The market for crosslinking agent is expected to register a CAGR of more than 5% globally during the forecast period.
- Increasing demand for paintings and coatings industries and the need for the high quality of painting in various industries are driving the market growth.
- The high cost of bio crosslinking agents and toxicity due to direct contact are expected to hinder the market growth.
Key Market Trends
Increasing Demand for Paints and Coatings
- Crosslinking agents are compounds that chemically join two or more molecules by a covalent bond and have been increasingly used for coatings lately. Crosslinking agents find their applications in automotive coatings, wood coatings, in packagings and decorative coatings, among others.
- Crosslinkers are being used in paintings and coatings because they increase chemical properties, UV resistance, and durability of the coat.
- Crosslinking agents are environmentally friendly products, which are also used for making decorative coatings on buildings, wood, plastics, and metals to provide much protection and enhance the appearance of wood.
- Increasing UV temperatures, growing architectural sector, and technological advancements in automotive coatings are driving the demand for paintings and coatings, which, in turn, is expected to drive the market for crosslinking agents through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market, owing to the highly developed automotive sector in China, coupled with the continuous investments done in the region to advance the architectural and various industrial sectors through the years.
- Moreover, to protect the wood and buildings from various environmental conditions, different types of crosslinkers are being used in the recent past.
- In metal processing industries, crosslinking agents are used to make coatings that are used for metals and they can increase the electrochemical properties of metals.
- According to the Coatings World, Asia-Pacific has the largest coating market volume share in recent years, the demand for water-soluble agents from the architectural sector for coatings is high compared to other sectors.
- Providing such protection to buildings, automobiles, and also in marine require advanced coatings and components, such as crosslinking agents. Continuous growth in the paint and coatings industry for various applications is expected to drive the market for crosslinking agents through the years to come.
The global crosslinking agent market is fragmented in nature with many players competing in the market. Some of the major companies are BASF SE, Covestro AG, the Dow Chemical Company, Huntsman Corporation, and Ineos, among others.
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