The global curing agents market revenue was around US$ 12 billion in 2022 and is estimated to reach US$ 22 billion by 2031, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2023 to 2031.
Curing agents are used to harden a surface or substance. They are applied to polymer surfaces to bind the molecular components, the harder the material's surface, and the more robust the bond. Their prior function is to enhance the material's viscosity or hardness. They include anionic & cationic initiators, active hydrogen-containing compounds, and reactive cross-linkers.
Market Driving Factors
The increasing construction sector is estimated to boost the market growth. The construction sector is one of the largest end-use sectors for curing agents. A broad range of curing agents such as synthetic rubber curing agents and epoxy resin curing agents are broadly utilized in various applications in the construction sector. In addition, these curing agents are executed in the processing of flooring coatings, road marking, adhesives for mortars and concrete, and numerous other construction products. For instance, as per the stats by InvestIndia, the construction sector in India is expected the reach US$ 1.4 trillion by 2025.
Surging demand for automobiles is expected to propel the market expansion. The automotive sector is one of the significant sectors for curing agents. A broad range of curing agents is utilized in the production of composites and protecting vehicle coatings. In addition, the usage of composites in the automotive sector is rising to manufacture lightweight vehicles and improve fuel efficiency. As a result, the need for automotive paints and coatings is also growing with the increasing vehicle production and this is anticipated to propel the market growth. For instance, according to the India Brand Equity Foundation, the total automobile sales reached 3,34,130. Sales of automobiles in November 2023 have been the highest, with a marginal growth of 3.7%, compared to November 2022.
High prices of raw materials utilized in the manufacturing of curing agents can restrict market growth.
Regional Analysis
Asia Pacific is estimated to dominate the market in terms of the growth rate. This is primarily owing to the robust vehicle manufacturing and sales. Additionally, the construction sector is rising owing to surging urbanization and industrialization in developing nations.
Segmentation Insights
Type Insight
The epoxy segment dominated the market in terms of growth rate and is estimated to continue its dominance. This can be mainly attributed to the surged demand for epoxy resin from the construction industry.
End Use Industry Insight
The paints and coatings segment dominated the market in terms of the largest shares and is expected to maintain its dominance. This can be primarily attributed to the surged demand for curing agents by the Paints and coatings sector in interior painting, flooring, can & coil coatings, decorative coatings, and marine coatings.
Prominent Companies
Segmentation Outline
The global curing agents market segmentation focuses on the Type, End Use Industry, and Region.
By Type
By End Use Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CURING AGENTS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CURING AGENTS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CURING AGENTS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CURING AGENTS MARKET, BY TYPE
5.1 OVERVIEW
5.2 EPOXY
5.3 POLYURETHANE
5.4 SILICONE RUBBER
5.5 OTHERS
6 GLOBAL CURING AGENTS MARKET, BY END USE INDUSTRY
6.1 OVERVIEW
6.2 PAINTS AND COATINGS
6.3 BUILDING AND CONSTRUCTION
6.4 ELECTRICAL AND ELECTRONICS
6.5 COMPOSITES
6.6 OTHERS
7 GLOBAL CURING AGENTS MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL CURING AGENTS MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 HEXION
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 BASF SE
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 EVONIK INDUSTRIES AG
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 CARDOLITE
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 ALPHA CHEMICALS
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 ATUL LTD
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 KUMIAI CHEMICAL INDUSTRY CO. LTD
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 CARGILL
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 ADITYA BIRLA CHEMICALS
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 MITSUBISHI CHEMICAL CORPORATION
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 OLIN CORPORATION
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 ALBEMARLE CORPORATION
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 HUNTSMAN INTERNATIONAL LLC
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 ARNETTE POLYMERS
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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