The global market for epoxy hardeners are poised to surge at a CAGR of 6.05% from 2021 to 2031, according to a newly published market intelligence report. As per the study, the industry is likely to touch US$ 6.3 Bn by the end of the aforementioned forecast period. Dynamic trends in industries such as construction, aerospace, marine, home décor, and electronics are set to provide significant thrust to market growth of epoxy hardener.
According to a recent market intelligence study, the industry experienced steady growth across the 2016-2020 historical period, clocking a CAGR of around 4%. As of 2021, there is an expectation that the market is will have a value of US$ 3.5 Bn. Prospects declined sharply amid the COVID-19 pandemic, especially in the first half, as the global manufacturing sector experienced a blip.
Future market demand is heavily reliant on numerous research and also development initiatives undertaken by prominent manufacturers. This is regarding introduction of both environmentally friendly coatings and solvent material. For instance, EcoPoxy, a prominent market player, offers a range of sustainable epoxy-based coatings. These include UVPoxy, a crystal clear thin pour for both woodworkers and artists. These pours measure up to 6 mm, offering a highly durable finish.
Key Takeaways from the Market Study
- By product group, polyamide epoxy hardeners acquired 1/4th of the global market share in 2020
- Special epoxy hardeners demand expected to surge at over 5% CAGR until 2031
- Aromatic amines to register a growth rate of 5% from 2021 to 2031
- Paints & coatings to be primary end use industry, scheduled to gain 70 BPS by 2031
- Liquid epoxy hardeners clocked a share of around US$ 2.5 Bn in 2020
- U.S market for epoxy hardeners to expand at a CAGR of approximately 5%
- China to account for a revenue share worth 45% across the 2021-2031 assessment period
“With the increasing trend of high-rise, large-scale, and functional modern architectural structures, lightweight material gain a significant thrust by fuel-efficiency regulations set for the use of lightweight materials by automakers and garnered active research attention in the aerospace sector,” comments a Senior Research Analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
In June 2021, Aditya Birla Group-Advanced Materials business has planned to invest towards increasing business capacity by ~125 KTPA through a brown field expansion at its Vilayat, Gujarat, India location. It will include standard & specialty epoxy products along with curing agents.
In February 2020, Cardolite Corporation announced the release of its new NX-8501 waterborne curing agent for both epoxy coatings and adhesives. Completely solvent-free, this hardener enables zero and low VOC formulations without compromising performance. The agent removes 80% of dissolved solids in water
These insights are based on a report on Epoxy Hardener Market by Fact.MR.