Albany, New York, July 10, 2019 (GLOBE NEWSWIRE) -- The latest report published by Transparency Market Research talks about the global epoxy curing agent market. The overall valuation of the global epoxy curing agents market was initially reported to be US$3600 million in 2017. During the given forecast period of 2017 to 2025, the epoxy curing agents market is expected to grow at a healthy CAGR of 6.5%.
The epoxy curing agents market can be fragmented into different segments as per the type of product. The market can be segmented into polyamides, imidazoles, and amines among others. Of these, the market share of epoxy curing agents is expected to be dominated by amine-based curing agents over the course of a given forecast period of 2017 to 2025. On a geographical front, the global epoxy curing agents market is expected to be dominated by the Asia Pacific region in the coming years.
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The growth of the global epoxy curing agents market is growing at a considerable pace owing to the heavy use of these curing agents especially in the aerospace and wind energy industries. Additionally, the demand for the pain and coatings industry is also growing, thus resulting in developing the epoxy curing agents market across the globe.
Some of the key players in the global epoxy curing agents market include names such as RPM International Inc., Gabriel Performance Products, Huntsman International LLC, Hexion Inc., BASF, Evonik Industries, and Royce among others. Important players in the market are implementing strategies such as partnerships and joint ventures to bolster their business portfolios.
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In 2017, Huntsman LLC opened up a new production facility in Singapore. It helped the company to double its production capacity from 25,000 tons to 50,000 tons per year. In April 2018, Hexion Inc. introduced a new product EPOSIL Resin 5550. This product offers more efficiency in terms of protective coatings.
Increasing Demand from Electrical Manufacturing Sector to Drive Market Growth
There are several factors that are positively contributing to the growth of global epoxy curing agents market. One of the key driving factors for the market growth is the increasing demand for epoxy curing agents from the electrical manufacturing sectors. In addition to this, there are strict guidelines in place for the use of lightweight components in the automotive and aerospace industry. This is also helping to drive the growth of the global epoxy curing agents market.
It is projected that the market will witness a high usage with regards to bio-based resins. Also, the time taken for adopting epoxy curing agents is also likely to come down. Additionally, the growth of the global epoxy curing agents market is also expected to be fuelled by the increasing demand for printed circuit boards (PCBs) in the electronics industry.
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Environmental Concerns to Hamper Market Development
The aforementioned growth of the global epoxy curing agents market is not without some challenges in its path. One of the important restraining factors for the slowdown of the epoxy curing agents market is the increasing costs of raw materials in the aerospace and wind energy industries.
Another factor that is projected to hamper the growth of the global epoxy curing agents market is the increasing environmental concerns about the epoxy curing agents. These agents emit hazardous compound called volatile organic compounds (VOCs).
With these growing concerns about the environment, manufacturers are trying to develop more eco-friendly epoxy curing coating agents. This is expected to create new opportunities for the growth of the global market.
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The information presented in this review is based on a Transparency Market Research report, titled, “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.”
Key segments of the global epoxy curing agents market are as presented:
Product
- Amines
- Polyamides
- Imidazoles
- Anhydrides
- Others
End-use Industry
- Building & Construction
- Transportation
- Electrical & Electronics
- Wind Energy
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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