Epoxy Curing Agents Market size is forecast to reach $4.3 billion by 2026, after growing at a CAGR of 7% during 2021-2026, owing to the rising demand for epoxy curing agents from various end-use industries for applications such as coatings, adhesives, composite, and more. Epoxy resin has excellent bonding properties, and after curing, it has excellent properties on mechanical strength, chemical resistance, and electrical insulation owing to which it is used in these applications. In addition, the flourishing building & construction and wind energy sector globally are anticipated to be the major driving factor for the epoxy curing agent market growth during the forecast period.
Due to the COVID-19 pandemic, there’s been a supply chain disruption in the global and local enterprises, which are dealing with the manufacturing of epoxy curing agents. Furthermore, the building and construction operations have come to a sudden halt, owing to which the demand for epoxy curing agents have subsequently decreased during the pandemic. For instance, there has been a temporary suspension of building and construction activities in various regions. For instance, the construction output in Great Britain fell by a record 35.0% in Quarter 2 (Apr to June) 2020 compared with Quarter 1 (Jan to Mar) 2020. In addition, due to the coronavirus, the production in these sector is experiencing difficulties like untimely deliveries of epoxy curing agents. All of these factors are limiting the epoxy curing agent market growth during the outbreak.
Epoxy Curing Agents Market Segment Analysis – By Type
Amine curing agents held the largest share of more than 25% in the epoxy curing agent market in 2020, owing to their practical curing speeds and final thermoset performance. Additionally, amines curing agents are vastly used for forming high solid coatings. In addition, it offers features such as high corrosion resistance, retention of the edge, and thickness of the coating. These high solid coatings are used on tanks, well-deck overheads, and top-side surfaces throughout the military sector. In factories and commercial spaces, they are also used to mark directions, warning signs, and others. These extensive applications of amine curing agents over anhydrides are boosting the epoxy curing agent market growth during the forecast period.
Epoxy Curing Agents Market Segment Analysis – By Application
The composite material segment held the largest share of more than 25% in the epoxy curing agents market in 2020 and is growing at a CAGR of 6%, owing to the increasing demand for epoxy resins for the production of composite materials. Epoxies are mainly used for the manufacture of high-performance composites, as they offer advantages such as superior mechanical properties, resistance to corrosive liquids and environments, superior electrical properties, high-temperature performance, good substrate adhesion, and more. Imidazole is used primarily in the reaction between epoxy resins and other curing agents as accelerators. The Surging consumption of composites across various end-use industries such as wind energy, construction, automotive, aerospace, and more to manufacture lightweight materials, is projected to substantially propel the epoxy curing agents market during the forecast period.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=15509
Report Price: $ 4500 (Single User License)
Epoxy Curing Agents Market Segment Analysis – By Geography
Asia Pacific region held the largest share of more than 40% in the epoxy curing agents market in 2020, owing to the increasing automotive and aviation industries in the region. The increasing population and per capita income are boosting the automotive and aviation industry in the region. In most composites, the strength to weight ratio is higher than that of steel and aluminum. The reduced weight for a given level of strength makes the use of composites vital in the automotive and aviation industry. In 2019, according to OICA, the automotive production in Malaysia and Vietnam has increased up to 571632, and 250000, i.e., 1.2%, and 5.5%, higher than the previous year due to the rising per capita income of the individuals. The Chinese government expects the production of cars to reach 35 million by 2025, according to the International Trade Administration (ITA). China will need 7,690 new aircraft over the next 20 years, valued at US$1.2 trillion, according to Boeing (Commercial Market Outlook 2018-2037). Also, China currently accounts for 15% of the world’s commercial airplane fleet and by 2037 it will be nearly 20%. Thus, with the flourishing automotive and aviation industry, there will be an upsurge in the demand for composite materials, which is anticipated to drive the epoxy curing agents market in the Asia Pacific region.
Epoxy Curing Agents Market Drivers
Flourishing Wind Energy Sector
In wind turbines, most epoxy resins found in the energy sector are used. In composites and adhesives needed for the production of wind rotor blades and other structural elements, epoxy resins are largely used. As a result of the drastic increase in demand for energy, conventional sources of energy are rapidly depleting. The need to expand and use renewable energy sources, such as wind power, is thus increasing. The world’s largest offshore wind farm is to be built by a joint venture (including Toshiba, Hitaci, Zosen Corp, and JFE Steel) off the Fukushima coast in Japan, comprising of up to 143 floating turbines. After 2025 the wind farm is expected to be commissioned. According to the Ministry of New and Renewable Energy (MNRE), the Indian ministry has set a target of 5.0 GW of offshore wind installations by 2022 and 30 GW by 2030. Due to their lightweight, fatigue resistance, good adhesion, and lack of shrinkage after cooling, wind blade manufacturers nowadays use epoxy resins. ERC and BIPRO estimate found that the rotor blades in today’s wind turbines contain a total of 249,365 t of BPA-based epoxy resins, employing a total of 24,162 t of epoxy resins per year. Thus, it is anticipated that with the flourishing wind energy industry, there will be an upsurge in the demand for epoxy curing agents, which will subsequently drive the epoxy curing agents market growth during the forecast period.
