Epoxy Curing Agents Market
Epoxy Curing Agents Market Analysis By Type (Amine-Based Curing Agents, Anhydride, Curing Agents), By Application (Coatings, Construction, Adhesives, Composites, Wind Energy), By Region - Global Forecast 2022 to 2032
Analysis of Epoxy Curing Agents market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Epoxy Curing Agents Market Outlook (2022-2032)
The global epoxy curing agents market stands at US$ 4.7 billion as of 2022 and is projected to rake in revenue worth US$ 9.53 billion by the end of 2032. Demand for epoxy curing agents is slated to increase at a CAGR of 7.4% from 2022 to 2032.
Epoxy Curing Agents Market Size (2022)
US$ 4.7 Billion
Predicted Market Value (2032F)
US$ 9.53 Billion
Global Market Growth Rate (2022-2032)
North America Epoxy Curing Agents Market
Key Companies Profiled
Growth of the epoxy curing agents market is expected to be majorly driven by increasing consumption of epoxy curing agents in industries such as construction, automotive, marine, etc. Rising focus on renewable energy has led to an increase in the establishment of wind energy plants across the world, and they have substantially contributed to epoxy curing agents market growth.
Wind energy application of epoxy curing agents currently accounts for US$ 556.4 million and is expected to increase at a CAGR of 5.9% through 2032.
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Epoxy Curing Agent Demand Survey (2017-2021) Vs. Market Growth Forecasts (2022-2032)
Epoxy curing agents have seen a substantial increase in use in coating and construction industries over the past few years. Increasing demand for faster-curing agents with better heat resistance is fueling research & development on a global scale in the epoxy curing agents industry.
Epoxy curing agents market growth was recorded at a CAGR of 5.7% from 2017 to 2021, with worldwide epoxy curing agent shipments accounting for US$ 4.46 billion in 2021.
Rising use of coatings, increasing construction activity, growing demand for wind energy plants, increasing research & development activities, and rising industrialization are prominent factors anticipated to drive demand growth of the epoxy curing agents market.
However, stringent government norms to regulate the use of harmful chemicals are expected to slow down demand for epoxy curing agents in the years to come. This restraining factor is expected to increase the focus on the development of environmentally friendly epoxy curing agents.
From 2022 to 2032, the epoxy curing agents market is predicted to exhibit expansion at a CAGR of 7.4%.
What New Opportunities Can Epoxy Curing Agent Manufacturers Capitalize On?
“Rising Establishment of Wind Energy Generation Plants to Provide New Market Opportunities”
Increasing demand for energy and mandates to conserve the environment have fueled the deployment of renewable energy generation plants. Wind energy has emerged as a popular energy generation alternative and is being widely adopted across various geographies in the world.
Demand for epoxy curing agents is high in wind energy generation as they are used to manufacture turbine blades due to their shear strength capabilities. Sales of epoxy curing agents are expected to see a rise as the deployment of wind energy increases and key suppliers of epoxy curing agents focus on this to maximize their sales potential.
Epoxy curing agent demand in wind energy applications is estimated to expand at a CAGR of 5.9% through 2032.
Which Regions Will Be the Most Attractive Markets for Epoxy Curing Agent Manufacturers?
“North America & Asia Pacific Regions to be Most Lucrative Markets”
Demand for epoxy curing agents in North America is anticipated to account for a dominant market share of 31.8% in the global epoxy curing agents market by 2032, and currently stands at a valuation of US$ 1.46 billion. Rising construction activity in the region is expected to prominently drive market potential over the coming years.
The region of APAC is expected to provide the most diverse opportunities for epoxy curing agent suppliers owing to rapid industrialization. Rising demand for infrastructure development in the region in the economies of India, China, Japan, and South Korea is anticipated to further bolster epoxy curing agent demand. China is projected to be the most rewarding market in this region.
The Asia Pacific epoxy curing agents market is expected to rake in a revenue total of US$ 2.63 billion by the end of the forecast period.
The Europe epoxy curing agents market is predicted to exhibit growth at a high CAGR of 8.1% across the forecast period and will be majorly driven by increasing shipments of epoxy curing agents in Germany and the United Kingdom.
Fact.MR, a market research and competitive intelligence provider, has also surveyed other regions such as Latin America and the MEA, in this revised epoxy curing agents market study.
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Why Should Epoxy Curing Agent Manufacturers Keep an Eye on China?
“Worldwide Production of Epoxy Curing Agents to be Led by China”
China is one of the most prominent epoxy curing agent markets in the world and is a specifically dominant market in the Asia Pacific region. The presence of key epoxy curing agent suppliers is expected to drive the growth of the epoxy curing agent market in China.
