DUBLIN, Ireland – Epoxy curing agents are witnessing burgeoning demand, owing to their high mechanical strength, superior bonding property and corrosion resistance in industrial applications such as paints, coatings and inks. The latest Fact.MR report finds that the epoxy curing agents market surpassed $2.45 billion in 2018. The use of epoxy curing agents in various end-use industries, especially in developing countries, will boost the market in the future.
According to Fact.MR, the increasing use of epoxy curing agents in the manufacture of electrical laminate and other components of electronic products will be pivotal in the growth of the market over the next decade.
The study finds that growth in the epoxy curing agents market is mainly attributable to increasing consumption of epoxy curing agents in the paint, coatings and ink industries in developing countries. According the study, China accounts for nearly 45% of revenue share in the epoxy curing agents market, with maximum consumption in rapidly growing end-user industries in the country.
The automotive industry is China has witnessed robust growth over the past few years, and increasing automotive production in the country continues to create lucrative growth opportunities for stakeholders in the epoxy curing agents market. Additionally, floorings and manufacturing industries hold a significant share in the growth of the epoxy curing agents market in China. The report finds that the epoxy curing agents market is gaining traction in the Asia-Pacific region, making Asia-Pacific the most lucrative region, followed by Western Europe.
The report assesses market dynamics, including macro- and micro-economic factors influencing market growth, to offer important insights on how the market will grow during the coming decade.
According to the report, epoxy cured resins find numerous applications as protective coatings for aerospace components, automotive bodies, floorings, wind rotor blades, and other parts that need to be resistant to moisture and corrosion. This development is one of the leading factors boosting market growth.
The report also finds that superior color stability, high viscosity and excellent adhesion properties are among the key characteristics of epoxy curing agents that are boosting applications in the paint and coatings industry. Apart from paint and coatings, the automotive, construction and aerospace industries play a pivotal role in the growth of the epoxy curing agents market.
The report also notes that the industry-wide light-weighting trend is likely to bolster innovations in the epoxy curing agents market, as epoxy curing agents are replacing metals and other heavy raw materials in various industrial applications.
Amines and polyamines are the most sought-after epoxy curing agents. However, the implementation of strict environmental rules are likely to make amides and polyamides the fastest growing type of epoxy curing agents, thereby, changing the future of the market.
The Fact.MR study provides an overview of the epoxy curing agents market by assessing critical growth parameters of the market between 2018 and 2028. The study predicts that the market will see incremental growth at a healthy compound annual growth rate of 5% to exceed $4 billion by the end of forecast period.
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