The global epoxy curing agents market was valued at US$ 1.31 billion in 2016 and is expected to reach US$ 2.0 billion by 2025, projecting a CAGR of 4.9% over the forecast period, according to a Global Epoxy Curing Agents MarketReport, by Product Type (Low Temperature Cure and High Temperature Cure), by Application (Marine, Industrial & Protective, Construction, Adhesive and Others) published by Coherent Market Insights. Favorable growth in infrastructure development and increasing demand for epoxy curing agents in end-use industries such as paints & coatings, electronics, adhesive, and marine are expected to stimulate growth of the epoxy curing agents market at the global level. Moreover, increasing demand for high performance epoxy resins and increasing trade activities in the field of polymers across regions contribute to growth of the market.
Stringent environmental government regulations imposed on VOC content and growing unorganized market, especially in polymer coatings is expected to hinder growth of the epoxy curing agents market. According to EPA, volatile organic compound regulations are required to meet a level of stringency, known as Reasonably Available Control Technology, which is defined as the lowest level of emissions attained, by taking into account technical and economic considerations.
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Key Trends and Analysis of the Epoxy Curing Agents Market:
- Among product type, the low temperature cure segment held a dominant position in 2016 and is expected to retain its dominance in the epoxy curing agents market over the forecast period
- Among application, the construction segment accounted for the largest market share in 2016. The construction segment is expected to exhibit significant market growth, owing to rising demand for these agents among business firms, commercial buildings, and educational institutions to enhance the aesthetic appeal of the interiors of these buildings.
Key Takeaways of the Market:
- According to Coherent Market Insights study, Asia Pacific accounted for the highest market share, in terms of revenue and volume, in global epoxy curing agents market in 2016. The region is expected to maintain its dominance throughout the forecast period due to growing end-use industries that employ these curing agents along with increasing government investment in infrastructural development. According to Asian Development Bank, Asia is estimated to invest around US$ 8 trillion – 9 trillion in infrastructural development by 2018. Major investments in building & construction industry is expected to be a resultant of rapid economic development and increasing population, which in turn, is projected to boost demand for epoxy curing agents throughout the forecast period.
- Asia Pacific is projected to be the fastest growing region in the global epoxy curing agents market and is expected to witness a CAGR of 6.2% over the forecast period. Emerging economies such as China and India, are expected to contribute to the significant growth of the epoxy curing agent market in Asia Pacific, over the forecast period.
- Key players are investing in developing products with low VOCs, in order to ensure regulatory adherence. For instance, Hexion Inc. introduced NextGen Epoxy Waterborne System for more cost-effective, ultra-Low VOC, and high-performance coatings at the 2016 American Coatings Show (ACS) in Indianapolis. This system offers coating performance comparable to solvent-borne systems, while meeting stringent volatile organic compounds (VOC) regulations.
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