The global epoxy curing agents market is increasing substantially owing to the extensive use of curing agents especially in wind energy and aerospace industries. Also, demand for coatings and paint industry is prospering, resulting into prosperous growth for epoxy curing agents market globally. Some of the prominent players have implemented key strategies such as joint ventures and partnerships to share investments and expand their business. In 2017, a company named Huntsman Intl. LLC expanded their production facility in Singapore.
Earlier the company produced 25,000 tons of capacity per year. After the expansion, the company now produces double i.e. 50,000 tons of production capacity per year. One of the most important strategies adopted by epoxy curing agent manufacturers is to launch innovative products and facilities. In the year April 2018, Hexion introduced a new epoxy resin product EPOSIL Resin 5550. This product helps in offering better performance in terms of protective coatings.
In addition to this, this product also provides better resistance against corrosion, anti-graffiti properties, and high temperature. Some of the leaders operating in the global epoxy curing agents market include Hexion Inc., Huntsman Intl. LLC, Gabriel Performance Products, Epochemie International Pte Ltd, RPM International Inc., BASF, Royce, and Evonik Industries.
The global market was valued at US$3600 million in the year 2017 and it is anticipated to grow at a strong CAGR of 6.5% throughout the forecast period. The market for epoxy curing agents as per product is fragmented into amines, imidazoles, polyamides, and others. Of these, amine-based curing agents is estimated to fuel the growth of epoxy curing agents market in the coming years. According to regions, Asia-Pacific is projected to hold a significant share due to rapid industrialization in emerging countries such as India, China, and Indonesia from 2017-2025.
Increasing Demand from End-users Coupled with Innovations to Rise Consumption
The major factor responsible for driving the growth of epoxy curing agents market is the sky-rocketing demand for epoxy curing agents especially by electrical manufacturers. Additionally, strict regulations made for the usage of lightweight components in aerospace and automotive industries to surge demand and positively impact the epoxy curing agents market in the coming years.
In the near future, the market is likely to witness high usage with respect to bio-based resins and less time consuming epoxy curing agents. At the same time, the epoxy curing agents discharge a harmful compound called volatile organic compounds (VOCs). These compounds compel manufacturers to develop environmental friendly curing agent ideal for coating applications. Furthermore, the market has seen a considerable growth in epoxy curing agents as the demand for PCBs (Printed Circuit Boards) is substantially increasing in electronics industry.
Environmental Concerns and High-Cost to Hamper the Growth of the Global Market
Although the epoxy curing agents market is growing significantly, but increasing cost of raw material used in wind energy and aerospace industries has increased the total cost of products. This is expected to hinder the growth of epoxy curing agents’ global market in the forecast period.
It has also been observed that construction industry is likely to drive demand for epoxy curing agents market globally. On the other hand, some concerns related to environment may impact the market in the near future. Nonetheless, the rising adoption of epoxy curing agents by wind energy industries is estimated to prosper the growth for epoxy curing agents market throughout the forecast period.