ALBANY, New York, May 10, 2018 /PRNewswire/ --
The global epoxy curing agents market was valued at around US$ 3,600 Mn in 2017 and is anticipated to expand at a CAGR of over 6.5% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled 'Epoxy Curing Agents- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025.' Expansion of the global epoxy curing agents market is driven by rise in demand from the construction & building and electrical & electronics industries. The epoxy curing agents market in Asia Pacific is expected to expand at a CAGR of over 7% during the forecast period. Innovations in products and wide scope in aerospace and wind energy applications are likely to propel the epoxy curing agents market in the region.
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Rise in Usage of Epoxy Curing Agents in Paints & Coatings Industry
The paints & coatings segment is the leading epoxy curing agents market in terms of volume and revenue. Epoxy curing agent-based products dry quickly and offer excellent hardness for coatings in construction. Epoxy curing agent-based resins used in paints and coatings include floor paint, concrete floor paint, garage epoxy paint, and epoxy primers. Such paints & coatings prevent corrosion and rust on surfaces where applied. Epoxy-based coatings are also used widely in primers for enhancing adhesion of marine and automotive paints. Since such coatings have better chemical and heat resistance as compared to other coatings, they are also used in industrial applications.
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Amines and Polyamides are Leading Product Segments of the Epoxy Curing Agents Market
In terms of product, the epoxy curing agents market can be classified into amines, polyamides, imidazoles, anhydrides, and others. Polyamides possess numerous properties in comparison to other types such as the ability to cure epoxy resins into highly plasticized rigid thermosetting polymers. The cured resin provides high tensile, compression, and bending strengths, and it is also stiff, strong, and excellent in shock resistance. The polyamides segment is anticipated to account for a major share of the epoxy curing agents market. Owing to their beneficial properties, polyamides are widely used in the construction and consumer electronics industries. Developing countries such as China, India, and Japan are expected to increase the use of polyamides and amines, leading to increase in their demand. Increasing demand for low temperature cure epoxy curing agents in the paints and coatings application is projected to positively impact the expansion of the amines segment in the near future.
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Expansion in the Building & Construction Industry to Fuel the Epoxy Curing Agents Market
In terms of end-use industry, the epoxy curing agents market can be divided into building & construction, transportation, electrical & electronics, wind energy, and others. The building & construction segment dominated the epoxy curing agent market in 2017. The trend is expected to continue during the forecast period. The electrical & electronics segment is likely to be followed by the building & construction segment in terms of market share during the forecast period. The segment is anticipated to hold more than 20% market share in 2017. Expansion of the segment is attributed to increasing consumption of consumer electronics and rise in number of partnerships among market players to expand global presence.
Large Customer Base in Developing Countries of Asia Pacific to Create Opportunities
In terms of region, the global epoxy curing agents market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held a prominent share of the epoxy curing agents market. The region is expected to sustain its dominance throughout the forecast period due to increasing government and private investment on infrastructure development. Additionally, the epoxy curing agents market exhibits strong potential in Asia Pacific due to increase in the number of manufacturing facilities of global and upcoming domestic players in the region. North America and Europe follow Asia Pacific in terms of market share. Moreover, some countries in the Middle East offer high potential for the epoxy curing agents market due to rise in the number of construction activities. Robust economic expansion in China and India is likely to positively impact the global consumption of epoxy curing agents. A robust automotive industry in Europe is estimated to boost the expansion of the epoxy curing agents market during the forecast period.
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Key players operating in the epoxy curing agents market include Huntsman International LLC, Hexion Inc., Cardolite Corporation, Gabriel Performance Products, Epochemie International Pte Ltd, RPM International Inc, The DOW Chemical Company, BASF SE, Evonik Industries, Shandong Deyuan Epoxy Resin Co.,Ltd, Royce, and Kylin Chemicals Co.,Ltd. Companies are investing considerable sums in research & development to discover the untapped potential of epoxy curing agents in different applications such as electrical laminates, marine and maintenance coatings, and others.
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The global epoxy curing agents can be segmented as follows:
Global Epoxy Curing Agents Market, by Product
Global Epoxy Curing Agents Market, by End-use Industry
- Building & Construction
- Electrical & Electronics
- Wind Energy
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