- Increasing consumption of epoxy resins will collectively push the market for epoxy curing agents.
- The global market for epoxy curing agents has been led by China over the years.
- Developing countries in emerging economies will encounter attractive opportunities in upcoming years.
The $2.45 billion global epoxy curing agents market is estimated to surpass $4 billion by the end of 2028, according to a recent research report published by Future Market Insights. In terms of value, the market is apprehended to exhibit a progressive CAGR of 5% over the assessment period, 2018-2028. Successful emergence of bio-based and water-based epoxy curing agents is expected to drive the market during the next 10 years.
“Increasing consumption of epoxy resins by electrical laminate manufacturers and substantial demand for printed circuit boards (PCBs), which are widely used in electronic products manufacturing, will collectively push the market for epoxy curing agents over the next decade. The market will also gain a significant thrust by fuel-efficiency regulations set for the use of lightweight materials by automakers and aerospace component manufacturers,” discovers a team of research analysts at Future Market Insights.
- By product type, amines and polyamines represent a dominant segment, whereas amides and polyamides are identified to be the fastest thriving segment.
- Based on application, paints, coatings, and inks will continue to retain a dominant revenue share, followed by a rapidly growing segment – composites.
- By end-use, construction, electrical and electronics, and automotive and aerospace industries are likely to remain the key segments from 2018 till 2028.
China to Remain at the Center Stage in Terms of Revenue Generation
As per the insights provided through regional assessment, the global market for epoxy curing agents has been led by China over the years. The Chinese market currently accounts for a major chunk of global revenues, i.e. nearly 45%. This growth is predominantly attributed to hefty consumption of epoxy agents by paints, coatings, and ink industry. Moreover, China has been witnessing fostering demand for coatings, specifically from automotive, floorings, and manufacturing industries, which will further result in bolstering traction to epoxy curing agents in near future. Western Europe is foreseen to secure the second position in terms of revenue contribution, owing to high demand for renewable energy resources.
Emerging Economies to Rise Rapidly Despite Low-volume Market Sizes
While North America is presumed to observe sluggish growth throughout the forecast period, it has been reported that developing countries in emerging economies such as Latin America, South East Asia Pacific (SEAP), and Middle East and Africa (MEA) will encounter with attractive opportunities in upcoming years. The developing regions are foreseen to be the ‘high-growth, low-volume’ markets for epoxy curing agents. SEAP is anticipated to thrive at a promising CAGR of around 5.2% over 2018-2028, led by India, Thailand, and South Korea. ASEAN countries are projected to open multiple doors of opportunities for power generation and construction industries.
The relatively consolidated competitive landscape of the global epoxy curing agents market is operated by a number of key companies, a few of which include BASF SE, Evonik Industries AG, Aditya Birla Corporation, Olin Corporation, Gabriel Performance Products, Toray Fine Chemicals, Hexion Inc., Showa Denko KK, and Mitsubishi Chemical Corporation. Besides the dominant players such as Huntsman Corporation, Olin Corporation, and Evonik Industries AG, the global marketplace is also benefiting from crucial contribution by several regional as well as local companies.