Curing Agents Market - Forecast(2023 - 2028)

Curing Agents Market Overview

The curing agents market size is forecast to reach US$7.7 billion by 2027 after growing at a CAGR of 6.9% during 2022-2027. Curing agents are hardeners that play a key role in the curing kinetics, viscosity, degree of curing, gel time, curing cycle, and the final properties of the cured products. A wide range of curing agents such as epoxy resin curing agents (aliphatic amines, polyamides, polyamic acid, etc.), polyurethane curing agents, and synthetic rubber curing agents are used in several applications. The hardened curing agents are utilized in coatings, adhesives, inks, composites, and various other applications. The construction sector is one of the largest sectors where curing agents are used in the flooring paints, as adhesives in concretes and mortars, road marking, and numerous other applications. The construction sector is booming globally with increasing construction activities and this is expected to contribute to the market’s growth. For instance, as per the January 2021 data by India Brand Equity Foundation, demand for residential properties grew in India owing to increased urbanization. Furthermore, curing agents are used massively in the automotive sector where they are used in the production of composites and automotive coatings. The automotive sector is exhibiting tremendous growth globally and this is anticipated to augment the market’s growth during the forecast period. For instance, according to the July 2021 report by the European Automobile Manufacturers Association, registrations in the passenger car segment in the European region increased 25.2% in the first half of 2021. The fluctuation in the price of raw materials might hinder the market’s growth.

COVID-19 Impact

The curing agents market was hit severely due to the COVID-19 pandemic. The market faced challenges in the form of disruption in the supply chain, procurement of raw materials, and idling of factories which downgraded the market’s growth during the pandemic. Furthermore, the stagnant growth in the construction and automotive sector further hampered the market’s growth. The curing agents market witnessed decent growth towards the end of 2020. Going forward, the market is projected to grow robustly during the forecast period owing to the expansion of several end-use industries such as the construction, automotive, and aerospace sector.

Report Coverage

The “Curing Agents Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Curing Agents Industry. 

Key Takeaways:

• Epoxy curing agents are leading the curing agents market. These curing agents possess superior properties such as chemical and heat resistance, low viscosity, and good adhesion, making them the go-to option in the market.
• The automotive sector is driving the market’s growth. According to the June 2021 stats by European Automobile Manufacturers Association, registration of passenger cars in the European region grew 53.4% in May 2021 compared to last year.
•  The Asia-Pacific region is expected to witness the highest demand for curing agents owing to the expanding construction sector in the region. For instance, according to the stats by India Brand Equity Foundation, FDI in construction (infrastructure) activities received by India stood at US$ 25.38 billion between April 2000 and June 2021.

Curing Agents Market Segment Analysis - By Type

The epoxy curing agents segment dominated the curing agents market in 2021 and is growing at a CAGR of 7.3% during the forecast period. Epoxy curing agents such as aliphatic amines, polyamides, and polyamic acid react with epoxy resins to cure and make the resin hardened. Epoxy resin comes with properties such as good adhesion, robust chemical and thermal resistance, and excellent dielectric properties. These robust properties allow the use of epoxy curing agents in several high-end applications such as coatings, adhesives, composites, and polymerization catalysts. Owing to such a diverse portfolio, market players and research organizations are focused on expanding the epoxy curing segment. For instance, as per the January 2021 journal by Springer Professional, a waterborne epoxy curing agent was developed with excellent emulsifying and curing properties. Such developments in the segment of epoxy curing agents are expected to increase their demand in the market during the forecast period.

Curing Agents Market Segment Analysis - By End Use

The construction sector dominated the curing agents market in 2021 and is growing at a CAGR of 7.8% during the forecast period. Curing agents are extensively used in the construction sector. The hardened agents are utilized in primers and coatings for concrete, as an adhesive in mortar, and other cement coverings. The construction sector is booming globally with increasing investment and project announcements and this is expected to propel the market’s growth during the forecast period. For instance, according to the August 2021 data by Eurostat, production in the building construction segment in the European Union and Euro Area increased by 3.8% and 3.1% respectively in June 2021. Similarly, FDI in the construction development sector (housing, built up infrastructure, townships, and construction development projects) amounted to USD 26.14 billion between April 2000 and June 2021. Such huge growth in the construction sector globally is expected to increase the requirement of curing agents and this will contribute to the growth of the market during the forecast period.

