The market for epoxy curing agent is expected to register a CAGR of about 5%, globally, during the forecast period. The growing demand from the construction industry and new developments in lightweight composite materials are driving the market. On the flip side, environmental regulations on amine-based curing agents and higher production costs are hindering the growth of the market.
- The epoxy curing agent market is expected to grow during the forecast period, owing to the increasing demand from the construction segment.
- The Asia-Pacific region is expected to dominate the market, with the largest consumption trends being registered in countries, such as China and India.
Key Market Trends
Increasing Demand from the Construction Industry
- Epoxy curing agents are used mainly in the construction industry and is expected to be the fastest-growing market during the forecast period.
- Epoxy curing agents are used to cure epoxy resin by reacting with epoxide groups or by promoting the self-polymerization of the epoxy group by catalytic action.
- In the construction industry, Epoxy curing agents are used to produce thermosetting adhesives that provide environmental resistance and superior strength.
- Epoxy curing agents are used in the development of lightweight composites for building and construction to provide architectural infrastructure and to overcome the construction challenges.
- Epoxy resins as primers, sealers and waterproofing agents are extensively used to protect concrete from moisture. They provide great adhesion, fast dry and high mechanical strength to concreate.
- The market growth of epoxy curing agents is fueled by the increasing use of epoxy resins in the construction industry
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for epoxy curing agents during the forecast period, as a result of the increase in demand from countries, like India and China.
- Epoxy curing agents are used in primer and topcoat formulations for marine structures, bridges, and tanks because of their excellent adhesion to metal, high impact resistance, and toughness. The increase in demand for high resistance coatings in the marine and construction industries is expected to drive the market for epoxy curing agents.
- In union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. The increase in investments in the military sector from India is expected to drive the growth for epoxy curing agents.
- The Chinese government is investing about USD 119 billion for the development of railway infrastructure and USD 268 billion for the road and water projects which are expected to be completed by 2023. The growing demand from China’s construction industry is expected to drive the market for epoxy curing agents.
- Apart from coatings, Epoxy curing agents are mainly used in the manufacture of electrical composites as they provide good mechanical strength, high electrical insulation and thermal endurance.
- The aforementioned factors coupled with government support are contributing to the increasing demand for epoxy curing agent market in Asia-Pacific region during the forecast period.
The global epoxy curing agent market is partially fragmented, with the major players accounting for marginal shares of the market. A few of the companies operating in the market include BASF SE, Atul Ltd, Hexion, Olin Corporation, and Cardolite.
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