Epoxy Curing Agents Market By Product (Amines and Polyamines, Amides and Polyamides, Anhydrides, Phenolic), Application (Paints, Coatings and Inks, Adhesives & Sealants, Composites), End Use (Construction, Electrical & Electronics) & Region for 2022-2028
Epoxy Curing Agents Market - Analysis, Outlook, Growth, Trends, Forecasts
- December 2021
- 265 pages
- Chemicals & Materials
Epoxy Curing Agents Market Outlook – 2022-2028
[265 pages Report] The global epoxy curing agents market is slated to top US$ 3.11 Bn by the end of 2022. Soaring application of epoxy resins in the production of electrical laminates is the primary factor facilitating the growth in the market.
Epoxy Curing Agents Market Size Value in 2022
US$ 3.11 Billion
Epoxy Curing Agents Market Size Value in 2028
US$ 4.18 Billion
As per the study, sales of epoxy curing agents are projected to increase at 5.0% CAGR between 2022 and 2028. Stringent regulations promoting the use of lightweight materials in automotive and aerospace industries will increase the sales in the market.
As per FMI, China is expected to dominate the global epoxy curing agents market, accounting for over 41% of global market share in 2022. Western Europe is estimated to hold the second largest share over the course of the forecast period.
2013-2021 Epoxy Curing Agents Market Outlook in Comparison to 2022-2028 Growth Forecast
As per FMI, the global epoxy curing agents market is projected to expand at a healthy pace, growing by 1.3x between 2022 and 2032. Increasing demand for epoxy curing agents across automotive and aerospace industries will propel the growth in the market.
Need for heat resisting curing agents, effective at high temperatures in electronics and automotive industries is spurring the sales of epoxy curing agents. In order to capitalize on this trend, manufacturers are investing extensively on the production of heat resistant epoxy curing agents.
Besides this, the market is gaining traction on account of the increasing manufacturing of printed circuit boards, used in smart phones, consumer electronics, automotive electronics, and other electronic products.
Consequently, with improving standard of living coupled with increasing ownership of smart electronics products, demand for epoxy curing agents across electronics sector is expected to increase.
As per FMI, sales of epoxy curing agents are expected to reach US$ 3.11 Bn, as applications in coatings increases by 1.6x by the end of 2028.
How Will Need for Lightweight Materials in Diverse Industries Affect Epoxy Curing Agents Market?
The use of heavier materials in construction automotive, and aerospace industries is hampering the demand for such materials in the market. In order to improve the efficiency and production of automotive components, aerospace structures, and composites materials, end-users are employing epoxy curing agents due to their lightweight properties.
Furthermore, stringent regulations imposed by government in various countries encouraging the use of lightweight materials will spur sales in the coming years. For instance, as per the norms stated by the Office of Energy Efficiency & Renewable Energy, 10% reduction in automotive vehicles will improve the fuel economy by 6% to 8%.
Hence, in order to improve the efficiency and curb the carbon emission, governments across India, China, and the U.S. are improving the adoption of epoxy curing agents in automotive sector.
Market Research Methodology - Perfected through Years of Diligence
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Epoxy Curing Agents Market - Country-wise Analysis
Will China Dominate the Global Epoxy Curing Agents Market?
China is home to leading industrial and manufacturing industries. As per the World Economic Forum, China is the world’s largest manufacturing powerhouse. Manufacturing industry contributes nearly 30% of the country’s economic output.
With expansion of industries such as marine, construction, automotive, and aerospace, demand for lightweight and heat-resistant materials is increasing. This is expected to result in surge in the demand for epoxy curing agents.
As per FMI, sales of epoxy curing agents in China are projected to rise at 7.9% CAGR during the forecast period of 2022 and 2028. Increasing demand for lightweight materials across automotive and electrical & electronics will propel the adoption of epoxy curing agents through 2022.
Why is the Demand for Epoxy Curing Agents Increasing in India?
Expansion of manufacturing and automotive industries in India has resulted in increased demand for epoxy curing agents. With improving standard of living and increasing ownership of smartphones and consumer electronics, adoption of lightweight composites is expected to burgeon.
As per the India Brand Equity Foundation, sales of wearable technologies increased by 170.3% year-over-year in FQ-2021. On the back of this, adoption of epoxy curing agents in smartphones and other consumer electronic products is expected to increase.
Besides this, as epoxy resins enables protection for electrical components against dust, short circuits, and moisture is supporting the adoption in electronic products. Based on these aforementioned factors, India epoxy curing agents market is poised to expand at over 6.2% CAGR between 2022 and 2028.
