Curing Agent Industry | Future Challenges And Industry Growth Outlook By 2028
Market Overview
The global curing
agent industry is expected to witness a significant growth during the forecast
period owing to the wide scope of application such as coatings, composites,
adhesives, and others. The increasing demand of curing agents in coatings for
automotive, electrical & electronics, building & construction, and
marine is expected to drive the global market. With the growth of these
industries, the demand for curing agent is likely to reach its peak during the
review period.
Market
Segmentation
The global Curing Agent Industry has been segmented
by type, application, and region.
By type, the global
curing agent market has been divided epoxy, polyurethane, silicone rubber, and
others. The epoxy segment accounted for the largest market share in 2017 on
account of the ease of handling and convenient mix ratios, improved cure system
strength, flexibility and toughness, improved peel and impact strength,
improved cured system chemical, solvent and water resistance, and its ability
to alter the reactivity of the system.
Based on
application, the market has been segmented into coatings, adhesives,
composites, wind energy, and others. The coatings segment is dominated the
market in 2017 on the backdrop of extensive use of curing agents in primers to
enhance the adhesion quality of coated parts in marine, automotive, building
& construction, and other applications. These are majorly used on metal
surfaces where corrosion and chemical resistance are important to protect them
from damage or wear.
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Regional
Analysis
Regionally, the
global market has been segmented into five regions, namely, Asia-Pacific, North
America, Europe, Latin America, and the Middle East & Africa.
The market in
Asia-Pacific dominated the global curing agent industry in 2017 due to the high
demand from automotive and construction industry. The rapid industrialization
and urbanization in the emerging economies such as India, Thailand, and
Indonesia are the primary factor affecting the growth of the curing agent
market.
The high production
and sales of automobile parts in Western European countries such as Germany,
Italy, UK, and France are expected to drive the demand for automobiles, which
will further drive the demand for curing agent.
The demand for
curing agent from applictaions in major end-use industries such as automotive,
builidng & construction, electrical & electronics, and marine
industries is driving the demand for curing agent in the North American region.
Competitive
Analysis
Some of the
manufacturers operating in the global curing agent market are Evonik Industries
AG (Germany), BASF SE (Germany), Huntsman International LLC (US), Hexion (US),
Olin Corporation (US), Cardolite (US), Aditya Birla Chemicals (India),
Mitsubishi Chemical Corporation (Japan), Atul Ltd (India), Albemarle
Corporation (US), GABRIEL (US), Campbell Plastics (UK), Arnette Polymers, LLC
(US), Cargill, Incorporated (US), Epochemie International Pte Ltd (Singapore),
KUMIAI CHEMICAL INDUSTRY CO., LTD. (Japan), and LEUNA-Harze GmbH (Germany).
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