Curing Agents Market Projected to Reach $5.9 Billion by 2023
DUBLIN — According to a new report released by Research and Markets, the curing agents market is projected to grow from $4.2 billion in 2018 to $5.9 billion by 2023, exhibiting a compound annual growth rate (CAGR) of 6.80%. The market is expected to witness growth owing to the increasing demand for curing agents from various applications such as coatings, wind energy, electrical and electronics, construction, composites, and adhesives. Research institutions and various manufacturers are taking initiatives and making large investments in research and development to create epoxy curing agents that impact cost, add durability, and have improved the properties for end-use applications. Stringent government regulations in the chemical industry are expected to hamper growth in the market. Volatility in raw material prices might also adversely affect the overall production cost of curing agents.
Epoxy is expected to be the largest segment of the overall curing agents market for the forecast period. Epoxy curing agents are formulated to meet various properties such as fast curing time; pot life flexibility; viscosity; chemical, water, and wear resistance; and other mechanical properties required for various applications. These factors are expected to drive the epoxy curing agents market during the forecast period.
The curing agents market in the APAC region is expected to register the highest CAGR during the forecast period. This region is segmented into China, Japan, India, South Korea, Indonesia, Taiwan, Malaysia and Rest of APAC. The APAC region is a lucrative market for curing agents owing to the improving economic conditions in the region and increasing demand from packaging industries. Product innovations, new research and development projects, and increasing demand from various end-use industries have also fueled the demand for curing agents in APAC.
As part of a qualitative analysis, the research study provides a review of the major market drivers, restraints, opportunities and challenges to the curing agents market. It also discusses competitive strategies adopted by market players such as Evonik Industries (Germany), Hexion Inc. (United States), Huntsman Corp. (United States), Cardolite Corp. (United States), and BASF (Germany), among others. The report defines, segments, and projects the curing agents market based on type, application, and region, and analyzes competitive developments, such as new product developments, expansions, and mergers and acquisitions, undertaken by the key players to achieve growth in the market.
For more information, visit https://www.researchandmarkets.com/publication/mzrffzpbr/4748210.