Epoxy curing agents Market
Epoxy curing agents Market (Product - Amines, Polyamides, Imidazoles, Anhydrides; End use Industry - Building and Construction, Transportation, Electrical and Electronics, Wind Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
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Epoxy Curing Agents Market – Snapshot
Curing agents (hardeners) are a kind of chemical additives added to resins to harden or toughen them. Epoxy curing agents contain epoxide functional group. The choice of epoxy curing agents depends on the base resin as well as the required degree of toughness. Each epoxy curing agent has its own set of characteristics that defines the degree of curing and time. Epoxy curing agents are commonly utilized in metal coatings, adhesives, composite, and concrete coatings, applications. These agents are mainly employed as primers for protective coatings. Epoxy resins have an inbuilt bonding capacity. They offer properties such as mechanical strength, electrical insulation, and chemical strength. Epoxy resins work more effectively when combined with curing agents. Hence, proper selection of curing agents is as important as selection of epoxy resins. The global epoxy curing agents market is expected to expand at a significant rate driven by increase in demand from the paints & coating industry. The epoxy curing agents market was valued at about US$ 3,600 Mn in 2017 and is projected to expand at a CAGR of 6.5% during the forecast period.
Evolving trends have a direct impact on the dynamics of the epoxy curing agents industry. These trends include replacement of dicyandiamide curing agents with phenol and development of curing agents with low volatile organic compounds. Furthermore, factors such as rise in demand from the paints and coating industry and increasing demand for epoxy resin-based composites in the aerospace and wind energy industries are expected to fuel the global epoxy curing agents market. However, increasing raw material prices have increased the overall product costs, which is hampering the market.
Major players in the epoxy curing agents market have adopted expansions and joint ventures as key strategies to expand their network and share their investments. For instance, in July 2017, Huntsman International LLC. Completed the expansion of its world-scale amines production facility in Jurong Island in Singapore. The company had a production capacity of 25,000 tons per year before the expansion. Currently, its production capacity is 50,000 tons per year. The expansion fits perfectly with Huntsman International’s investment and leadership and has helped expand its product portfolio. Launching new products and facilities is likely to be the long term strategy of epoxy curing agent manufacturers. For example, in January 2016, Huntsman launched two new waterborne epoxy curing agents namely EFFAMINE M1000 polyetheramine and JEFFAMINE M2070 polyetheramine. JEFFAMINE M series polyetheramine products are monoamines based on polypropylene glycol (PPG) or polyethylene glycol (PEG) backbones. Primary applications of these products are formulating emulsifiers, pressure sensitive adhesives, and corrosion inhibitors. Additionally, these products provide benefits such as surfactant properties to modify a variety of resin types and are water soluble. Furthermore, in April 2018, Hexion launched a new hybrid epoxy/polysiloxane resin product called EPOSIL Resin 5550, which offers superior performance in protective coatings. The product offers superior resistance to corrosion, high resistance to temperature, and anti-graffiti properties.
Curing agents play a vital role in determining the properties of the final cured product. The properties of amine-based curing agents include chemical and thermal resistance and weatherability. The major applications of amine-based curing agents include coatings, adhesives, composites, and electrical & electronics, among others. Polyamides resin, widely used as a curing agents for epoxy resins, is formed by the condensation reaction between dimer acid and polyamine and contains reactive primary and secondary amines in its molecules. As polyamides have high hydrocarbon moiety in their molecules, they cure epoxy resins into highly plasticized rigid thermosetting polymers. The cured resins offer high tensile, compression, and bending strengths and are stiff, strong, and offer superior shock resistance. Amines are classified into aliphatic, alicyclic, and aromatic amines, according to the type of hydrocarbons involved. They all are important curing agents for epoxy resins. Expansion in the construction industry is a major factor fuelling demand for epoxy curing agents. Increase in use of epoxy curing agents in construction applications such as increasing concrete bonding, flooring, and marble laminate is expected to further propel the epoxy curing agents market.
Asia Pacific and Europe are the key regions for the epoxy curing agents market. Asia Pacific and Europe hold a prominent share in the global epoxy curing agents market. Demand for epoxy curing agents rose rapidly in 2017 in the market in Asia Pacific. The expansion of the market in the region is driven by rapid industrialization in countries such as India, China, Indonesia, and Malaysia, among others. China and India are significant consumers of epoxy curing agents in the region.
