LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Global Curing Agents Market by type (epoxy, polyurethane, and silicone) and geographic regions (APAC, Europe, North America, South America, and MEA) is witnessed to grow USD 1.66 billion, at a CAGR of 6% from 2019 to 2023.”
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Global Curing Agents Market: Increasing emergence of technologically advanced curing agents
Curing agents contain solvents that are formed using various types of VOCs. However, governments in many countries have introduced regulations that restrict the quantity of VOCs in coating materials. As a result, vendors are focusing on reducing the use of solvent-based coatings by replacing them with waterborne coatings. Waterborne curing agents are designed to be stable in water without the help of co-solvents. These agents exhibit desirable performance qualities, including good compatibility, outstanding adhesion, curing at low temperature, and excellent anticorrosion properties. The emergence of such technologically advanced curing agents will boost the growth of the epoxy curing agents market size during the forecast period.
“Apart from the increasing emergence of technologically advanced curing agents, other factors such as the increasing investments and R&D activities, along with the growing opportunities for curing agents in emerging economies will have a significant impact on the growth of the curing agents market size during the forecast period,” says a senior analyst at Technavio.
Global Curing Agents Market: Segmentation analysis
This market research report segments the global curing agents market by type (epoxy, polyurethane, and silicone) and geographic regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the curing agents market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the curing agents market in APAC can be attributed to the growing demand for paint and coatings in residential, non-residential, automotive, and industrial applications. The ongoing industrialization, expanding foreign investment funding, and increasing urban population are some of the factors that are propelling the demand for paints and coatings in the region.
Global Curing Agents Market: Rising demand from APAC
A key factor driving the growth of the global curing agents market size is the rising demand for curing agents in APAC. The curing agents market is witnessing high demand in emerging economies such as China, India, Indonesia, and Vietnam. This is mainly due to the extensive use of curing agents in the paints and coatings sector in the region. The region is witnessing a significant increase in the number of manufacturing plants, driven by the easy availability of raw materials, favorable government policies for foreign direct investment (FDI), and affordable labor. Thus, the increasing investment in the automotive, textile, construction, and electric and electronic industries is expected to propel the demand for curing agents during the forecast period.
Few Major Players for the Global Curing Agents Market are:
- BASF SE
- Cargill Inc.
- DowDuPont Inc.
- Evonik Industries AG
- Huntsman International LLC
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