Global Epoxy Curing Agents Market Future Demand and Growth Analysis
Epoxy curing agents are used to obtain optimum performance characteristics of epoxy resins by crosslinking with them. The selection of curing agents is totally dependent upon the process and end user requirements. Handling characteristics such as viscosity, pot life, gel time, and physical & chemical properties along with environmental limitations play a crucial role in the manufacturing of epoxy curing agents. Epoxy curing agents are mainly classified as aliphatic amines, polyamides, aromatic amines, anhydride, catalytic, polysulfide, and mercaptans. Each of them have advantages and dis-advantages over the other and for specific requirements. The global epoxy curing market has witnessed substantial growth due to its extensive applications in construction, coatings, adhesives, and electronics among others. High growth in construction activities in both, residential and no-residential sectors is increasing demand for high performance epoxy-based resins. Increasing research and development activities to develop high performance curing agents is e expected to fuel growth of this market over the forecast period. However, stringent government regulations imposed on the use of volatile organic solvents, pose as a restraint for market growth. The impact of this restraint is expected to minimize due to technological advancement in epoxy curing manufacturing processes, helping the market cope with this challenge.
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Among product type, low temperature cure segment holds the largest revenue and volume share in the global epoxy curing agents market and is expected to lead the market by witnessing a CAGR of 5.4% over the forecast period. Increasing demand for low temperature cure epoxy curing agents in paints and coatings application is projected to positively impact the growth of this segment in the near future.
Among application, construction segment accounted for the highest share both, in terms of revenue and volume, in 2016. Increasing construction activities due to the increasing demand for residential and non-residential infrastructure across the world is projected to maintain dominance of this segment over the forecast period.
Asia Pacific accounted for highest revenue share and was valued at US$ 579.39 million in the global epoxy curing agents market in 2016. The region is expected to sustain its dominance throughout the forecast period due to increasing government and private investment on infrastructure development. For instance, in 2015, the Indian Ministry of Road Transport, Highways and Shipping announced a target of US$ 376.53 billion investment in infrastructure sector by 2018. Asia Pacific is projected to be the fastest growing region in the global epoxy curing agents market and is projected to witnessing a CAGR of 6.2% over the forecast period.
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According to a study by Coherent Market Insights, the global epoxy curing agents market was valued at US$ 1,316.9 million in 2016 and is expected to witness a CAGR of 4.9%, in terms of revenue, over the forecast period (2017 – 2025).
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