Curing Agent Market Size, Share, Industry Analysis, Trends, Growth, 2032

Curing Agent Industry Prospective:

The global curing agent market size was evaluated at $7 billion in 2023 and is slated to hit $11 billion by the end of 2032 with a CAGR of nearly 5% between 2024 and 2032.

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Curing Agent Market: Overview

A curing agent is also referred to as catalyst and it controls the process of curing materials including composites, adhesives, resins, and coatings. These products are used in a spectrum of industrial applications as they can enhance strength, durability, and performance of the finished product. Moreover, few of the commonly used curing agents in polymer process are sulfurs, amines, macromolecules, and acid anhydrides.

Key Insights

• As per the analysis shared by our research analyst, the global curing agent market is projected to expand annually at the annual growth rate of around 5% over the forecast timespan (2024-2032)
• In terms of revenue, the global curing agent market size was evaluated at nearly $7 billion in 2023 and is expected to reach $11 billion by 2032.
• The global curing agent market is anticipated to grow rapidly over the forecast timeline owing to the humungous utilization of advanced composites in aerospace & defense activities.
• In terms of type, the epoxy segment is slated to register the highest CAGR over the forecast period.
• Based on end-user, the building & construction segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the North American curing agent industry is projected to register the fastest CAGR during the projected timespan.

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Curing Agent Market: Growth Factors

Immense use of curing agents in various end-use sectors to propel the global market expansion by 2032

Escalating demand for curing agents in construction activities is anticipated to embellish the growth of the global curing agent market. Humungous utilization of advanced composites in aerospace & defense activities will further enhance the use of curing agents in the aerospace & defense sector, thereby steering the global market trends. Growing use of high-performing coatings in the automotive, industrial, and marine sectors will further boost the product demand in these sectors Technological breakthroughs in the curing agent systems will contribute majorly toward the expansion of the market globally Need for improving the downstream and upstream production capabilities will embellish the elevation of the market globally.

Curing Agent Market: Restraints

Scarce availability of raw components can retard the growth of the global industry over 2024-2032

Restricted raw material access and surging prices of advanced curing agents can inhibit the expansion of the global curing agent industry. Furthermore, strict laws regulating the use of the product and an increase in the emission of volatile organic compounds from the product can retard the industry growth over the assessment period.

Curing Agent Market: Opportunities

Escalating inclination towards the use of green & sustainable products can open new growth avenues for the global market

Growing production of eco-friendly products and the use of new technologies for developing curing agents with beneficial features will open new growth avenues for the global curing agent market. Large-scale demand for customization and high-performing composites will pave the way for the growth of the market across the globe.

Curing Agent Market: Challenges

Changing economic scenarios and downturns in the demand for product can challenge the growth of the global industry

Supply chain disruptions and economic instabilities owing to ongoing conflicts witnessed across the globe and the huge costs of innovating new products can challenge the expansion of the global curing agent industry. Surging customer preference for alternate products can further challenge the expansion of the industry across the globe.

Curing Agent Market: Segmentation

The global curing agent market is divided into type, end-user, and region.                                          

In terms of type, the curing agent market across the globe is bifurcated into epoxy, silicone rubber, and polyurethane segments. Additionally, the epoxy segment, which gained nearly 59.9% of the global market revenue in 2023, is anticipated to record the highest CAGR in the forecast timespan due to large-scale penetration of epoxy curing agents in adhesives, composites, and coatings due to their beneficial features such as chemical resistance, strong adhesion, and high strength. Reportedly, these products also find a plethora of applications in electronics, automotive, marine, art & craft, and healthcare sectors.  

Based on the end-user, the global curing agent industry is divided into paints & coatings, composites, building & construction, and electrical & electronics segments. Furthermore, the building & construction segment, which accrued about 55% of the global industry earnings in 2023, is likely to account for remarkable contributions toward the global industry share in the next eight years, subject to massive use of the product in concrete curing, sealants & adhesives, flooring, concrete maintenance & repair, protective coatings, precast concrete, and sealers & grouts in the construction activities.

Curing Agent Market: Report Scope

Curing Agent Market: Regional Insights

Asia-Pacific is prognosis to maintain numero uno position in the global market during 2024-2032

Asia-Pacific, which accounted for 60% of the global curing agent market revenue in 2023, is expected to establish a dominating position in the global market in the next couple of years. In addition, the regional market surge in the forecast timeline can be credited to immense product usage in paints & coatings, adhesives, and construction sectors in China, Japan, and India. Reportedly, curing agents are used in the manufacturing sector of mortars and electrical castings in these countries. For the record, China has over 1,000 coating firms and hence has become a key player in the curing agent business across the globe. Giant firms are rapidly expanding their business in the APAC region to churn huge profits along with establishing a strong position & gaining a competitive edge over their business rivals in the APAC market.

North American curing agent industry is slated to record the highest gains annually in the coming few years. The expansion of the industry in the North American region can be a result of the presence of key manufacturers in countries such as Canada and the U.S. Moreover, easy access to raw materials for producing curing agents will further contribute to regional industry growth in the coming decade

Key Developments

• In the second half of 2022, BASF SE increased its production capacity in the Southern part of China by setting up an automotive refinishing coatings unit in Guangdong province. Such moves will boost the growth of the curing agent business not only in APAC but also across the globe.
• In the first quarter of 2023, Asian Paints invested nearly INR 20 billion in establishing a waterborne paint production unit in India to increase the production of paints. These initiatives will contribute majorly toward the profitability of the firm and the curing agent market in the coming years.    

Curing Agent Market: Competitive Space

The global curing agent market profiles key players such as:

• Mitsubishi Chemical Holdings Corporation
• lbemarle Corporation
• Kumho P&B Chemicals Inc.
• Arnette Polymers LLC
• Olin Corporation
• Cardolite Corporation
• BASF SE
• Alfa Chemical
• Evonik Industries AG
• Shandong Deyuan Epoxy Resin Co. Ltd
• Huntsman Corporation
• Atul Ltd
• Hexion Inc.
• Epochemie - Epoxy Curing Agents
• Vijai Poly Products Private Limited.

The global Curing Agent market is segmented as follows:

By Type

• Epoxy
• Silicone Rubber
• Polyurethane

By End-User

• Paints & Coatings
• Composites
• Building & Construction
• Electrical & Electronics

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa