Global epoxy curing agent market sales totaled USD 3,522.8 million in 2022. The market observed a 3.7% year-on-year growth in 2022 and is estimated to reach USD 3,658.7 million in 2023. From 2023 to 2033, global epoxy curing agent demand is projected to rise at 4.6% CAGR.
By 2033, the global epoxy curing agent market size is anticipated to reach USD 5,740.0 million. Demand is likely to remain high for amine-based epoxy curing agents globally. This is due to rising popularity of these agents in a wide variety of applications.
As per Future Market Insights (FMI), amines segment is anticipated to dominate the market with a share of 48.5% in 2023.
Epoxy curing agents are employed in several sectors, including paints & coatings, automotive, electrical, aerospace, and petrochemical. It is anticipated that the demand for epoxy curing agents will rise as these sectors continue to expand.
Key Factors Shaping Market Dynamics:
Epoxy resins are a class of advanced thermosetting resins that include a wide variety of crosslinking polymers, including, phenol-formaldehyde resins, unsaturated polyester resins, and amino resins. They are used in a wide range of applications and often require curing agents for better performance.
A curing agent is a substance used to harden a surface or material. Epoxy curing agents are used as hardeners/cross-linking agents for epoxy resins to facilitate the bonding of molecular components. These are also called epoxy cross-linkers or epoxy hardeners.
Curing offers significant improvements in the properties of epoxy resins such as improved mechanical strength, chemical resistance, and electrical insulation, among others. There are a wide variety of epoxy curing agents, including amines (aliphatic, cycloaliphatic, and aromatic), amides, anhydrides, phenolic, and others.
Epoxy curing agents are used in a wide range of applications and improve the efficiency of epoxy resins. Various applications of epoxy curing agents include paints, coatings, and inks.
Several bio-based curing agents have been commercialized, including cardanol, grapeseed oil, and terpene-based anhydrides, among others. In addition, raw material prices for epoxy curing agents tend to be volatile, which impacts the conventionally-used curing agent market growth.
Key market participants are actively expanding their production and developing new products to meet the increasing demand from end users.
Rising demand for high-performance resins, paints & coatings, and epoxy resin-based composites from various sectors is projected to boost the global epoxy curing agent industry
Development of eco-friendly epoxy curing agents with low volatile organic compounds (VOC) is another key factor stimulating market growth.
Similarly, surging demand for electronics products such as smartphones and automotive electronics equipment will fuel epoxy curing agent sales.
| Attributes | Key Insights |
|---|---|
| Global Epoxy Curing Agent Market Value (2022) | USD 3,522.8 million |
| Estimated Market Size (2023E) | USD 3,658.7 million |
| Projected Market Value (2033F) | USD 5,740.0 million |
| Value-based CAGR (2023 to 2033) | 4.6% |
| Collective Value Share: Top 3 Countries (2023E) | 58.5 |
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According to Future Market Insights (FMI), global sales of epoxy curing agents grew at a CAGR of around 3.3% from 2018 to 2022. The market growth during the historical period was driven by rapid industrialization and urbanization and rising environmental sustainability awareness.
China and North America remained significant markets due to the presence of strict environmental regulations and a well-established industrial sector.
For the forecast period of 2023 to 2033, the epoxy curing agent market is set to thrive at 4.6% CAGR. The market is anticipated to witness robust investment opportunities over the forecast period. This is due to ongoing research and development activities focused on developing new and improved epoxy curing agents that are more effective, eco-friendly, and cost-efficient.
The new advancements are likely to open up new opportunities for epoxy curing agent manufacturers and drive market growth.
Demand for epoxy curing agents is projected to rise at a steady pace owing to increasing demand from various end-use sectors. Further, the growing focus on environmental sustainability is likely to boost the demand for epoxy curing agents during the forecast period.
Rising Demand from the Wind Energy Generation Sector to Boost the Market
The unabated boom in the wind energy generation sector has led to a rise in demand for advanced lightweight, high mechanical strength, and high-performing materials. This in turn is encouraging the adoption of resin curing agents and prompting manufacturers to develop advanced products.
