Industry: Chemicals and Materials
Published Date: October-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 172
Report ID: PMRREP34876
The epoxy curing agents market is estimated to increase from US$ 3.74 Bn in 2024 to US$ 5.14 Bn by 2031. The market is projected to record a CAGR of 4.9% during the forecast period from 2024 to 2031. Epoxy curing agents are primarily used in the construction industry's flooring, adhesives, and protective coatings. The construction industry contributes the highest market share accounting for around 35% of the overall market in 2024.
Epoxy curing agents are widely used in printed circuit boards and other electronic components due to their insulating and adhesive properties. The need for lightweight, durable materials in these sectors continues to drive the demand for epoxy curing agents. Growing demand for eco-friendly, low-VOC, and waterborne epoxy curing agents is one of the trends accelerating market growth.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Epoxy Curing Agents Market Size (2024E) |
US$3.74 Bn |
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Projected Market Value (2031F) |
US$5.14 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
4.9% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
4.4% |
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Region |
Market Share by 2024 |
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Asia Pacific |
45% |
Asia Pacific comprising 45% of the market share in 2024, ascribed to the rising utilization of the product within the electrical and electronics sector. The increasing construction activity in emerging economies, including China, India, Japan, South Korea, and Australia is anticipated to propel this regional market further.
China commanded a market share of 38% due to the rising demand within the domestic goods market. The increase in demand is attributable to the nation's escalating construction activity. The expansion of China's construction industry is resulting in increased demand for the product markets in the region.
The rising utilization of epoxy curing agents in concrete binding, marble laminate, and flooring market would enhance the demand for epoxy curing agents. Due to swift industrialization, Asia Pacific is anticipated to offer the most varied chances for epoxy curing agent suppliers. The increasing demand for infrastructure development in India, China, Japan, and South Korea is expected to enhance the demand for epoxy curing agents significantly.
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Category |
Market Share by 2024 |
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Product - Amine |
53% |
The market is divided into amine and anhydrides based on product. Among these, the amine product type dominates the market.
Amines are frequently employed as curing agents for epoxy resins because they facilitate the formation of a cross-linked, thermoset polymer matrix, improving the cured epoxy's mechanical and thermal properties. This process transpires when the amine groups interact with the epoxide groups of the epoxy resin, resulting in a highly durable and chemically resistant material.
The selection of amine, be it aliphatic, cycloaliphatic, or aromatic, influences the epoxy's curing duration, flexibility, and ultimate characteristics, rendering it adaptable for several applications.
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Category |
Market Share in 2024 |
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Application - Paints & Coatings |
35% |
The market is divided into paints & coatings, electronics, construction and composites based on application. Among these, the paints & coatings segment dominates the market. Curing chemicals for epoxy is essential to the efficacy of paints and coatings as these chemicals promote the cross-linking process.
The said transformation improves the coating's mechanical qualities, chemical resistance, and longevity, rendering it appropriate for diverse applications, including industrial flooring and corrosion prevention. Various curing chemicals can modify the curing duration, temperature, and ultimate characteristics of the epoxy coating to satisfy certain specifications.
Epoxy curing agents are substances that participate in the chemical reaction involving oligomers, polymers, and pre-polymers to facilitate the polymerization process and yield the final film. The cured resin exhibits enhanced potential and a thermal resistance of 100°C.
Aromatic amines have been engineered to have superior thermal and chemical resistance compared to aliphatic amines. The rising need for high-performance resins derived from polymer blending particularly in the paint and coatings sector will propel the expansion of the epoxy curing agents market.
The primary attributes driving market expansion are strong adhesion properties, exceptional color consistency, and elevated viscosity. The expanding paint and coating sector is a crucial driver of the global epoxy curing agents market growth. Further, rigorous environmental laws concerning the utilization of volatile organic solvents may impede the growth of the epoxy curing agents sector.
The epoxy curing agents market experienced robust growth during the historical period from 2019 to 2023, driven by rising demand in key industries such as construction, electronics, automotive, and aerospace.
The market expanded at a CAGR of around 4.4% between 2019 and 2023, fueled by infrastructure development in emerging economies, and increasing use of electronics in consumer goods.
The market is expected to accelerate with a projected CAGR of 4.9% from 2024 to 2031, which will be driven different factors post-2024. These factors include advancements in green chemistry and the development of sustainable, and low-VOC epoxy curing agents to meet stringent environmental regulations particularly in Europe and North America.
Rapid urbanization and infrastructure spending in developing regions will continue to spur demand. Innovations in fast-curing technologies and the rising adoption of epoxy resins in electric vehicles (EVs) and renewable energy will further boost the market.
