The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Epoxy Curing Agents Market.
It was estimated prior to this unanticipated outbreak that the Epoxy Curing Agents Market was expected to grow at a CAGR of 4.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Curing agent is a substance used to harden a surface or material. It is an important part of epoxy resin product portfolio and selecting the correct curing agent is significant as it influences the viscosity, reactivity and working time of resins.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the end-use industry type, the market is segmented as wind energy, pipe and tank, aerospace and others. The wind energy segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The increasing use of composite materials in wind blade manufacturing is driving the growth of this segment.
Based on the product type, the epoxy curing agents’ market in the composites industry is segmented as aromatic amines, aliphatic amines, cycloaliphatic amines, catalyst, dicyandiamide, anhydride, and others. The aliphatic amines segment dominates the market, whereas aromatic amine is expected to experience the highest growth during the forecast period driven by the growing demand for high-performance composites in aerospace applications.
In terms of regions, Asia-Pacific is estimated to be the largest epoxy curing agents’ market in the composites industry during the forecast period, with China, Japan, and India, being the major countries with lucrative as well as fastest-growth opportunities. The growth of the market is driven by the increasing demand for composites in pipe and tank and wind energy industries. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major epoxy curing agent manufacturers for the composites industry are-
- BASF SE
- Huntsman Corporation
- Hexion Inc.
- Dow Inc.
- Cardolite Corporation.