What is Driving Sales in the U.K. Epoxy Curing Agents Market?
As per the study, the U.K. epoxy curing agents market is expected to hold the largest share in Europe. Demand for epoxy curing agents is high across the aerospace industry, increasing the sales across Europe.
Strong presence of leading aircraft component manufacturing companies across the country will boost the sales of epoxy curing agents. Also, preference for lightweight component for manufacturing aircraft structures is fueling the adoption of epoxy curing agents.
Also, increasing application of epoxy resins in construction, paints and coatings industries will improve the demand in the market. Favorable government policies mandating the use of eco-friendly and lightweight materials is compelling the end-users to increase the consumption of epoxy curing agents.
Hence, leading players in the U.K. are increasing the development of epoxy resins suitable with the regulations. For instance, MegaChem houses a range of epoxy resins and curing agents for the use in adhesives, industrial paints and roadmaking.
On account of this, sales of epoxy curing agents across the U.K. are slated to increase at 8% CAGR through 2028.
Epoxy Curing Agents Market - Category-wise Insights
Why are Amines & Polyamines the Most Preferred Products in Epoxy Curing Agents Market?
The amines and polyamines segment has been forecast to dominate the global epoxy curing agents market, in terms of product type. Sales of amines and polyamines are expected to contribute over 48% of global sales in 2022.
Increasing demand for amines and polyamines in the industrial sector will augment the sales in epoxy curing agents market. Application in building and construction industry owing to their eco-friendly and light weight attributes also will continue driving sales in the segment.
Which is the Chief Application of Epoxy Curing Agents?
In terms of applications, the paints, coatings, and ink segment is expected to dominate the market during the forecast period. As per the study, revenues in paints, coating and ink segment are expected to total US$ 1.8 Bn by the end of 2028.
However, the composites segment is expected to register the fastest growth at over 5.5% CAGR between 2022 and 2028. Growth in the segment is primarily underpinned by increasing applications of epoxy curing composites in lightweight automotive and aerospace components.
Hence, surging consumption of epoxy composites across transportation, electrical, and automotive industries will propel the demand in the market. Besides this, as per FMI, adhesives and sealants segment is expected to showcase strong growth owing to the increasing application in this sector.
As epoxy curing agents are extensively used as protective coatings for aerospace components, wind rotor blades, automotive parts, sales in adhesives and sealant segment will burgeon.
Will Electrical and Electronics Industry Remain the Chief End User?
In terms of end use, electrical and electronics industry is likely to dominate the market. Demand for epoxy curing agents for the manufacturing of printed circuit boards will spur the sales in the electronics industry.
The construction and automotive industries, collectively, are expected to account for the second largest market share over the forecast period. Surging demand for lightweight material in automotive and aerospace industries as they aim for improved fuel-efficiency will also drive epoxy curing agents market.
Leading players in manufacturing aerospace structures such as Hexion, are using epoxy curing agents such as EPIKOTE™ Resin 809/EPIKURE™ Curing Agent 709 EPIKURE Catalyst 100 for secondary structural components for commercial aircraft.
These factors are expected to spur growth in the market in the coming years.
Epoxy Curing Agents Market - Competitive Landscape
Leading players operating in global epoxy curing agents market are developing heat resistant epoxy curing agents to cater to the surging demand from electronics and automotive industries. They are also adopting expansion strategies such as partnerships and collaborations with end-user to expand their customer base.
- In April 2021, DIC Corporation announced the revised increased prices for epoxy resins and epoxy resin curing agents to adhere to the stringent regulations concerning to raw material supply and soaring fuel prices.
- In June 2021, Aditya Birla Group, Advanced Materials business announced the investment towards increasing business capacity by ~125 KTPA through a brown field expansion in India. It will include standard & specialty epoxy products along with curing agents.
- In March 2020, Gabriel Performance Products, a U.S.-based leading specialty chemicals company serving the coatings, adhesives, and composite market, announced the launch of new epoxy curing agent, VERSACURE RAC 9040 and RAC 9010UV for clear coatings, tabletop and countertop applications.
Scope of Report
Historical Data Available for
US$ Bn for Value
Key Regions Covered
North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others.
Key Market Segments Covered
Product, Application, End Use, and Region
Key Companies Profiled
Available upon Request
Epoxy Curing Agents Market by Category
- Amines and Polyamines
- Amides and Polyamides
- Paints, coatings and inks
- Adhesives and Sealants
By End Use:
- Electrical and electronics
- Power Generation
- Automotive and Transportation
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa