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Epoxy Hardener Market

Epoxy Hardener Market

Epoxy Hardener Market Growth Spurs on the Back of Rising Demand in Automotive, Electronic & Construction Industry during 2021-2031

Epoxy Hardener Market
FACT4954MR

Market Snapshot

According to Fact.MR, demand for epoxy hardeners is anticipated to expand at a CAGR of 6.05% from 2021 to 2031, with overall value anticipated to reach US$ 6.3 Bn, owing to increasing demand as painting and coating agents in the automotive and electronic industry. Dynamic trends in industries such as construction, aerospace, marine, home décor, and electronics are set to provide significant thrust to market growth of epoxy hardeners.

Key Points Covered in Epoxy Hardener Industry Survey

  • Market Estimates and Forecasts 2016-2031
  • Key drivers and restraints shaping market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Epoxy Hardeners and How to Navigate
  • Recommendation on a Key Winning Strategy

Sales Analysis of Epoxy Hardeners 2016-2020 Vs Future Outlook 2021-2031

As per Fact.MR, a market research and competitive intelligence provider, over the historic period, swelling number of wind energy projects escalated the demand for epoxy hardeners. Besides, the market expanded steadily following a 4% CAGR owing to augmented need for electrically conductive glues in the electrical and electronics industry over the past half decade.

Prospects declined significantly amid the COVID-19 pandemic, attributed to shutdowns experienced in the global manufacturing industry. However, unceasing demand for consumer electronics has sustained demand throughout the pandemic crisis.

Based on aforementioned factors are poised to lead the global epoxy hardener market size and likely to surpass US$ 6.3 Bn expanding at a CAGR of 6.05% over the next decade.

How is the Construction Industry Impelling Epoxy Hardeners Demand?

The burgeoning demand from the building and construction industry and latest advancements in light weight composite materials are the prominent factors stimulating the demand for market. Besides, the market will also gain significant thrust by fuel-efficiency regulations set for the use of lightweight materials by automakers and aerospace component manufacturers.

Owing to exceptional physical properties such as excellent corrosion & water resistance, flexibility, and toughness, the demand for polyamide-based epoxy hardeners is anticipated to spur extensively in plentiful applications associated with adhesives, coatings, putties, sealants, and electrical encapsulation.

Consistent shift towards construction of decorative buildings and swelling spending by government on sustainable construction is pouring the market demand for epoxy curing agents in building and construction sector.

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Why are Coating Technology Advancements Boding Well for Epoxy Hardeners?

Recent advancements have progressed epoxy coating technology to newer breakthroughs. For instance, a single pack “stable” epoxy coatings technology has emerged, which failed in the past because of certain limitations in current Ketamine technology. Ketamine technology has paved the way for longer shelf life.

Remarkable properties of these next-generation epoxy coatings such as faster coat and recoat times, better adhesion and improved low-temperature cure characteristics provide them an edge over their traditional counterparts and offer massive growth potential in construction industry.

Ongoing collaborative project between Dixie Chemical, which manufactures specialty chemicals, and four other industry partners exhibits lucrative growth opportunities in building construction. Together, they are developing an all-composite wall panel for damage-resistant modular buildings which transform the face of construction industry in foreseeable future.

How is Environmental Sustainability Prompting Epoxy Hardeners Adoption?

Innovation of new environmentally friendly epoxy curing agents and prominent role in development of chemically robust, highly durable and excellent strength coating material has bolstered the demand in the metal industry. Properties such as quick drying, excellent adhesiveness and water resistivity will further advance the global demand for metal protection, ultimately spurring demand for epoxy hardeners in the long-run.

In addition, rising environmental and economic concerns has ushered in hefty investments in the research and development of bio-based polymers in recent years, widening epoxy hardener prospects. Manufacturers are looking to replace petroleum-based materials with polymers derived from naturally-occurring feedstocks to satisfy the industrial need for processes and products that are compatible with the environment and that enhance sustainable development.

An Adaptive Approach to Modern-day Research Needs

Country-wise Analysis

What’s keeping the U.S at the Forefront of Epoxy Hardeners Demand?

The U.S is expected to be an important market for epoxy hardeners, projected to surge at a CAGR of nearly 5%, accounting for nearly 84% market share globally during the forecast period 2021-2031.

According to the Federal Aviation Administration (FAA), total commercial aircraft fleet is likely to reach 8,270 by 2037, attributed to the growth in air cargo. Likewise, the US mainliner carrier fleet is likely to grow at a rate of 54 aircrafts per year owing to the existing fleet getting older. This will likely impel the need for epoxy hardeners, to make existing fleet more resistant to external factors.

Moreover, robust growth in construction sector and increasing adoption of epoxy resin to make handmade gifts and decorative items amongst individuals, backed by growing DIY trends is estimated to advance further growth of U.S market.

Why is China Witnessing High Traction in the Market for Epoxy Hardeners?

As per the regional analysis of Fact.MR, the global market for epoxy curing agents has been dominated by China, closely followed by India and Japan over the years. The market accounted for nearly 45% share in overall revenues.

