Yahoo Finance Curing Agent Market Worth USD 5.8 Billion by 2030 Witnessing a CAGR of 5.3% - Report by Market Research Future (MRFR)
Curing Agent Market Insights and Industry Analysis by Type (Epoxy, Polyurethane, Silicone Rubber, and Others), Application (Coatings, Adhesives, Composites, Wind Energy, and Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Curing Agent Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Curing Agent Market Information by Material Type, Application and End-Use, and Region - Forecast till 2030”, the market is estimated to grow at a 5.3% CAGR to reach USD 5.8 Billion by 2030.
Market Synopsis
Epoxy resins are cured using curing chemicals that interact with the epoxide groups and catalyze the epoxy group's self-polymerization. An A side and a B side make up this system. The epoxy groups that are contained in the epoxy resins A-side on the B side, also known as the hardener, react with curing chemicals to form hard, thermoset materials.
The need for the market study is primarily driven by the expanding needs of the building and construction sector as well as the preference for lightweight composite materials. However, environmental regulations on amine-based curing agents are anticipated to impede market expansion, but new environmentally friendly epoxy curing agents and other opportunities are anticipated to be favorable for the worldwide market.
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Report Scope:
Report Attribute | Details |
Market Size in 2030 | USD 5.8 Billion |
CAGR | 5.3% (2022–2030) |
Base Year | 2021 |
Forecast Period | 2022–2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Material Type, Application and End-Use, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | The growing demand from the building and construction industry. |
New development in lightweight composite materials are the main factors driving the demand for the market. |
Market Competitive Landscape:
Prominent companies in the curing agent industry are
Evonik Industries AG (Germany)
BASF SE (Germany)
Huntsman International LLC (US)
Hexion (US)
Olin Corporation (US)
Cardolite (US)
Aditya Birla Chemicals (India)
Mitsubishi Chemical Corporation (Japan)
Atul Ltd (India)
Albemarle Corporation (US)
GABRIEL (US)
Campbell Plastics (UK)
Arnette Polymers LLC (US)
Cargill Incorporated (US)
Epochemie International Pte Ltd (Singapore)
KUMIAI CHEMICAL INDUSTRY CO. LTD. (Japan)
LEUNA-Harze GmbH (Germany)
The leading international brands in the intensely competitive curing agent market place a high focus on forging long-term alliances with end users. It is anticipated that competition will worsen in the coming years as the footwear, upholstery, and textile industries continue to expand. Businesses have a high level of integration across the value chain since they also produce curing agents. These companies focus on product creation and research and have established themselves as prominent producers.
Market USP Covered:
Market Drivers:
A and B sides make up the two portions of epoxy resin systems. The epoxy curing agent is found on the B side, sometimes referred to as the "hardener." The epoxy groups contained in the epoxy resin A side are responsible for the curing agent's reaction with them. Epoxy resins and curing agents react to form hard, thermoset materials. Composites are frequently made from these thermoset materials.
As the market grows in need of lightweight materials with high strength for particular purposes, composites reinforced with fibres of synthetic or natural materials are becoming more important. High strength-to-weight ratio and exceptional qualities like high durability, stiffness, and resistance to corrosion, wear, impact, and fire are all features of fiber-reinforced polymer composites.
The US Census Bureau projects that the country's overall construction production would be USD 1,639.86 billion in December 2022, an increase of 9% from USD 1,504.2 billion the year before. In addition, residential building has been growing in India, where an estimated USD 1.3 trillion in housing investment is anticipated over the next seven years, which will help the industry under study.
The German Federal Statistical Office (Destatis) reports that in November 2021, the main construction industry's turnover increased 6.2% as compared to the same month the year before. The need for epoxy curing agents is anticipated to rise during the projected period due to the increased demand for paints & coatings, composites, and adhesives from the construction industry.
Market Restraints:
Environmental regulations on amine-based curing agents are anticipated to impede market expansion, but new environmentally friendly epoxy curing agents and other options are anticipated to offer producers a wealth of opportunities over the forecast period.
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COVID 19 Analysis
The COVID-19 outbreak's detrimental consequences on human health extend across the globe. People all throughout the world are affected negatively in terms of social and economic factors by the aftermath. People are experiencing a range of emotional traumas as the major governments implement new frameworks and industries embrace cutting-edge expansion tactics to maintain their relevance.
The majority of countries' transit limitations and lockdowns have had a catastrophic effect on the construction industry. As a result, fewer different curing agents and other construction material ingredients are being produced.
Market Segmentation
By Type
The market has been divided into types, including epoxy, polyurethane, silicone rubber, and others.
Due to its simplicity in handling and practical mix ratios, enhanced cure system strength, flexibility, and toughness enhanced peel and impact strength, enhanced cured system chemical, solvent, and water resistance, and its capacity to modify the system's reactivity, the epoxy segment held the largest market share in 2017.
By Application
The market has been divided into coatings, adhesives, composites, wind energy, and others with respect to applications.
Due to the widespread use of curing agents in primers to improve the adhesion quality of coated parts in marine, automotive, building & construction, and other applications, the coatings segment led the market in 2017. These are mostly employed on metal surfaces where resistance to corrosion and chemicals is crucial to shield them from harm or wear.
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Regional Insights
Due to the significant demand from the construction and automotive industries, the Asia Pacific headed the worldwide market for curing agents in 2017. The main factor influencing the expansion of the curing agent market is the quick industrialization and urbanization of emerging economies like India, Thailand, and Indonesia.
It is anticipated that the high levels of production and sales of auto parts in Western European nations like Germany, Italy, the UK, and France will raise the demand for cars, which will then foster the demand for curing agents.
The need for curing agents in North America is bolstered in important end-use industries such as the automotive, building & construction, electrical & electronics, and marine industries.
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