chemical manufacturer for the industrial composites, adhesives, and coatings markets. The company provides curing and toughening agents, and other epoxy products
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 Demand from the Building & Construction Industry
4.1.2 New Developments in Light Weight Composite Materials
4.2.1 Environmental Regulations on Amine-based Curing Agents
4.2.2 Impact of COVID-19 Outbreak on the Market
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.4 Other Types
5.2.2 Paints and Coatings
5.2.3 Adhesives and Sealants
5.2.4 Electrical and Electronics
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
*List Not Exhaustive
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 Atul Ltd
6.4.2 BASF SE
6.4.3 Cardolite Corporation
6.4.4 Epochemie - Epoxy Curing Agents
6.4.5 Epoxy Division Aditya Birla Chemicals (Thailand) Limited (Aditya Birla Group)
6.4.6 Evonik Industries AG
6.4.8 Huntsman International LLC
6.4.9 Kukdo Chemical Co. Ltd
6.4.10 Kumho P&B Chemicals Inc.
6.4.11 Mitsubishi Chemical Corporation
6.4.12 Olin Corporation
6.4.13 Shandong Deyuan Epoxy Resin Co. Ltd
6.4.14 Toray Industries Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of New Environmental Friendly Low or Non-VOC Epoxy Curing Agents
7.2 Other Opportunities
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Frequently Asked Questions
What is the study period of this market?
The Epoxy Curing Agent Market market is studied from 2016 - 2026.
What is the growth rate of Epoxy Curing Agent Market?
The Epoxy Curing Agent Market is growing at a CAGR of 4.93% over the next 5 years.
Which region has highest growth rate in Epoxy Curing Agent Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Epoxy Curing Agent Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Epoxy Curing Agent Market?
Hexion, Olin Corporation, Huntsman International LLC, Evonik Industries AG, BASF SE are the major companies operating in Epoxy Curing Agent Market.