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Curing Agent Market Increasing Size, Demand, Growth Rate, and Forecast 2033 - Emergen Research
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Construction Sector Driving Market Growth
Curing agents play a crucial role in construction materials, including floor coatings, concrete adhesives, and road markings. With a booming global construction industry, demand for curing agents is set to rise. According to InvestIndia, the construction sector is expected to reach USD 1.4 trillion by 2025. In the United States, residential building expenditures rose from USD 642 billion in August 2020 to USD 657 billion in September 2020, according to Federal Reserve Economic Data. This growing construction activity is a significant factor propelling the demand for curing agents in various applications.
Automotive Sector Boosting Demand
The automotive industry is another major contributor to the curing agent market. As the sector transitions to lighter vehicles for better fuel efficiency and embraces EV production, the need for advanced curing agents increases. According to the International Energy Agency (IEA), global EV sales reached 10 million in 2022, a 55% increase from 2021, with EVs expected to make up 60% of new car sales by 2032.
Curing agents are vital in automotive paints, coatings, and composite materials used in vehicle manufacturing. The India Brand Equity Foundation reports that in fiscal year 2020, India sold over 20.1 million vehicles, with passenger cars and two-wheelers leading the market. Similarly, passenger car registrations in the EU rose by 24.5% in June 2021, with Germany seeing the highest demand. This surge in automotive production will further drive curing agent adoption.
Challenges Facing the Market
Despite its growth potential, the curing agent market faces challenges from fluctuating raw material prices. Petroleum-based products like polyamides and polyurethanes are key inputs, and their costs can vary significantly with oil price changes. According to Our World in Data, crude oil prices ranged from USD 54.19 per barrel in 2020 to USD 64.21 per barrel in 2022, before falling to USD 41.84 per barrel. This volatility in raw material costs can affect curing agent prices and market growth.
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Market Segmentation Insights
The curing agent market is segmented by type, including Epoxy, Polyurethane, Rubber, Acrylic, and Other Types.
Epoxy: This segment led the market in 2023 due to its superior adhesion, chemical resistance, and mechanical properties. Common curing agents in epoxy systems include amines and anhydrides, which influence flexibility, heat resistance, and curing time. Amine-based curing agents are widely used in coatings, adhesives, and composite materials for their durability and shorter curing times.
Polyurethane: This is the fastest-growing segment. Polyurethane curing agents, such as isocyanates, are used in producing flexible foams, hard plastics, and coatings. Their adaptable properties make them ideal for automotive parts, footwear, and more.
Rubber: Curing agents, including sulfur and peroxides, enhance rubber's elasticity, strength, and heat resistance. Vulcanization, a key process, is essential for manufacturing tires, seals, and gaskets.
Curing Agent Top Companies and Competitive Landscape
The curing agent market is highly competitive and driven by a rapidly increasing demand for durable and high-performance materials in coatings, adhesives, and composites applications. Huntsman, Evonik Industries, and BASF are among the leading manufacturers, based on advanced technology and extensive ranges of products that continue to maintain their leading positions in the market. Other significant companies, such as DOW and Air Products, also dynamize the industry through innovation and strategic partnership. The factors that influence this competition include raw material availability, regulatory compliance, and the demand for sustainable solutions, which call upon companies to better their offerings and fine-tune their production processes so they may gain a greater market share.
In March 2024, Evonik Industries has introduced a new epoxy curing agent called Ancamine 2880. This revolutionary product is intended to address the expanding demands of the coatings business by offering a fast-curing, UV-resistant solution that improves the performance of epoxy coatings.
Some of the key companies in the global Curing Agent market include:
Alfa Chemicals
BASF SE
Cardolite Corporation
DIC Corporation
Evonik Industries AG
Hexion
Huntsman International LLC
Mitsubishi Chemical Corporation
Olin Corporation
Supreme Polytech Pvt. Ltd.
Curing Agent Latest Industry Updates
In August 2022, Hexion Inc. has introduced a new epoxy system and curing agent to meet the growing demand for epoxy resins and curing agents in a variety of applications. This program demonstrates Hexion's dedication to innovation and sustainability in the coatings industry.
In January, 2022, Cardolite Corporation has unveiled a new waterborne curing agent for epoxy systems.
In April, 2022, Huntsman International LLC has introduced CTS, which includes specialized curing and toughening agents, resin adducts, and other high-performance epoxy resins.
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The main report offers detailed historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the segments from 2020 to 2033:
By Type Outlook (Revenue, USD Million; 2020-2033)
Ероху
Polyurethane
Rubber
Acrylic
Other Types (Silicone, etc.)
By Application Outlook (Revenue, USD Million; 2020-2033)
Building and Construction
Composites
Paints and Coatings
Adhesives and Sealants
Electrical and Electronics
Other Applications (Wind Energy, etc.)
By Regional Outlook (Revenue, USD Million; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Look Over transcripts provided by Emergen Research
Curing Agent Market Size@ https://www.emergenresearch.com/industry-report/curing-agent-market/market-size
Curing Agent Market Share@ https://www.emergenresearch.com/industry-report/curing-agent-market/market-share
Curing Agent Market Trends@ https://www.emergenresearch.com/industry-report/curing-agent-market/market-trends
Curing Agent Market Demand@ https://www.emergenresearch.com/industry-report/curing-agent-market/regional-market-demand
Curing Agent Market Analysis@ https://www.emergenresearch.com/industry-report/curing-agent-market/market-analysis
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