Curing Agents Market Segment Analysis - By Geography

The Asia-Pacific region held the largest share in the curing agents market in 2021, up to 34%. The high demand for curing agents is attributed to the booming construction sector in the region. From epoxy curing agents such as anhydrides, aliphatic amines, and polyamic acid to polyurethane curing agents, all the popular curing agents are used in large qualities in the processing of several coating and construction adhesives. For instance, as per the Q4 2020 Global Construction Monitor data by the Royal Institution of Chartered Surveyors, the construction market in Asia-Pacific witnessed positive momentum (+8), making it the largest construction market in 2020. This massive growth in the region’s construction sector is expected to bolster the demand for curing agents during the forecast period.

Curing Agents Market – Drivers

Rising demand for automobiles is driving the market’s growth

The automotive sector is one of the important markets for curing agents. A wide range of curing agents is used in the production of composites and protective coatings for vehicles. The use of composites in the automotive sector is increasing to manufacture lightweight vehicles and enhance fuel efficiency. The requirement for automotive paints and coatings is also increasing with the rising vehicle production and this is expected to drive the market’s growth during the forecast. For instance, according to the stats by India Brand Equity Foundation, passenger cars, and two-wheelers dominated the domestic Indian auto sector in 2020 accounting for a market share of 12.9% and 80.8% respectively, with a combined sale of over 20.1 million vehicles in FY20. Similarly, as per stats by the European Automobile Manufacturers Association, in June 2021, the passenger cars registration segment surged in the European Union with Germany witnessing maximum demand with a 24.5% increase. Such rising demand for automobiles is expected to catapult the use of curing agents which in turn will propel the market’s growth during the forecast period.

Booming construction sector is influencing the market’s growth

The construction sector is one of the largest end use sectors for curing agents. A wide range of curing agents such as epoxy resin curing agents and synthetic rubber curing agents are widely used in several applications in the construction sector. These curing agents are implemented in the processing of flooring coatings, adhesives for concrete and mortars, road marking, and multiple other construction products. The construction sector is booming globally with increasing construction activities and this is expected to augment the market’s growth during the forecast period. For instance, as per the stats by InvestIndia, the construction sector is anticipated the reach US$ 1.4 trillion by 2025. Similarly, according to the stats by Federal Reserve Economic Data, total spending in the residential construction segment in the US was recorded at US$ 657,608 in September 2020 compared to US$ 642,031 in August 2020. Such a massive boost in the global construction sector is expected to increase the requirement of curing agents, in turn propelling the market’s growth during the forecast period.

Curing Agents Market – Challenges

The fluctuation in the raw material prices might hamper the market’s growth

The curing agents market involves raw materials such as polyamides and polyurethane which are petroleum-derived products. The prices of these raw materials are fluctuating with the fluctuation in the petroleum price and this might affect the market’s growth. According to the stats by ourworldindata.org, the crude oil price amounted to USD 54.19 per barrel in 2017 which grew to USD 64.21 per barrel in 2019. The oil price went down in 2020, amounting to USD 41.84 per barrel. This fluctuation in oil prices created volatility in petroleum prices, in turn fluctuating the price of the raw materials. Such fluctuation in the raw materials price might hinder the growth of the curing agents market during the forecast period.

Curing Agents Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Curing Agents Market. Global curing agents top 10 companies include:

1. Evonik Industries
2. Hexion Inc.
3. Huntsman Corporation
4. BASF SE
5. Cardolite Corporation
6. Olin Corporation
7. Kukdo Chemical Co., Ltd
8. Cargill
9. Mitsubishi Chemical Corporation
10. Campbell Plastics

Recent Developments

• In December 2021, Evonik announced the launch of its new waterborne epoxy curing agent, Anquamine 469, for container coating applications in the shipping industry.
• In January 2021, Huntsman acquired Gabriel Performance Products, a North American manufacturer of epoxy curing agents for adhesives, coatings, composite, and sealants.
• In March 2020, Huntsman acquired North American-based VC Thermoset Specialties which deals with the manufacturing of curing agents for adhesives, industrial composites, and coatings markets.

Relevant Reports

UV Curing Resins Market - Industry Analysis, Market Size, Share, Trends, Growth And Forecast 2021 – 2026

Report Code: CMR 1165

Epoxy Curing Agents Market - Forecast(2022 - 2027)

Report Code: CMR 0287

Uv Curing System Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 – 2026

Report Code: ESR 16892

For more Chemicals and Materials Market reports, please click here