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Curing Agents Market - By Type (Epoxy, Polyurethane, Rubber, Acrylic), By Functionality, By Application (Paints & Coatings, Electrical & Electronics, Wind Energy, Building & Construction, Composites, Adhesives & Sealants) & Forecast, 2024 – 2032

  • Report ID: GMI8178
  • Published Date: Feb 2024
  • Report Format: PDF

Curing Agents Market Size

Curing Agents Market was valued at around USD 6.8 billion in 2023 and is anticipated to register a CAGR of over 5.2% between 2024 and 2032.
 

Curing Agents Market

Curing agents, commonly used in the production of coatings, adhesives, and composites, play a pivotal role in enhancing the durability and performance of these end-products. The escalating need for high-performance materials across industries such as automotive, aerospace, construction, and electronics propels the market forward. Epoxy curing agents, in particular, are in high demand due to their versatility and excellent adhesion properties. The global push towards sustainable and environmentally friendly solutions further influences the curing agent market, leading to the development of eco-friendly alternatives. Thus, the curing agents industry is expected to attain a market value of over USD 10.7 billion by 2032.
 

As industries continue to invest in research and development, innovations in curing agent formulations are likely to emerge, catering to specific application requirements. Asia-Pacific stands out as a key region for market expansion, with robust industrial activities and infrastructural developments.
 

As global awareness of environmental issues rises, regulatory bodies worldwide are imposing strict measures to curb the environmental impact of industrial processes and products. Curing agents, integral to various manufacturing sectors, face scrutiny due to their chemical compositions and potential environmental hazards. Compliance with regulations such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and other regional frameworks becomes imperative, adding complexity and cost to the production processes. Manufacturers are compelled to invest in research and development to formulate curing agents that meet the stringent criteria while maintaining performance standards. Additionally, the need to phase out or replace certain traditional curing agents, which may contain substances harmful to the environment, adds pressure to the industry.
 

Curing Agents Market Trends

The aerospace and automotive sectors are driving innovation in high-performance curing agents. As these industries demand materials with enhanced strength, durability, and resistance to extreme conditions, curing agents are evolving to meet these stringent requirements. The rise of electric vehicles (EVs) is also influencing the market, with a focus on developing formulations that cater to the specific needs of EV components and battery technologies.
 

Additionally, the construction industry is a key driver for the curing agents industry, as there is a growing demand for durable and high-strength materials in infrastructure projects. The adoption of advanced composites and coatings in construction applications is fueling the need for specialized curing agents. As urbanization and infrastructure development continue globally, the market is expected to witness sustained growth, driven by these diverse and evolving trends.
 

Curing Agents Market Analysis

Curing Agents Market Size, By Type, 2021 - 2032 (USD Billion)

Based on type, the market is divided into epoxy, polyurethane, rubber, acrylic and other. Epoxy held the dominant market share of USD 2.6 billion in 2023. Epoxy curing agents are favored for their excellent adhesion properties and resistance, making them a preferred choice in industries such as automotive, electronics, and construction. Polyurethane curing agents also command a notable market share, particularly in applications requiring flexibility and durability, such as in the production of flexible foams, coatings, and sealants.
 

Curing Agents Market Revenue Share, By Functionality, (2023)

Based on functionality, the market is categorized into accelerators, modifiers and stabilizers. Accelerators accounted for 44% market share in 2023 and is projected to grow significantly through 2032. Accelerators hold a substantial share in the market due to their crucial function in hastening the curing process. Widely employed in industries where rapid production cycles are imperative, such as automotive and construction, accelerators contribute to increased efficiency and reduced curing times.
 

Based on application, the market is categorized into paints & coatings, electrical & electronics, wind energy, building & construction, composites, adhesives & sealants and other. Paints and coatings emerge as a dominant application segment, holding a significant market share due to the widespread use of curing agents in enhancing the durability, adhesion, and performance of coatings across diverse industries. Building and construction applications, including concrete curing agents, contribute significantly to the market share, supporting the development of robust and long-lasting infrastructure.
 