Manufacturers have developed advanced curing agents with improved rheology and faster curing rate. These agents reduce the blade cycle time as well as overall weight and cost. Thus, with the use of epoxy resins and curing agents, a noticeable decline in production, as well as maintenance and repair costs has been noticed.
The wind sector has been a key consumer of composites, predominantly used for the manufacturing of rotor blades. There has been an increase in demand for advanced composite materials as blades are exposed to high force and harsh environmental conditions.
The rotor blades constitute approximately 70% of the overall usage. Various advantages offered by curing of epoxy resins include lightweight, fatigue resistance, improved adhesion and low shrinkage on cooling.
Epoxy resins have replaced conventionally used polyester-based composites. These resins are cured with specific curing agents adapted to one another to improve the mechanical strength of the system.
The growing dependence on renewable energy sources is projected to drive demand for installation of new wind capacities. This in turn will bolster epoxy curing agent demand and create lucrative growth prospects for the market.
Epoxy cured resins are being widely used in the manufacture of wind rotor blades. With the use of epoxy resins and curing agents, bigger, lighter, and stronger blades are being manufactured, and this has improved the efficiency to a greater extent.
As a further matter, production rate has increased and maintenance and repair costs have been decreased to a large extent.
Growing Usage of Epoxy-based Resins in Construction & Renovation Activities to Fuel Demand
Demand for epoxy resins and curing agents for applications such as flooring, paints and coatings, and adhesion has witnessed steady growth, especially from the construction sector.
Epoxy resin, owing to relatively higher mechanical strength, is used widely in concrete sealers, floorings, structural composites, decorative tile grouts, mortars, and chemical resistant tank linings, among other applications.
In the construction sector, industrial flooring has been an important application area for epoxy curing agents.
With the growing infrastructural and industrial developments in various regions, especially Asia Pacific, significant opportunities are likely to emerge for epoxy curing agent manufacturers during the forecast period.
Stringent Regulations Promoting the Use of Lightweight Materials in Automotive and Aerospace Sectors to Fuel Epoxy Curing Agent Sales
The automotive sector uses epoxy resins and curing agents for several applications. This includes protective coatings, adhesives, lightweight composite materials, and others.
The epoxy-based coating technology provides superior rust and corrosion protection. Epoxy coatings are used in almost 90% of modern cars. The coatings are cured to provide additional protection from UV light and other damage.
Apart from adhesion, epoxy resins are also used for the manufacturing of lightweight composite parts, electric and hybrid vehicles’ components, suspension parts, load bearing structures, and drive shafts.
Epoxies are used to provide excellent adhesion to dissimilar parts. With growing need for reducing vehicle weight, plastics and aluminum are widely being used for the manufacturing of automotive parts. This in turn is positively impacting epoxy curing agent sales.
The use of epoxies in vehicles has reduced the overall vehicle weight, which has led to lower fuel consumption, lower emissions, reduction in overall cost, improved vehicle mechanical strength and heat and corrosion resistance.
Principal Consultant
Robust Expansion of End-use Sectors to Propel Epoxy Curing Agent Demand in the United States
The United States has a significant market for epoxy curing agents. This is due to high availability of plastic raw materials and strong presence of leading aircraft component manufacturing companies, automotive companies, and electrical & electronics businesses.
The demand for epoxy curing agents in the United States is driven by several factors. This includes the need for lightweight composite materials with outstanding performance and strength in various automotive and aerospace applications.
With expansion of sectors such as automotive and aerospace, the use of epoxy curing agents will likely become more prevalent, driving market growth in the upcoming period. Similarly, increasing environmental regulations and the growing awareness of sustainable practices will boost the market.
As per Future Market Insights (FMI), the United States epoxy curing agent industry is forecast to reach a valuation of USD 933.0 million by 2033. Further, sales of epoxy curing agents in the United States market are likely to soar at 4.0% CAGR between 2023 and 2033.
