The Global Epoxy Curing Agent market is segmented on the basis of Type, Application and Region.
The Types of Epoxy Curing Agent are amines, polyamide, imidazoles, polymercaptan, anhydrides, polymercaptan, and others (thiols, dicyandiamide, photo- and ultraviolet-curing agents). Advantages offered by amine-based curing agents include high durability and chemical resistance, which drives the demand for amine-based epoxy curing agents. They are extensively used in industrial and architectural sectors along with floor coatings.
By Applications, the market is segmented on the basis of adhesive, coatings, composites, electronics, and others (wind energy, additives, etc.). The demand for Epoxy Curing Agents in electronics market is massive due to high demand for printed circuit boards (PCBs) needed for manufacturing electronic products such as mobile devices, automotive electronics, smartphones, machinery, and others.
Some of the competitive players competing in this market are Evonik Industries AG (Europe), Cardolite Corporation (US), Kukdo Chemical Co. Ltd. (South Korea), Aditya Birla Chemicals (India), Air Products and Chemicals Inc. (US and others.
To cater to the increasing demand of Epoxy Curing Agent, considerable investment in research and development (R&D) activities are conducted by manufacturers to capture sizeable Epoxy Curing Agent Market share across the globe. Moreover, continuous product development by companies help gain momentum in the highly competitive market.
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For instance, Hexion Inc. has developed a high-performance epoxy dispersion, EPI-REZ™ Resin 7720-W-50. When combined with EPIKURE™ Curing Agent 6870-W-53, it offers performance comparable to solvent-borne systems at less than 50 grams/liter of volatile organic compounds (VOCs). The applications that make use of the latest epoxy dispersion include concrete coatings for floors and walls; agricultural & construction equipment coatings; transportation coatings and coatings for metal automotive parts and accessories.
Geographically, the Global Epoxy Curing Agent Market is segmented on the basis of North America, Europe, APAC, Latin America, and the Middle East & Africa.
Asia-Pacific has witnessed a meteoric rise in the past few years owing to cheap labor, broad customer base and flexible norms. These factors have led various manufacturers to establish new facilities in the region. Also, rapid industrialization in countries like India, China, and Indonesia has driven the market growth in the region as well. Among these, China has emerged as the manufacturing hub for Epoxy Curing Agents due to the increasing demand from electronic devices sector and the rampant growth in population.
Countries such as the United States (U.S) and Canada in the North America region contribute massively to the Epoxy Curing Agent Market. Large urban population and growth of the composite industry have led to an explosive growth of the market in this region. Moreover, well-established building and construction industry in the region has positively impacted the Epoxy Curing Agent Market.
The Europe region offers high potential for the Epoxy Curing Agent Market due to accelerating government and private investment in infrastructure development. Moreover, the market further exhibits strong potential in countries such as Germany, France, Italy, United Kingdom and Netherland.
The Middle East and Africa market is steadily zooming ahead due to growing per capita income and increasing number of end-use product manufacturers. Moreover, foreign direct investment (FDI) policies trigger the product demand, positively affecting the market size in the region.
Market Research Future (MRFR) experts estimate that the Global Epoxy Curing Agent Market is projected to accrue USD 5099.32 MN at CAGR of 6.8% during the forecast period (2016-2023). Epoxy Resin has excellent properties on mechanical strength, chemical resistance, and electrical insulation. This leads to its extensive use in various applications such as coatings, adhesive, electronics, and others. High demand from different applications for high-performance resin materials of epoxy drives the market growth across the globe. In recent times, consumer electronics has experienced exponential rise and is projected to retain the growth trajectory in coming years on account of increasing penetration of telecommunication devices and digitization. Furthermore, the growth of the market is also driven by rapid urbanization and high growth of composites market around the world.
However, environmental regulations, particularly in Europe, may undermine the growth of the epoxy curing agent market. On the flip side, growing paint and coating industry drives the demand for epoxy resin, which could potentially expand the market size in the future. Escalating construction industry is also responsible for triggering the demand for epoxy curing agents.
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Evolving trends directly impact the dynamics of the Epoxy Curing Agent Market, which include development of curing agents that are environmentally friendly and are plant-based. For instance, in 2017, an eco-friendly curing agent was developed made of components of castor oil derived from a plant. The agent turned crystalline after being used on a soybean-based epoxy thermoset. This turned the agent stronger and durable along with heat resistant.
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