Epoxy Hardener Market Size & Share, by Type (Polyamide, Aromatic Amine, Amino Amine, Aliphatic Amine, Cycloaliphatic Amine); Form (Solvent-Based, Waterborne, Solid); Application (Paints & Coatings, Adhesives & Sealants, Electronic Encapsulation, Composites); End-user (Building & Construction, Marine, Aerospace, Electrical & Electronics, Energy & Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Growth Drivers

• Increasing Construction Activities across Countries - The growing infrastructure investments by the government, the rising residential sector, and improving living standards are the major factors driving construction growth that is estimated to propel the demand for epoxy hardeners across various applications. For instance, according to the World Bank, the total urban population was 4.4 billion in 2021, which experienced an increase of 2.3% compared to 2020. Moreover, government investments in various public infrastructure projects such as connectivity projects, housing projects, and smart cities are likely to augment the growth of the construction industry.
• Growing Demand across Electronics and Semiconductor Industry - Epoxy resins are the major component of durable epoxy compounds used in semiconductor packaging assemblies and printed circuit boards since they protect the semiconductor from factors in the external environment, such as moisture, heat, and shock. Furthermore, the continuous technological innovation in semiconductors and consumer electronics is fueling the market demand for epoxy hardeners. According to the India Brand Equity Foundation, the production of electronics hardware in the country stood at USD 63.39 billion in 2021.
• Increasing Utilization in Energy Sector - Epoxy resin-based composite materials have become established as material for rotor blades. Wind energy is on the rise as a climate-friendly source of energy. For instance, 24,000 tons of Bisphenol A (BPA)-based epoxy resin are used in rotor blades in Europe annually (out of which 52,000 tons of the resins are used in overall wind turbine design overall).
• Surging Adoption of Epoxy Hardener in Automobile Industry - Epoxy hardener is used in automotive coatings owing to its chemical properties, such as mechanical strength, adhesion to metals, and heat resistance. These properties protect car bodywork from corrosion and other damages, sometimes doubling the lifetime of a car. Besides, it is used to manufacture composite parts of automobiles. According to the International Organization of Motor Vehicle Manufacturers (OICA), 80,145,988 automobiles were manufactured in 2021, and 77,621,582 were manufactured in 2020. The increasing production rate in the automobile industry is expected to flourish the global epoxy hardener market.

Challenges

• Toxicity Effect Owing to Volatile Organic Compound Emissions - Epoxy resins and their hardeners are complex chemical compounds that, in some cases, can cause injury if handled improperly. Amine-based epoxy hardeners release VOCs, potentially becoming hazardous air pollutants. They can cause several health issues, including eye irritations, burns, nose or throat allergies, asthma, and sometimes skin cancer. Besides, they can cause other effects, such as headaches, dizziness, and confusion. When it comes to skin contact, it is usually where the problems arise. It can be an irritant, which can give toxic eczema, or a sensitizer, which can give allergic contact dermatitis. Among the hardeners, aliphatic polyamines can cause the most skin lesions. For instance, according to the World Health Organization (WHO), approximately 2-3 million cases of non-melanoma skin cancers and 132 million cases of melanoma skin cancers are recorded worldwide annually. Moreover, 1 in 3 cancers diagnosed is skin cancer.
• High Fluctuation in the Prices of the Raw Materials
• Easy Availability of Alternatives