Future Market Insights Inc. (FMI) has released a report on the epoxy curing agents market titled Epoxy Curing Agents Market by Curing Agents, Application, End-User & Region - Forecast 2022 – 2032. According to FMI, the global epoxy curing agents market is expected to witness a CAGR of around 5.2% during the forecast period from 2022-2032. The global market is currently valued at around $3.11 billion in 2022, and is anticipated to reach a high of about $5.16 billion by the year 2032. According to FMI's historic analysis, the global epoxy curing agents market grew at a CAGR of 4.9%. According to FMI, the growth of the market is supported by evolving trends, such as the replacement of dicyandiamide curing agents that have a direct impact on the dynamics of the epoxy curing agents industry. In addition to that, epoxy curing agents are highly employed as primers for protective coatings.
FMI reports that the development of curing agents with low VOCs is anticipated to increase the demand for epoxy curing agents in the forthcoming years. Furthermore, the upsurge in the requirement from several end-use industries – such as the paints and coatings industry – is anticipated to bolster growth in the market, along with large demand for epoxy resin-based composites in the aerospace and wind-energy industries. However, it has also been revealed that after studying the market in-depth, certain prevailing elements are likely to curb the growth in the long run.
Key takeaways:
- The rising shares and surging growth of the manufacturing sector, construction sector, electronics, and automotive industry are prime drivers of reshaping dynamics in the concerned market.
- Due to rapid technological advancements, and increasing consumer shift towards environmentally friendly options, the new environmentally friendly epoxy curing agents extend profitable opportunities to the market players in the forecast period.
- Surging demand for electronic products, such as smartphones and automotive electronic equipment, also increases the demand for epoxy curing agents over the projection period.
- According to the research conducted by FMI, epoxy curing agents have diverse usage in multiple building and construction applications as they possess high-shear strength, coupled with better quality finish characteristics. Furthermore, rapidly changing trends – like replacing dicyandiamide curing agents in the construction sector – are likely to make a major contribution to driving the growth of the epoxy curing agents market during the assessment years.
- Consumers are drastically shifting their preferences towards a better standard of living owing to a rise in disposable income along with a significant shift of preference within the construction industry for decorative buildings, along with increased spending by the government on sustainable construction, which is estimated to propel the sales of epoxy curing agents further amidst the period 2022-2032.
- Increasing demand for adhesives from the construction industry is propelling the growth and advancements within the global epoxy curing agents market. In addition to that, demand for lighter components in the automotive industry is also known as a key demand driver over the projection years.
According to the report, the global epoxy curing agents market exhibits lucrative growth opportunities, as the market players are desperate to grab benefits out of the immense opportunities in the market. The need for improved coatings in construction activities has generated a plethora of opportunities for growth within the global epoxy curing agents market. Furthermore, the manufacture of silicone rubber also incorporates the utilization of epoxy curing agents, which is one of the prominent factors bolstering growth in the market. The epoxy curing agents companies are maximizing revenue potential by creating sustainable offerings as the sustainability trend is on the rise on a global scale.
View the full report here.
