A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global epoxy curing agents market was worth USD 3.9 billion in the year 2020. It is estimated to grow at a CAGR of 4.7%, earning revenue of around USD 5.3 billion by the end of 2027. The global epoxy curing agents market is gaining significant traction because ofthe increasing application in various industries, such as construction, electronics, wind energy, medical, and others. Additionally, technological advancements are also favoring the epoxy curing agents market. However, stringent government regulations regarding the use of chemicals and potential health risks associated with long-term exposure to epoxy curing agents could significantly restrain the global epoxy curing agents market.
Growing Application of Epoxy Curing Agents in the Wind Energy Sector Is Driving the Market Growth
The epoxy curing agent is gaining significant traction in the wind energy sector to produce wind rotor blades and other structural elements. These chemicals are also used for coating and protecting other essential parts, including turbine insulators, stator end windings, or field coils for rotor brackets. Furthermore, the blade shells, which are produced separately, are also glued together using epoxy adhesives. The growth of this sector in the wind energy industry is fueling demand for epoxy curing agents, which is significantly contributing to its market growth.
Growth Potential in Emerging Economies Is Boosting the Market Growth
Emerging markets like India, China, Japan, Brazil, etc., are anticipated to be significant demand drivers for epoxy curing agents. These countries are heavily investing in the expansion of their aviation and automobile industries to spur economic growth. Since steel and aluminum are widely used in these industries, lightweight composite materials are needed, creating growth opportunities for the global epoxy curing agents market. Developing countries are also emerging as potential manufacturing hub of wide range of electronic products, such as smartphones, printed circuit boards (PCBs), and other consumer goods products. Therefore, the global epoxy curing agents market growth is driven by the flourishing manufacturing industry in the emerging economies.
Global Epoxy Curing Agents Market - By Application
Based on applications, the global epoxy curing agents market is segmented into construction, electrical & electronics, wind energy, adhesives, coatings, composites, and other applications.Among these, coatings hold the largest market share as epoxy curing offers excellent hardness and robustness as a protective coating. The use of epoxy curing agents as coatings is significantly expanding in the automotive industry. They are mainly developed for heavy-duty operations and, therefore, provide effective heat resistance to the vehicles. Thus, the growing demand for epoxy curing agents in the coating industry is driving the market’s growth.
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Global Epoxy Curing Agents Market - Regional Insights
The global epoxy curing agents market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market and is also projected to witness the highest CAGR during the forecast period as well. The flourishing construction activities in emerging economies like China, India, and South Korea, are significantly propelling the demand for epoxy curing agents in this region. Furthermore, the expanding manufacturing and production activities in various end-user industries, such as electronics, wind energy, etc., in this region is also boosting the growth of the epoxy curing agents market.
Impact of COVID-19 on Global Epoxy Curing Agents Market
The global epoxy curing agents market was severely impacted by the sudden outbreak of the COVID-19 pandemic.Manufacturing and construction operations were completely halted, resulting in a significant drop in demand for epoxy curing agents. As a result, the market had to witness a sharp decline. Also, the growing focus and concern for the environment, sustainability, and the use of eco-friendly products that are gaining momentum worldwide are likely to have a negative impact on the market in the long term.
The leading players in the global epoxy curing agents market are Epoxy Base Electronic Material Co. Ltd., Evonik Industries, Atul Limited, Air Products and Chemicals, Inc., Mitsubishi Chemical Corporation, Hexion Inc., Aditya Birla Chemicals (Thailand) Ltd., BASF SE, Kukdo Chemical Co., Ltd., Huntsman Corporation, Cardolite Corporation, Olin Corporation, Epochemie - Epoxy Curing Agents, Kumho P&B Chemicals Inc., Shandong Deyuan Epoxy Resin Co. Ltd, Toray Industries Inc., DuPont, ThreeBond Holdings Co., Saint-Gobain, and other prominent players.
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