Epoxy Curing Agent Market Highlights
APAC region dominated the global epoxy curing agent market in 2016, and is expected to continue the dominance during the forecast period. This region accounted for 48% of the global market share in 2016. Asia-Pacific led the epoxy curing agents market in terms of value and volume both in 2016, due to the rapid industrialization in countries including Indonesia, India, China, and Malaysia. Among all the countries China and India considered as the two major markets due to cheap labor, huge customer base, and flexible norms resulted in various manufacturers starting their firms in this region. In addition, the APAC region is a developing market for various industry including electronics, automotive, construction, and other industries. In this region demand for epoxy curing agents is driven by increasing consumption in composites, coatings, adhesives, and other industrial applications.
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North America is the strong region which holds second position in global epoxy curing agent market, including countries such as U.S., Mexico and Canada. Growth in this region is credited to the increasing consumption of end user industries such as marine and automotive industry particularly, in U.S. and Canada. Companies are investing in R&D to renovate new products for varied range of applications. In addition, an investment of US$ 1.6 billion through Dow chemical in R&D was used to improve the epoxy technology and offer a huge range of high quality of epoxy curing agent products. Manufacturing companies are launching low emission and waterborne curing agent products including the Huntsman International LLC and The Dow Chemical Company are including environmentally responsible formulations of epoxy curing agent products.
Europe is the third largest epoxy curing agent market including countries such as Germany, UK, France, Italy, and rest of the Europe. This region is expected to witness moderate growth over the forecast period of 2016 to 2023 due to growth for end use industries and increase in consumption for high performance epoxy resin in the paint & coatings, composites, and electronics applications. Middle East and South Africa is an emerging region for epoxy curing agent market. This region will play a crucial role in the development of overall epoxy curing agent market development as it is considered as leading producer of epoxy curing agent.
Major players having presence in the global epoxy curing agent market include Evonik Industries AG (Europe), BASF SE (Europe), Huntsman International LLC (US), Cardolite Corporation (US), Kukdo Chemical Co., Ltd. (South Korea), Aditya Birla Chemicals (India), Mitsubishi Chemical Corporation (Japan), Momentive Specialty Chemicals Inc. (US), The Dow Chemical Company (US), Air Products and Chemicals, Inc. (US), and Others.
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