In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
August 2020: Air Products announced the acquisition of General Electric Company gasification business without disclosing the financial terms.
The global epoxy hardener market is estimated to grow at CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing use of epoxy resin in the construction industry, and other end-users. Epoxy hardeners assist the curing process of epoxy resins, speeding up the process of drying, which is estimated to boost the market growth. The increasing usage of epoxy resin in various applications, such as, coatings, electronics, construction, adhesive, and others, is anticipated to primarily drive the market growth. In 2019, approximately 120 billion pounds of resin was produced globally, up from around 110 billion pounds in 2017, owing to their escalating use in construction industry. Moreover, hardeners provide compressive strength to the resin and are light weight, which is projected to increase its demand in the upcoming years.
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The market is segmented by type into polyamide, aromatic amine, and others, out of which, the aromatic amine segment is anticipated to hold the largest share in the global epoxy hardener market over the forecast period on account of higher heat distortion temperature. Moreover, the longer life and higher chemical resistance of aromatic amines is estimated to boost the segment growth. The market is segmented by end-user into coatings, adhesives and sealants, electronics, and others. Out of these, the coatings segment is anticipated to witness significant growth over the forecast period, owing to the increasing demand for paints and coatings in the construction sector.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global epoxy hardener market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of increasing construction activities and growing use of epoxy hardener to fast-track the process. Moreover, adoption of epoxy resin to make handmade gifts and decorative items amongst individuals, backed by growing DIY trends is estimated to boost the market growth.
The market in the Asia Pacific is anticipated to garner notable market share during the forecast period on account of increasing manufacturing and construction activities in developing nations, such as, China and India.
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The global epoxy hardener market is further classified on the basis of region as follows:
Our in-depth analysis of the global epoxy hardener market includes the following segments:
Ans: The increasing adoption of epoxy resin is estimated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Ans: Halt in the construction activities is estimated to hamper the market growth.
Ans: The market in the North America is estimated to provide most business opportunities over the forecast period owing to the growing construction activities, along with use of epoxy hardeners on an individual scale in the region.
Ans: The major players in the market are Huntsman International LLC, Evonik Industries AG, Mitsubishi Chemical Corporation, BASF SE, Kukdo Chemical Co., Ltd., Aditya Birla Chemicals, and Air Products Inc.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: The coating segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities owing to the growing construction activities.