TAGS: Epoxy Adhesives
The global curing agents market is projected to grow from USD 4.2 billion in 2018 to USD 5.9 billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Curing agents are widely used in applications such as adhesives, coatings, electrical & electronics, composites, construction, and wind energy. This is expected to drive the curing agents market.
Largest Share for Curing Agents: Epoxy Segment
Epoxy curing agents help in making a cross-link within the ingredients that help to cure and deliver strength to the product. They act as additives that are used to cure or harden various materials in different surroundings.
The demand for epoxy curing agents, especially amine based, is increasing due to its use in varied applications. Epoxy curing agents show improved performance, durability, and ease-of-use in products. Hence, their demand is high in various applications.
The Fastest-Growing Applications: Wind Energy Segment
Curing agents are preferred for wind blade fabrications due to their high sheer, compressive strength, and low weight. The fatigue performance of curing agents improves the composite mechanical properties in rotor blades, thereby enhancing the performance of wind turbines. With the improvement in technology, manufacturers of curing agents are coming up with new products and systems to help the manufacturers in the wind industry.
For instance, Hexion produces epoxy resins for infusing carbon fiber and manufactures strong carbon fiber composites that control heat development in a composite during infusion and provide high temperature glass transition, which helps in the manufacturing of wind turbine blades.
The Highest CAGR Bagged: APAC Segment
The APAC curing agents market is segmented into China, Japan, India, South Korea, Taiwan, Malaysia, Indonesia, and Rest of APAC. APAC is an emerging and lucrative market for curing agents, owing to the industrial development and improving economic conditions in the region. This region constitutes, approximately, 61% of the world’s population, resulting in the growth of the manufacturing and processing sectors.
India and China have been the driving forces behind the rapid development in the APAC region, as well as globally. The growth in these countries is attributed to high economic growth, followed by heavy investments in coatings, electrical & electronics, adhesives, wind energy, and construction sectors.
Source: MarketsandMarkets