The country also has an established coatings industry, which will also drive epoxy curing agents market growth. Favorable government policies and increasing investments in the manufacturing sector are expected to be other factors favoring epoxy curing agent demand in the country through 2032.
Epoxy curing agent suppliers are expected to see new business opportunities from the flourishing coating manufacturing industry in China. For instance, companies are setting up new facilities to ramp up the production of coatings in the country.
- In September 2021, Axalta, a leading coating manufacturer, announced the start of construction of its new state-of-the-art coatings facility in Jilin Province, North China. The new plant will be responsible for the production of mobility coatings for vehicles and other automotive plastic components.
Which Type of Epoxy Curing Agents is Most Popular?
“Amine-based Curing Agent Demand to Lead Market Growth Potential”
At present, the amine-based curing agents segment accounts for a net worth of US$ 2.19 billion and a dominant share of 46.7% in the global landscape. This segment is expected to rise at the highest CAGR of 8.4% throughout the forecast period.
Stringent regulatory mandates to govern the harmful emissions by amines are expected to propel polyamide epoxy curing agent demand through 2032. Despite this factor, amine-based curing agent demand is expected to perform well over the years to come.
On the other hand, sales of anhydrides curing agents are expected to account for a revenue total of US$ 2.21 billion by 2032. As for curing agents and other types segments, they are anticipated to exhibit growth at CAGRs of 6.5% and 4.9%, respectively, over the forecast period.
Which Application Should Epoxy Curing Agent Manufacturers Focus On?
“Increasing Construction Activity to Provide Lucrative Growth Opportunities”
Construction activity across the world has witnessed a substantial increase, and demand for construction chemicals and additives has also subsequently increased. This factor is expected to be rife over the coming years as well and is expected to drive the sales of epoxy curing agents in construction applications at a CAGR of 8.6% over the forecast period.
China, India, and Brazil are expected to be prominent markets where the construction application segment is expected to witness high demand for epoxy glue and other epoxy curing agents.
The coatings application segment will also provide highly beneficial opportunities as it is estimated to account for a major market share of 28.2% in the global landscape. Increasing use of coatings in several industry verticals will bolster growth in this segment through 2032. Epoxy paint thinners are also anticipated to see an increase in demand over the years to come.
Other applications such as adhesives, composites, and wind energy are also expected to witness good growth.
COVID-19 Pandemic Analysis
The epoxy curing agents market was adversely impacted by the emergence of the COVID-19 pandemic in 2020. Shutting of production facilities due to the lack of raw materials and absence of a skilled workforce led to a downfall in demand for epoxy curing agents in 2020.
However, as restrictions have been lifted and industrial activities have resumed back to normal, sales of epoxy curing agents have been witnessing a steady rise and are expected to follow a similar trend across the forecast period.
Top companies in the epoxy curing agents market are focusing on deploying different strategies to maximize their revenue generation potential and recover from the losses incurred in 2020 amidst the pandemic.
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Competitive Landscape :
Key players in the epoxy curing agents market are focusing on mergers, acquisitions, partnerships, and collaborations to expand their business potential across various regions.
- In December 2021, Westlake Chemical Corporation, based in the United States, announced that it had entered into a definitive agreement to acquire the epoxy business from Hexion Inc. The acquisition was priced at an estimated value of US$ 1.2 billion and was expected to help Westlake expand its business of coatings and composite products.
- In January 2021, Huntsman International LLC, a leading chemical manufacturer, announced the completion of the acquisition of Gabriel Performance Products, which is a specialty manufacturer of epoxy curing agents for coatings, adhesives, etc.
Key Segments Covered in Epoxy Curing Agents Industry Research
Epoxy Curing Agents Market by Type :
- Amine-based Curing Agents
- Anhydride Curing Agents
- Curing Agents
- Other Types
Epoxy Curing Agents Market by Application :
- Wind Energy
- Other Applications
Epoxy Curing Agents Market by Region :
- North America
- Latin America
- FAQs -
As of 2022, the global epoxy curing agents market accounts for a value of US$ 4.7 billion.
By 2032, the global epoxy curing agents market is expected to reach US$ 9.53 billion.
The market for epoxy curing agents is expected to expand at a CAGR of 7.4% from 2022 to 2032.
Increasing demand from the coatings industry, rising construction activity, and increasing use in wind turbine manufacturing are key drivers expected to drive epoxy curing agents market growth.
The North America epoxy curing agents market currently accounts for a market share of 31.3% and is expected to reach US$ 3.03 billion by 2032.
Top companies in the epoxy curing agents market are Huntsman Corporation, Olin Corporation, Evonik Industries AG, Hexion Inc., Gabriel Performance Products, BASF SE, Cargill Incorporated, DIC Corporation, Mitsubishi Chemical Corporation, Showa Denko KK, a