Market Scenario:
The Global Epoxy Curing Agent Market is estimated to expand at 6.8% CAGR during the forecast period (2016-2023) owing to the increasing demand from various applications, asserts Market Research Future (MRFR). Epoxy curing can be referred to as the process of linear Epoxy Resin with curatives to form three-dimensional cross-linked thermoset structures. Epoxy Resin has excellent properties such as chemical resistance, mechanical strength, and electrical insulation after the curing process.
Industry News:
August 24, 2018: BASF and Gustav Grolman GmbH & Co. KG strengthens their collaboration in Europe in the marketing of amine-based curing agents for processing of epoxy resins. Grolman expands the marketing of the BASF specialty chemicals under the Baxxodur brand to Spain, Italy, and Portugal, for use in epoxy resin-based applications.
Competitive Analysis:
The major players operating the global market are Cardolite Corporation (US), Aditya Birla Chemicals (India), BASF SE (Europe), Mitsubishi Chemical Corporation (Japan), Momentive Specialty Chemicals Inc. (US), Huntsman International LLC (US), Air Products and Chemicals Inc. (US), Evonik Industries AG (Europe), The Dow Chemical Company (US), Kukdo Chemical Co. Ltd. (South Korea), and others.
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Drivers and Restraints Impacting the Market:
Epoxy Curing Agent finds application in adhesives, composites, coatings, electronics, and others. With the growing demand for high performance resin materials in applications such as composites, paint & coatings, and electrical & electronics, the global market for epoxy curing is likely to expand during the assessment period. Consumer electronics have witnessed significant growth and is expected to maintain its dominance over the review period owing to the penetration of digitization and telecommunication devices. Moreover, with rapid urbanization and growth in composite market have led to the expansion in the Epoxy Curing Agent Market Globally.
On the flip side, environmental regulations, especially in the European region, is predicted to hamper the market growth. Meanwhile, the expanding paint and coating industry drives the demand for Epoxy Resin which can eventually expand the market size in the future.
Global Epoxy Curing Agent: Segmental Analysis
The Global Epoxy Curing Agent Market has been segmented on the basis of Application, Type, and Region.
By mode of Type, the global market has been segmented into polymercaptan, anhydrides, amines, imidazoles, polyamide, polymercaptan, and others such as dicyandiamide, thiols, photo- and ultraviolet-curing agents. Amine-based curing agents are resistant to chemical and highly durable which drives the demand for amine-based Epoxy Curing Agents. They are highly used in architectural and industrial sectors along with floor coatings.
By mode of Application, the global market has been segmented into coatings, composites, adhesive, electronics, and others such as additives, wind energy, and others. Among these, the demand for Epoxy Curing Agents is high in the electronics segment owing to the growing demand for printed circuit boards which are required to manufacture electronic products like smartphones, machinery, mobile devices, automotive electronics, and others.
Regional Insights:
Geographically, the Epoxy Curing Agents Market spans across regions namely, Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
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Among all the regions, Asia Pacific has witnessed a spectacular rise in the past few years due to the broad customer base, cheap labor, and flexible norms. Such factors have led several manufacturers to implement new facilities in this region. Rapid industrialization in the regions like India, China, and Indonesia is likely to drive the market. Moreover, China has emerged as the manufacturing hub owing to the growing demand from electronic devices sector.
Regions like Canada and the United States in the North American region is expected to contribute heavily to the market due to growth in the composite industry and large urban population base. Also, well-established construction and building industry have positively impacted the market over the years.
The European region provides high potential owing to the accelerating private and government investment in infrastructure development. The market exhibits strong potential in regions like Italy, Germany, France, Netherland, and the UK.
Meanwhile, the Middle East and Africa are zooming ahead owing to the growing number of end-use product manufacturers and rising per capita income.
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