Increase in Construction Activities Driving Expansion of Epoxy Curing Agents Market
Global expenditure on construction and infrastructure development is increasing. The surge in government investments in residential, commercial, and industrial buildings, driven by growing urbanization, is fuelling the demand for epoxy curing agents.
Epoxy curing agents are utilized in applications such as concrete bonding, flooring, and marble laminate within the construction industry. The durability, material strength, and chemical resistance of epoxy resins render the material highly sought after in the building industry.
The growth of residential and housing projects drives an increased need for high-quality paints and coatings, facilitating market expansion.
Rising Utilization of Epoxy Curing Agents in the Electronics Industry
Epoxy-cured resins are mostly utilized in LED television screens, integrated circuits, transistors, and printed circuit boards owing to their superior electrical insulating properties.
Epoxy resins are utilized to encapsulate and cover electrical components due to their adhesive and corrosion-resistant characteristics.
According to Invest India, the export of electronic goods amounted to US$ 13.1 billion in the April-September quarter of 2023. The electronics sector accounts for around 3.4% of India's gross domestic product (GDP).
Cured resins have superior temperature resistance and adhesion characteristics, crucial in the aerospace industry. The secure adhesion of composite materials and the corrosion resistance of coatings under harsh conditions are essential for the success of a space mission or the survival of an aircraft.
Environmental and Regulatory Constraints
One of the key growth restraints for the epoxy curing agents market is the increasing pressure from environmental regulations. Many conventional epoxy curing agents contain high levels of volatile organic compounds (VOCs), which contribute to air pollution and are harmful to human health.
In regions like Europe and North America, governments have implemented strict regulations that limit the use of high-VOC materials, driving demand for low-VOC or eco-friendly alternatives. However, transitioning to sustainable curing agents often requires significant R&D investments and may lead to higher production costs.
The regulatory shift creates challenges for manufacturers, particularly small and medium enterprises (SMEs), as they need to adapt their processes and products to meet stringent environmental standards. Furthermore, the availability of low-VOC curing agents may be limited, especially in emerging markets, which could hinder the market’s growth in these regions.
Increasing Development of Wind Energy Generation Facilities to Create New Market Opportunities
The rising demand for energy and environmental conservation laws has accelerated the establishment of renewable energy-producing facilities. Wind energy has become a prevalent choice for energy generation and is being extensively implemented in diverse regions globally.
The demand for epoxy curing agents is significant in wind energy generation, as they are utilized in the production of turbine blades due to their shear strength properties. Sales of epoxy curing agents are anticipated to expand due to the expansion of wind energy and the strategic concentration of primary suppliers on this sector to optimize their sales potential.
Rising Demand for Eco-Friendly and Low-VOC Epoxy Curing Agents
The increasing focus on sustainability and environmental regulations presents a significant opportunity for the development and adoption of eco-friendly, low-VOC (volatile organic compounds) epoxy curing agents. As governments across Europe, North America, and parts of Asia-Pacific tighten restrictions on harmful chemicals in industrial applications, manufacturers are being incentivized to develop green chemistry solutions.
Epoxy curing agents derived from bio-based materials and designed to produce lower emissions during curing processes are gaining traction. This shift not only meets regulatory requirements but also aligns with the growing consumer and industry demand for sustainable products.
Companies that invest in developing non-toxic, low-VOC curing agents stand to capture a substantial share of the market, especially in sectors such as construction, coatings, and electronics, where environmental impact is a key concern.
The epoxy curing agents market is characterized by intense competition among established players and emerging companies. Key manufacturers include Huntsman Corporation, BASF SE, Evonik Industries AG, and Momentive Performance Materials, each focusing on product innovation and sustainability.
Huntsman leads the development of low-VOC and bio-based curing agents, while BASF emphasizes eco-friendly solutions through its Amines portfolio. Evonik is recognized for its commitment to low-emission products, catering to industries such as construction and automotive.
Emerging companies are leveraging advancements in green chemistry to capture market share, focusing on sustainable materials. The competitive landscape is further shaped by collaborations, joint ventures, and R&D investments to enhance product performance and comply with stringent environmental regulations, positioning players for future growth.
Recent Industry Developments in the Epoxy Curing Agents Market
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Product
By Application
By Region
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The market is estimated to be valued at US$ 5.14 Bn by 2031
The market is projected to exhibit a CAGR of 4.9% over the forecast period.
BASF SE, Hexion Inc., Olin Corporation, are some of the leading key players in the market.
Asia Pacific region dominates the market.
Paints & coatings leads the application segment of the market.