Key players operating in the epoxy curing agents market include Huntsman International LLC, Hexion Inc., Cardolite Corporation, Gabriel Performance Products, Epochemie International Pte Ltd, RPM International Inc, The DOW Chemical Company, BASF SE, Evonik Industries, Shandong Deyuan Epoxy Resin Co., Ltd, Royce, and Kylin Chemicals Co.,Ltd.
Advances in Epoxy Curing Agents Market to Lean on Novel Ingredients for Construction Industry
Epoxy curing agents are added to the epoxy system to alter or modify curing characteristics or the performance of the final thermoset. Growing demand for epoxy curing agents in industrial coatings, civil engineering applications, and in developing wide range of adhesives, and composites. Advances in manufacturing technologies have allowed companies test different material chemistries. Key product groups are aliphatic amines, diluents, accelerators, adhesion promoters, specialty resins, and additives. Pot life is also a key performance characteristic in the choice of epoxy curing agents. Over the past few decades, rise in demand for curing agents is a key trend expanding the avenue in the epoxy curing agents market. Aliphatic amines are being extensively used in civil engineering applications, such as flooring and patch repair systems. Sometimes these amines act as an accelerator for other amines. There is a growing effort by industry players to unveil or develop epoxy curing agents that are a combination of mechanical and electrical properties. Low viscosity, good flexibility, and good color stability are some of the key desired properties in end-use industries. Additionally, a growing number of epoxy curing agents that are compatible with wide range of substrates are being unveiled in the key regional markets.
The COVID-19-led restrictions adversely affected the macroeconomic fundamentals and industry dynamics across various businesses. These wide-scale disruptions are also affecting the sales and consumption patterns of epoxy curing agents. The demand in end-use industries has also been relatively low in the first part of 2020 due to the worldwide pandemic. However, with the strides in the construction sector, the demand for new formulations in epoxy curing agents also saw an uptick. The growing demand for solvent-free coatings and curing agents in oil and gas pipelines is bolstering the prospects in the epoxy curing agents market. Further, there has been growing uptake in heavy duty industrial applications. Expanding array of epoxy curing agents will help meet the wide range of applications in civil engineering adhesives.
Epoxy Curing Agents Market – Overview
This report analyzes and forecasts the epoxy curing agents market at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (kilo tons) from 2017 to 2025. The study includes drivers and restraints of the global epoxy curing agents market. It also covers impact of these drivers and restraints on the demand for epoxy curing agents during the forecast period. The report also highlights opportunities in the epoxy curing agents market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global epoxy curing agents market. The Porter’s Five Forces model for the epoxy curing agents market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global epoxy curing agents market by segmenting it in terms of product and end-use industry. The segments have been analyzed based on present and future trends. Regional segmentation includes the current and projected demand for epoxy curing agents in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual product and end-use industry segments in all the regions. Key players operating in the epoxy curing agents market include Huntsman International LLC, Hexion Inc., Cardolite Corporation, Gabriel Performance Products, Epochemie International Pte Ltd, RPM International Inc, The DOW Chemical Company, BASF SE, Evonik Industries, Shandong Deyuan Epoxy Resin Co.,Ltd, Royce, and Kylin Chemicals Co.,Ltd. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides the estimated size of the epoxy curing agents market for 2017 and forecasts for the next nine years. The size of the global epoxy curing agents market has been provided in terms of revenue and liters. Market numbers have been estimated based on product and end-use industry. Market size and forecast for each major product and end-use industry have been provided in terms of the global and regional market.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players operating in various end-use industries, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
- An extensive analysis of the epoxy curing agents market trends and shares from 2016 to 2025 to identify market opportunities and analyze industry developments
- A list of key developments in the epoxy curing agents market made by key players
- A list of key factors responsible for building the upcoming opportunistic roadmap for the epoxy curing agents market at a global, regional, and country level
- Comprehensive analysis with respect to investments and price trends that impact the outlook of the global epoxy curing agents market between 2016 and 2025
- The report provides insights into market opportunities for various stakeholders in the value chain and a detailed competition landscape for key players dominating the industry to understand competition level
- Porters’ Five Forces highlight the potency of buyers and suppliers and enable stakeholders to make profit-oriented business decisions. They analyze the strengths and weaknesses to gain a strategic position in the market.
Market Segmentation: Epoxy Curing Agents Market