Burgeoning Demand for Coatings to Boost China Epoxy Curing Agent Industry
China is one of the leading markets for epoxy curing agents owing to its significant manufacturing and industrial sectors. China's ongoing industrialization and infrastructure development projects are likely to drive demand for epoxy curing resins during the assessment period.
China's flourishing coating manufacturing sector may influence the growth of the target market. This is due to rising demand for coatings from construction and automotive sectors.
Coatings have been a crucial application for epoxy curing agents. Highly protective coatings are used for numerous applications including automotive, industrial flooring, construction, and marine. This in turn is likely to elevate epoxy curing agent demand.
Increasing government initiatives and investments in infrastructure will further boost sales of epoxy curing agents in China during the projection period. As per the latest analysis, China epoxy curing agent industry is set to expand at a CAGR of 5.6% during the forecast period.
Amine-based Epoxy Curing Agents Remain the Widely Used Category
Based on raw material, amines segment is forecast to dominate the global epoxy curing agent industry. According to Future Market Insights (FMI), amines segment is likely to thrive at a CAGR of 5.1% between 2023 and 2033.
By 2033, amines segment is anticipated to reach a market valuation of USD 2,916.3 million. This is due to rising usage of amine-based curing agents, such as aliphatic amines, aromatic amines, and alicyclic amines in epoxy resins application.
As cure agents for epoxy resin, amines are frequently utilized. In fact, amines and polyamines are the most common types of curing agents. These fall within the primary and secondary amine categories.
Tetraethylenepentamine (TEPA), ethylenediamine, polyetheramines, and other amines are frequently employed for curing. The enhanced qualities of amine-based curing agents, such as cure time, pot life, chemical and thermal resistance, and weather resistance, make them more durable and chemically resistant than conventional curing agents.
One significant method by which the application of epoxy resin has increased significantly in the decades since its commercialization is the employment of amine compounds in the curing process.
As new hardeners are created to satisfy unique processing and performance needs, the epoxy formulator has access to even more variety. A wide range of processing, thermal, and mechanical performance combinations can be achieved through creative usage of amine mixes.
Paints & Coatings Sector to Create Lucrative Revenue-generation Opportunities for Companies
The paints and coatings sector is a key consumer of epoxy curing agents and is likely to be a prominent driving force behind the growth of the global epoxy curing agent industry. As per the latest report, paints & coatings segment is projected to reach a high valuation of USD 2,226.8 million by 2033.
The use of paints, coatings, and inks has significantly increased in the construction, automotive, aerospace, marine, and other sectors. There has been rising demand for protective paints and coatings for protection against rust, corrosion, and other damage. This in turn is positively impacting epoxy curing agent sales.
Epoxy cured resins improve the properties such as thermal and chemical stability, better insulation, etc. This has resulted in high usage of epoxy curing agents in the paints & coatings sector.
Coatings have been a prime application for epoxy curing agents. Highly protective, corrosion-resistant coatings are used for several applications including automotive, industrial flooring, construction and marine.
The strong demand for paints and coatings in the automotive sector will improve market prospects because of these products' color stability, continuous manufacturing of protective layers, corrosion resistance, abrasion resistance, and scratch resistance.
Due to the unique needs of the aerospace, marine, and semiconductor sectors, epoxy curing agents are projected to remain high in demand.
The introduction of more potent and environmentally friendly epoxy curing agents is facilitated by ongoing improvements in chemical compositions and production techniques. These developments could make these agents more effective and dependable, which would accelerate their adoption across sectors such as paints & coatings.
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The global market of epoxy curing agents is a consolidated market due to presence of a large number of regional and domestic players. Key market participants account for more than 60% of the global epoxy curing agents market share.
The market also has presence of small and medium size players which are driving the market and providing competition to Tier-1 players.