This growth is primarily driven by hefty consumption of epoxy agents by the paints, coatings, and ink industry. Growing applications and mounting awareness of structural adhesives is projected to offer a key growth opportunity for Chinese market. Among the end-user industries, construction industry is likely to govern the market throughout the forecast period.

Epoxy hardener market forecast analysis by Fact.MR

Category-wise Insights

Why are Aromatic Amine Epoxy Hardeners Becoming Popular?

The aromatic amine segment is projected to clutch the largest share in the global epoxy hardener market during the forecast period on account of higher heat distortion temperature. A CAGR of 5% is anticipated for this segment by Fact.MR.

The soaring consumer demand for FMCG products, such as cosmetics and adoption of modern agriculture practices for pesticides and various agrochemicals, are key factors contributing to the growth of the global amines curing agents’ market.

Will Paints & Coatings Generate Maximum Demand for Epoxy Hardeners?

The paints & coatings segment accounted for 28.5% of the market revenue share by 2020-end in the global market for epoxy hardeners, expected to gain 70 BPS in its market share by 2031.

The housing market and the construction industry are observing a significant growth owing to an upsurge in population, subsequently fuelling the need for paints and coatings.

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Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.

  • In June 2021, Aditya Birla Group-Advanced Materials business has planned to invest towards increasing business capacity by ~125 KTPA through a brown field expansion at its Vilayat, Gujarat, India location. It will include standard & specialty epoxy products along with curing agents.
  • In February 2020, Cardolite Corporation announced the release of its new NX-8501 waterborne curing agent for epoxy coatings and adhesives. Completely solvent-free, this hardener enables zero and low VOC formulations without compromising performance. The agent removes 80% of dissolved solids in water

Report Scope

Attribute

Details

Market size value in 2020

USD 3.5 Billion

Market forecast value in 2031

USD 6.3 Billion

Growth Rate

CAGR of 6.05% from 2021-2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & Kilo Tons for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Australia
  • New Zealand
  • Brazil
  • Mexico
  • Argentina
  • GCC   
  • South Africa
  • Turkey

Key Market Segments Covered

  • Product
  • Brewer
  • Sales Channel
  • Region

Key Companies Profiled

  • Aditya Birla Chemicals Ltd.
  • Air Products & Chemicals Inc.
  • BASF SE
  • Cardolite Corporation
  • Dow
  • Hexion Inc.
  • Evonik Industries AG
  • Gabriel Performance Products LLC
  • Henkel AG & Co. KGaA
  • Huntsman International LLC
  • Kukdo Chemical Co.
  • Mitsubishi Chemical Corporation
  • Momentive Performance Materials

Pricing

Available upon Request

Key Segments Covered

  • Product Group

    • Polyamide Epoxy Hardeners
    • Amino Amine Epoxy Hardeners
    • Aliphatic Amine Epoxy Hardeners
    • Cycloaliphatic Amine Epoxy Hardeners
    • Aromatic Amines Epoxy Hardeners
    • Phenalkamine Epoxy Hardeners
    • Anhydride Epoxy Hardeners
  • Type

    • Special Epoxy Hardeners
    • Slow Epoxy Hardeners
    • Medium Epoxy Hardeners
    • Fast Epoxy Hardeners
  • Form

    • Liquid Epoxy Hardeners
    • Solvent-based Epoxy Hardeners
    • Waterborne Epoxy Hardeners
    • Solid Epoxy Hardeners
  • Application

    • Epoxy Hardeners for Composites
    • Epoxy Hardeners for Adhesives
    • Epoxy Hardeners for Paints & Coatings
    • Epoxy Hardeners for Other Applications
  • End Use Industry

    • Epoxy Hardeners for Construction
    • Epoxy Hardeners for Electrical and Electronics
    • Epoxy Hardeners for Power
    • Epoxy Hardeners for Transportation
    • Epoxy Hardeners for Marine Industry
    • Epoxy Hardeners for Aircraft
    • Epoxy Hardeners for Decoration
    • Epoxy Hardeners for Furniture
    • Epoxy Hardeners for Other End Use Industries

- FAQs -

As of 2021, the epoxy hardener market estimated to reach nearly US$ 3.5 Bn

From 2016 to 2020, sales of epoxy hardeners expanded at approximately 4% CAGR

By 2031, the epoxy hardeners industry is poised to reach US$ 6.3 Bn according to Fact.MR

The market for epoxy hardeners is likely to bolster at a growth rate of 6.05% from 2021 to 2031

Increasing R&D to develop sustainable coatings is spurring demand for high-quality epoxy hardeners

The market for epoxy hardeners in the U.S is expected to grow at around 5% CAGR through 2031

According to Fact.MR, epoxy hardeners demand in China is likely to capture 45% of the total market share

Aditya Birla Chemicals Ltd., Dow, Hexion, Inc., Evonik Industries AG, BASF, Gabriel Performance Products LLC, and Kukdo Chemical Co., Ltd. are prominent players included in the report

From 2021 to 2031, epoxy hardeners for the paints & coatings industry will remain dominant, acquiring 70 BPS

The Aromatic Amine epoxy hardener segment is expected to surge at a CAGR of 5% until 2031

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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