Expanding Building and Construction Industry
Due to their toughness, strong adhesion, chemical resistance, and other specialized properties, epoxy resins are used in the building and construction industry. In the manufacture of adhesives, plastics, paints, coatings, primers and sealers, flooring, and other products and materials used in construction and construction applications, epoxy resins are widely employed. And epoxy curing agents are widely used to enhance the curing characteristics of an epoxy resin system as well as the final thermoset performance. According to the US Census Bureau, total construction was at a seasonally adjusted annual rate of 1,366,697 in February 2020, which is 6.0% above the rate of 1,288,951 in February 2019. According to the International Trade Administration (ITA), the Chinese construction industry is forecasted to grow at an annual average of 5 percent in real terms between 2019 and 2023. In addition, the objective of the European Construction 2020 Action Plan was to stimulate favorable investment conditions. Due to various government initiatives, such as Foreign Direct Investments, construction and construction activities are also increasing (FDI). Thus, the rise in construction activities is expected to augment the demand for epoxy curing agents, which acts as a driver for the epoxy curing agents market during the forecast period.
Epoxy Curing Agents Market Challenges
Stringent Environmental Regulations
In regards to epoxy resin, the epoxy resin itself does not pose detrimental effects to the environment. However, the curing agents usually cause negative effects due to their toxicity due to their volatile organic compound (VOC) emission. In Europe the Solvent Emissions Directive (SED), 1999/13/EC introduced limits for volatile organic solvents from an installation or stationary unit where a VOC was defined by its vapor pressure at ambient temperature. Council Directive 2004/42/EC, also referred to as the “Paints Directive,” specified a VOC by its boiling point at ambient pressure and sets maximum limits of VOCs released into the environment for different types of coatings and varnishes. Under both directives, benzyl alcohol, which is the most widely used plasticizer and modifier in epoxy curing agent technology, is considered a VOC. Thus, stringent environmental regulation is governing the usage of epoxy curing agents, which is expected to be a significant challenge for the epoxy curing agents market during the forecast period.
The Emergence of COVID-19 Pandemic on the Epoxy Curing Agents Market
The coronavirus (Covid-19) pandemic has restricted the functioning of the automotive industry in various regions, owing to the nationwide lockdown. As a result of the coronavirus outbreak, supply chains, logistic operations, and worker availability have suffered to a great extent due to which the functioning of the automotive industry has been moderately hindered. In addition, the COVID-19 pandemic outbreak is having a huge impact on the automotive industry. Automotive production has been disruptively halted, contributing to major losses in the automotive industry as a whole. According to the European Association of Automobile Manufacturers, demand for new commercial vehicles across the EU remained low in June 2020 (-20.3 percent). With the decrease in automotive production, the demand for composite materials has significantly fallen, which is having a major impact on the epoxy curing agents market.
Epoxy Curing Agents Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Epoxy Curing Agents market report. In 2020, the market of epoxy curing agents has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the epoxy curing agents market are Evonik Industries AG, BASF SE, Huntsman International LLC, Cardolite Corporation, Kukdo Chemical Co., Ltd., Aditya Birla Chemicals, Mitsubishi Chemical Corporation, Momentive Specialty Chemicals Inc., Air Products and Chemicals, Inc., and The Dow Chemical Company.
In April 2018, Hexion Inc. introduced a new high-performance, epoxy dispersion resin – “EPI-REZ™ Resin 7720-W-50”. When it is pooled with its EPIKURE™ epoxy curing agent 6870-W-53, the performance characteristics of the new EPI-REZ™ Resin, such as excellent corrosion resistance, superior adhesion to metal or concrete are improved.
In August 2018, BASF SE extended its regional partnership with Gustav Grolman GmbH & Co. KG, marketing amine-based curing agents for professional epoxy resin processing in Europe. With this collaboration with Grolman, the company aims to market BASF’s epoxy curing agents and specialty chemicals, under the Baxxodur® brand in leading European countries including Spain, Italy, and Portugal.
In February 2019, Aditya Birla Corporation, partnered with Lintech International, LLC, a leading specialty chemical distributor of resins, monomers, epoxy curing agents, for distribution of its products, diluents, including the EPOTEC® & CeTePox® epoxy resins in the U.S.
Asia Pacific dominates the epoxy curing agents market, owing to the increasing demand for epoxy curing agents from the automotive industries. According to OICA, in 2019 the production of passenger cars has increased by 2.6 % in Malaysia.
The epoxy curing agents are extensively employed in the manufacturing of printed circuit boards (PCBs) that are vastly used in an exhaustive range of electronic products, such as mobile devices, smartphones, automotive electronics, machinery, and other consumer electronics.
Furthermore, increased demand for coatings and composites across numerous end-use industries such as building & construction, automotive, wind energy, and others is predicted to have a significant positive impact on the demand for epoxy curing agents market in the upcoming years.
Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which various wind energy, and building & construction projects and operations are disruptively stopped, which is hampering the epoxy curing agents market growth.
Related Reports :
A. Epoxy Resin Market
B. UV Curing Resins Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: 1-614-588-8538 (Ext: 101)