Key manufacturers of epoxy curing agents are actively engaging in research and development activities for developing novel curing solutions. In order to sustain the existing market competition, highly from China-based players, manufacturers have strategically located their production plants in the Asia Pacific region to reduce raw material procurement costs and additionally-imposed custom duties.
Further, epoxy curing agent manufacturers are forming alliances, partnerships, and mergers, adopting merger & acquisition strategy, establishing new production plants, and increasing production capacities of their existing plants.
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| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 3,658.7 million |
| Projected Market Value (2033) | USD 5,740.0 million |
| Anticipated Growth Rate (2023 to 2033) | 4.6% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Industry Analysis | USD million for Value and Tons for Volume |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Argentina, Germany, Italy, France, United Kingdom, Spain, BENELUX, NORDICS, Poland, Hungary, Romania, Czech Republic, Russia and Belarus, Balkan and Baltics, Central Asia, China, Japan, South Korea, India, Association of South East Asian Nations, Australia and New Zealand, Gulf Cooperation Council Countries, Turkiye, South Africa, Northern Africa |
| Key Segments Covered | Raw Material, Grade, Cure Mechanism, End Use, and Region |
| Key Companies Profiled | BASF SE; Evonik Industries AG; Aditya Birla Corporation; Olin Corporation; Toray Fine Chemicals; Mitsubishi Chemical Corporation; Westlake Corp.; Resonac Holdings Corporation; Cardolite corporation; Atul Ltd.; Henkel Group; SABIC |
| Report Coverage |
Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The United States, India, and China dominate the global market.
The market is expected to register a CAGR of 4.6% through 2033.
From 2018 to 2022, the market grew at a CAGR of 3.3%.
Rising application in automotive, painting and coating is the key trend in the market.
The global market sizeis to reach USD 5,740.0 million by 2033.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 8. Market Background 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Raw Material 9.1. Amine 9.2. Anhydrides 9.3. Polyamides 9.4. Phenols 9.5. Lewis Acid 9.6. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Grade 10.1. Standard 10.2. Fast Cure 10.3. High-performance 10.4. Low-temperature 10.5. Heat-resistant 10.6. Water-resistant 10.7. UV-resistant 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Cure Mechanism 11.1. Catalytic Curing 11.2. Thermal Curing 11.3. UV Curing 11.4. Room Temperature 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by End Use 12.1. Paints & Coatings 12.2. Adhesives & Sealants 12.3. Electrical & Electronics 12.4. Composites 12.5. Tooling & Molding 12.6. Others 13. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 13.1. North America 13.2. Latin America 13.3. Western Europe 13.4. Eastern Europe 13.5. Russia & Belarus 13.6. Balkan & Baltics 13.7. Central Asia 13.8. China 13.9. Japan 13.10. South Korea 13.11. South Asia & Pacific 13.12. Middle East & Africa 14. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Russia & Belarus Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Balkan & Baltics Market Analysis 2018 to 2022 and Forecast 2023 to 2033 20. Central Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 21. China Market Analysis 2018 to 2022 and Forecast 2023 to 2033 22. Japan Market Analysis 2018 to 2022 and Forecast 2023 to 2033 23. South Korea Market Analysis 2018 to 2022 and Forecast 2023 to 2033 24. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 25. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 26. Country Wise Market Analysis 27. Market Structure Analysis 28. Competition Analysis 28.1. Huntsman Corporation 28.2. Olin Corporation 28.3. Westlake Corporation 28.4. Evonik Industries AG 28.5. Aditya Birla Corp 28.6. BASF SE 28.7. Resonac Holdings Corporation 28.8. Mitsubishi Chemical Corporation 28.9. Toray Fine Chemicals 28.10. Eastman Chemical Company 28.11. Henkel Adhesives 28.12. Cardolite Corporation 28.13. Atul Ltd. 28.14. SABIC 29. Primary Survey Analysis 30. Assumptions and Acronyms Used 31. Research Methodology
Food and Beverage
October 2022
REP-GB-1899
250 pages
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Epoxy Curing Agent Market
