Please Wait.....
Report
Curing Agent - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
The Curing Agent Market size is estimated at USD 7.17 billion in 2024, and is expected to reach USD 9.23 billion by 2029, growing at a CAGR of 5.16% during the forecast period (2024-2029).
The curing agent market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility wherein industries, such as paints and coatings, building and construction, etc., were forced to delay their production due to containment measures and economic disruptions. Currently, the market has recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
The increasing demand from the paints and coatings and building and construction industries is expected to fuel market growth.
However, stringent environmental regulations associated with curing agents to reduce volatile organic compounds (VOC) emissions are anticipated to hamper market expansion.
The development of environmentally friendly low or non-VOC agents is expected to provide opportunities for the market to flourish.
The Asia-Pacific region dominated the market around the world, with countries like China, India, and Japan being the biggest consumers.
Curing Agent Market Trends
Growing Demand for Epoxy Curing Agents In Building and Construction Industry
- Among curing agents, epoxy curing agents are used for a variety of applications and are expected to account for the largest share of the market during the forecast period.
- In the construction industry, epoxy curing agents are used to produce thermosetting adhesives that provide environmental resistance and superior strength.
- Epoxy curing agents are used to develop lightweight composites for building and construction to provide architectural infrastructure and overcome construction challenges.
- Epoxy resins as primers, sealers, and waterproofing agents are extensively used to protect concrete from moisture. Epoxy resins are used in curing concrete as they provide great adhesion, fast drying, and high mechanical strength to concrete.
- According to Oxford Economics, the global construction industry is expected to reach USD 13.3 trillion by 2025 - adding USD 2.6 trillion to output in five years from 2020.
- The construction sector in the Asia-Pacific region is the largest in the world. The highest growth for housing is expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India. These two regions are expected to represent over 43.3% of the global middle class by 2030.
- Also, according to the National Bureau of Statistics of China, China's construction output peaked in 2022 at about USD 4.11 trillion. As a result, these factors tend to increase the market demand.
- Therefore, owing to such factors mentioned above, the studied market is expected to grow significantly during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for curing agents during the forecast period owing to the expanding industries such as paints and coatings, adhesives, construction, etc., in major countries such as China, India, Japan, etc.
- Curing agents are used in primer, powder coating, and topcoat formulations, production of lightweight composites, mortars, electrical castings, and many more. They are even suitable for marine applications because of their underwater cure.
- Curing agents can be used for a variety of applications because of their wide range of properties, such as low or high-temperature cure, variable pot life, higher strength, and excellent corrosion resistance.
- According to the China Paint Industry Association, Asia-Pacific continues to be a major growth driver for the coatings industry. With more than 1000 coating companies in operation, China has become a major player in the industry.
- This growth has attracted investments from leading global coating manufacturers such as Nippon Paint, AkzoNobel, Chugoku Marine Paints, PPG Industries, BASF SE, and Axalta Coatings, which have established manufacturing bases in China.
- In July 2022, BASF SE, through its subsidiary BASF Coatings (Guangdong) Co., Ltd. (BCG), expanded its manufacturing capabilities for automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province in South China. The company increased its production capacity to 30,000 tons annually through this expansion project.
- Further, the Indian paint and coatings industry also witnessed significant growth over the past two decades. The industry comprises more than 3,000 paint manufacturers, with the presence of major global players in the country.
- In January 2023, Asian Paints approved an investment of INR 20 billion (USD 240.53 million) for a new waterborne paint manufacturing plant with 400 million liters per annum capacity in Madhya Pradesh, India. The facility's manufacturing is expected to be commissioned in three years.
- Therefore, the factors mentioned above indicate a positive influence of the growing construction industry in the Asia-Pacific market on the studied market over the forecast period.
Curing Agent Industry Overview
The curing agent market is partially fragmented in nature. The major players in the studied market (not in any particular order) include BASF SE, Hexion, Olin Corporation, Mitsubishi Chemical Corporation, and Evonik Industries AG, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Paints and Coatings Industry
4.1.2 Growing Demand for Epoxy Curing Agents in Building and Construction Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Stringent Environmental Regulations
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Epoxy
5.1.2 Polyurethane
5.1.3 Rubber
5.1.4 Acrylic
5.1.5 Other Types (Silicone, etc.)
5.2 By Application
5.2.1 Building and Construction
5.2.2 Composites
5.2.3 Paints and Coatings
5.2.4 Adhesives and Sealants
5.2.5 Electrical and Electronics
5.2.6 Other Applications (Wind Energy, etc.)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alfa Chemicals
6.4.2 BASF SE
6.4.3 Cardolite Corporation
6.4.4 DIC Corporation
6.4.5 Evonik Industries AG
6.4.6 Hexion
6.4.7 Huntsman International LLC
6.4.8 Mitsubishi Chemical Corporation
6.4.9 Olin Corporation
6.4.10 Supreme Polytech Pvt. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Environmental Friendly Low or Non-VOC Curing Agents
7.2 Other Opportunities
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security