Study Predicts Growth in Curing Agents Market
DUBLIN — According to a new study released by Research and Markets, the market for curing agents is expected to grow at a compound annual growth rate of over 5% globally for the period from 2020 to 2025. Growing demand for lightweight composites and increasing demand from the paints and coatings industry are driving the market. On the flip side, stringent environmental regulations and unfavorable conditions arising due to the COVID-19 outbreak are hindering market growth.
Among curing agents, epoxy curing agents are used for a variety of applications and are expected to account for the largest market during the forecast period. Curing agents are the substances that promote chemical reaction between oligomers, pre-polymers and polymers to obtain final polymerization and final film. Curing agents like amine, amide, silane and anhydride are used to cure epoxy resin by reacting with epoxide groups or by promoting the self-polymerization of the epoxy group by catalytic action.
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 in the development of lightweight composites for building and construction to provide architectural infrastructure and to overcome construction challenges.
Epoxy resins as primers, sealers and waterproofing agents are used extensively to protect concrete from moisture. Epoxy resins used in curing concrete provide great adhesion, fast dry and high mechanical strength to concrete.
In paints and coatings, epoxy curing agents are used in a range of systems such as waterborne, solventborne, powder and radiation curing coatings. They improve substrate adhesion and provide corrosion, chemical and water-resistance as well as improve durability.
Apart from coatings, epoxy curing agents are used in the manufacture of electrical composites, as they provide good mechanical and thermal strength and high electrical insulation.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market for curing agents during the forecast period due to the increase in demand from countries like India, China and Japan.
Curing agents are used in primer, powder coatings, and topcoat formulations, and to make lightweight composites, mortars and electrical castings. 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 range of properties, such as low- or high-temperature cure, variable pot life, higher strength, and excellent corrosion resistance.
In its 2019-20 budget, India allocated about $61.96 billion for the developments in its defense sector. In 2019, China allocated around $177.61 billion for its military and defense sector. The increase in investments in the military sector from India and China is expected to drive the consumption of composites and adhesives.
According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about $142 billion in 2019. The Indian government has allocated $63 billion for the infrastructure sector in 2019-20 and is planning to spend $1.4 trillion over the next five years.
The development of smart cities and other plans, like housing for all, are expected to increase the demand for construction as well as paints and coatings.
As a part of India’s green energy initiative, Indian s renewable energy capacity is expected to reach 175GW by 2022 from a current value of 85GW through solar and wind energy generation. The increase in investments in wind energy promoting the use of lightweight composites is expected to be a driver in the market for curing agents.
These factors, coupled with government support, are contributing to the increasing demand for curing agent market in the Asia-Pacific region during the forecast period.
For additional information about this report, Curing Agent Market — Growth, Trends, and Forecast (2020-2025), visit https://www.researchandmarkets.com/reports/5025787/curing-agent-market-growth-trends-and?utm_source=MC&utm_medium=Email&utm_code=mzrkd251f&utm_ss=24&utm_campaign=1401182+-+Curing+Agent+Market+-+Growth%2c+Trends%2c+and+Forecast+(2020+-+2025)&utm_exec=mame278mtd.