Curing Agent - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Curing Agent - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Curing Agent Market size is estimated at USD 7.17 billion in 2024, and is expected to reach USD 9.23 billion by 2029, growing at a CAGR of 5.16% during the forecast period (2024-2029).

The curing agent market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility wherein industries, such as paints and coatings, building and construction, etc., were forced to delay their production due to containment measures and economic disruptions. Currently, the market has recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.

The increasing demand from the paints and coatings and building and construction industries is expected to fuel market growth.

However, stringent environmental regulations associated with curing agents to reduce volatile organic compounds (VOC) emissions are anticipated to hamper market expansion.

The development of environmentally friendly low or non-VOC agents is expected to provide opportunities for the market to flourish.

The Asia-Pacific region dominated the market around the world, with countries like China, India, and Japan being the biggest consumers.

Curing Agent Market Trends

Growing Demand for Epoxy Curing Agents In Building and Construction Industry

• Among curing agents, epoxy curing agents are used for a variety of applications and are expected to account for the largest share of the market during the forecast period.
• 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 to develop lightweight composites for building and construction to provide architectural infrastructure and overcome construction challenges.
• Epoxy resins as primers, sealers, and waterproofing agents are extensively used to protect concrete from moisture. Epoxy resins are used in curing concrete as they provide great adhesion, fast drying, and high mechanical strength to concrete.
• According to Oxford Economics, the global construction industry is expected to reach USD 13.3 trillion by 2025 – adding USD 2.6 trillion to output in five years from 2020.
• The construction sector in the Asia-Pacific region is the largest in the world. The highest growth for housing is expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India. These two regions are expected to represent over 43.3% of the global middle class by 2030.
• Also, according to the National Bureau of Statistics of China, China's construction output peaked in 2022 at about USD 4.11 trillion. As a result, these factors tend to increase the market demand.
• Therefore, owing to such factors mentioned above, the studied market is expected to grow significantly during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region is expected to account for the largest market for curing agents during the forecast period owing to the expanding industries such as paints and coatings, adhesives, construction, etc., in major countries such as China, India, Japan, etc.
• Curing agents are used in primer, powder coating, and topcoat formulations, production of lightweight composites, mortars, electrical castings, and many more. 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 wide range of properties, such as low or high-temperature cure, variable pot life, higher strength, and excellent corrosion resistance.
• According to the China Paint Industry Association, Asia-Pacific continues to be a major growth driver for the coatings industry. With more than 1000 coating companies in operation, China has become a major player in the industry.
• This growth has attracted investments from leading global coating manufacturers such as Nippon Paint, AkzoNobel, Chugoku Marine Paints, PPG Industries, BASF SE, and Axalta Coatings, which have established manufacturing bases in China.
• In July 2022, BASF SE, through its subsidiary BASF Coatings (Guangdong) Co., Ltd. (BCG), expanded its manufacturing capabilities for automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province in South China. The company increased its production capacity to 30,000 tons annually through this expansion project.
• Further, the Indian paint and coatings industry also witnessed significant growth over the past two decades. The industry comprises more than 3,000 paint manufacturers, with the presence of major global players in the country.
• In January 2023, Asian Paints approved an investment of INR 20 billion (USD 240.53 million) for a new waterborne paint manufacturing plant with 400 million liters per annum capacity in Madhya Pradesh, India. The facility’s manufacturing is expected to be commissioned in three years.
• Therefore, the factors mentioned above indicate a positive influence of the growing construction industry in the Asia-Pacific market on the studied market over the forecast period.

Curing Agent Industry Overview

The curing agent market is partially fragmented in nature. The major players in the studied market (not in any particular order) include BASF SE, Hexion, Olin Corporation, Mitsubishi Chemical Corporation, and Evonik Industries AG, among others.

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