Curing Agents Market is projected to grow from USD 4.2 billion in 2018 to USD 5.9 billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Curing agents are widely used in applications such as coatings, electrical & electronics, composites, adhesives, construction, and wind energy. This is expected to drive the curing agents market. The major players operating in the curing agents market include Evonik Industries (Germany), Hexion Inc. (US), Huntsman Corporation (US), Cardolite Corporation (US), and BASF S.E. (Germany).
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Epoxy segment is estimated to account for the largest share of the curing agents market, by type, during the forecast period.
Epoxy curing agents help in making a cross-link within the ingredients that help to cure and deliver strength to the product. They act as additives that are used to cure or harden various materials in different surroundings. The demand for epoxy curing agents, especially amine based, is increasing due to its use in varied applications. Epoxy curing agents show improved performance, durability, and ease-of-use in products. Hence, their demand is high in various applications.
The wind energy segment is estimated to be the fastest-growing applications for curing agents during the forecast period.
Curing agents are preferred for wind blade fabrications due to their high sheer, compressive strength, and low weight. The fatigue performance of curing agents improves the composite mechanical properties in rotor blades, thereby enhancing the performance of wind turbines. With the improvement in technology, manufacturers of curing agents are coming up with new products and systems to help the manufacturers in the wind industry. For instance, Hexion produces epoxy resins for infusing carbon fiber and manufactures strong carbon fiber composites that control heat development in a composite during infusion and provide high temperature glass transition, which helps in the manufacturing of wind turbine blades.
Curing agents market in APAC is projected to register the highest CAGR during the forecast period.
The APAC curing agents market is segmented into China, Japan, India, South Korea, Taiwan, Malaysia, Indonesia, and Rest of APAC. APAC is an emerging and lucrative market for curing agents, owing to the industrial development and improving economic conditions in the region. This region constitutes, approximately, 61% of the world’s population, resulting in the growth of the manufacturing and processing sectors. India and China have been the driving forces behind the rapid development in the APAC region, as well as globally. The growth in these countries is attributed to high economic growth, followed by heavy investments in coatings, electrical & electronics, adhesives, wind energy, and construction sectors.
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Recent Developments:
- In January 2017, Evonik Industries acquired the specialty additive division of Air Products and Chemicals (US) for USD 3.8 billion. This acquisition helped Evonik increase its share in the global curing agents market.
- In December 2017, Cardolite introduced a new waterborne, emulsion-type curing agent for epoxy coatings, NX-8401. The product is completely free of solvent, has low viscosity, and is easily reducible with water.
- In March 2017, Huntsman Corporation, launched a new portfolio of low-temperature curing agents, Ara, for heavy-duty industrial coating applications in sectors including oil & gas, marine, transportation, and industrial maintenance.
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are the upcoming applications of curing agents?
- What are the key trends in the applications of curing agents?
- What are the trends in the technologies of curing agents?
- Who are the major players in the market?
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