Asia Pacific Curing Agents Market Size, 2021 - 2032 (USD Billion)

Asia Pacific curing agents market generated a revenue of USD 2.3 billion in 2023. The robust growth in industrial activities, coupled with rapid infrastructure development across countries like China and India, has propelled the demand for curing agents. The construction boom in the region, driven by urbanization and economic development, fuels the need for durable and high-performance materials, thereby contributing significantly to the market share. Moreover, the automotive and electronics industries in Asia-Pacific are major consumers of curing agents, leveraging these substances for coatings, adhesives, and electronic components. The burgeoning manufacturing sector, combined with increasing investments in research and development, further propels the demand for curing agents, positioning the region as a key growth hub.
 

Curing Agents Market Share

Curing Agents Market Company Share, (2023)

The competitive landscape in the curing agents industry is characterized by a mix of global giants and niche players, contributing to a moderately concentrated market. Key industry participants include major players such as BASF SE, Evonik Industries, Hexion, Huntsman International LLC, and Olin Corporation. These companies possess a significant market share and influence, driving technological advancements and setting industry standards. Additionally, the market features established regional players like Supreme Polytech Pvt. Ltd., contributing to the market's diversity and catering to specific regional demands.
 

In terms of competitive approaches, pricing strategies, product innovation, and distribution networks are pivotal factors. Global leaders like BASF SE and Evonik Industries often leverage their extensive product portfolios and research capabilities to introduce cutting-edge curing agents, gaining a competitive edge. Pricing strategies play a crucial role, with players often adopting competitive pricing to maintain market share. Distribution networks, encompassing efficient supply chains and strategic partnerships, are key for reaching diverse markets and end-users.
 

The degree of concentration is influenced by the strategic positions of major players, while the presence of niche players ensures a degree of fragmentation, allowing for specialization in specific curing agent formulations or applications. Overall, the market is marked by a balanced interplay between concentration and fragmentation, fostering healthy competition and innovation.
 

Curing Agents Market Companies

Major players operating in the curing agents industry include:

  • Alfa Chemicals
  • BASF SE
  • Cardolite Corporation
  • DIC Corporation
  • Evonik Industries
  • Hexion
  • Hunstman International LLC
  • Mitsubishi Chemical Corporation
  • Olin Corporation
  • Supreme Polytech Pvt. Ltd.
  • Westlake Epoxy
     

Curing Agents Industry News

  • In March 2022, As a member of the VESTARO GmbH consortium, Evonik has created the "Pure Performance Battery" (PBB), a next-generation battery pack for electric vehicles. Utilizing Sheet Molding Compound (SMC) technology with Evonik's curing agents, this innovative battery system offers the automotive industry a secure, lightweight, and economical alternative to conventional, heavier metal-based solutions.
     
  • In June 2022, DIC Corporation disclosed a price adjustment for epoxy resins and curing agents employed in insulating materials for electronic components and coatings. The price hike was prompted by significant increases in utility costs and abrupt fluctuations in exchange rates. The revised prices took effect in July 2022.
     

The curing agents market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Billion) (Kilo Tons) from 2018 to 2032, for the following segments:

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Market, By Type

  • Epoxy
  • Polyurethane
  • Rubber
  • Acrylic
  • Other

Market, By Functionality

  • Accelerators
  • Modifiers
  • Stabilizers

Market, By Application

  • Paints & Coatings
  • Electrical & Electronics
  • Wind Energy
  • Building & Construction
  • Composites
  • Adhesives & Sealants
  • Other

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Industry size for curing agents reached USD 6.8 billion in 2023 and is projected to expand at over 5.2% CAGR from 2024 to 2032 driven by increasing use in the production of coatings, adhesives, and composites for enhancing the durability and performance of these end-products.

Epoxy curing agents market size was USD 2.6 billion in 2023 and is anticipated to witness high demand through 2032 attributed to their excellent adhesion properties and resistance offered in industries, such as automotive, electronics, and construction.

Asia Pacific market size for curing agents was USD 2.3 billion in 2023 and is estimated to record substantial revenue by the end of 2032 owing to the robust growth in industrial activities, coupled with rapid infrastructure development across countries like China and India.

Some of the leading firms engaged in the curing agents industry are Alfa Chemicals, BASF SE, Cardolite Corporation, DIC Corporation, Evonik Industries, Hexion, Hunstman International LLC, Mitsubishi Chemical Corporation, Olin Corporation, Supreme Polytech Pvt. Ltd., and Westlake Epoxy.

Curing Agents Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 11
  • Tables & Figures: 250
  • Countries covered: 22
  • Pages: 300
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