The global epoxy hardener market is estimated to garner a revenue of USD 14,265.6 million by the end of 2033 by growing at a CAGR of 6.77% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 6,972.6 million in the year 2022. The growth of the market can be attributed to the increasing construction activities across countries. Furthermore, the continual emphasis on technological innovation in semiconductors and consumer electronics is also contributing to the growth of the epoxy hardener market. For instance, according to the Semiconductor Industry Association (SIA), a U.S.-based trade association, the semiconductor industry sales rose to an estimated USD 49 billion in July 2022 from nearly USD 45 billion in July 2021.
In addition to these, factors that are believed to fuel the market growth of epoxy hardeners include the increasing inclination towards eco-friendly epoxy hardeners, notably in the energy sector. Furthermore, epoxy hardeners are known for their excellent adhesion properties and ability to withstand extreme temperatures and harsh environments. For instance, in April 2020, Chemical Process Services Ltd. (CPS) researched and developed a new series of “green” epoxy hardeners named Furalkamines, a new form of Mannich base epoxy hardeners derived from pentosane-rich biomass.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
6.77% |
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Base Year Market Size (2022) |
USD 6,972.6 Million |
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Forecast Year Market Size (2033) |
USD 14,265.6 Million |
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Regional Scope |
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Growth Drivers
Challenges
The global epoxy hardener market is also segmented and analyzed for demand and supply by end users into building & construction, marine industry, aerospace, electrical & electronics, and energy & power, and others. The electrical & electronics segment is estimated to have the largest revenue of USD 3,478.6 Million in the year 2033, up from USD 1,439.6 Million in the year 2022. This can be attributed to the frequently used of epoxy hardener in creating electrical composites owing to their excellent mechanical, thermal, and electrical insulation. Moreover, these are also utilized in electronic components like printed circuit boards (PCBs), fiber optics, LEDs, and other adhesive applications owing to their quick cycle times, great insulating qualities, low shrinkage, excellent impregnation, hydrophobicity, vibration dampening, low exotherm, high thermal conductivity, superb toughness, and high strength. In addition, epoxy hardeners are primarily in demand for the fabrication of PCBs, which are used in a variety of electronic products, including smartphones, hard drives, optical communication, drones, wearables, and other consumer electronics, leading to the growth of the epoxy hardener market. For instance, The National Policy on Electronics 2019 in India, targets the production of 1 billion mobile handsets valued at USD 190 billion by 2025, out of which 600 million handsets valued at USD 100 billion are likely to be exported.
The global epoxy hardener market is also segmented and analyzed for demand and supply by form into solvent-based, waterborne, and solid. Amongst these three segments, the solid segment is expected to garner a significant share over the forecast period. The solid epoxy hardener segment of the global epoxy hardener market is expected to be USD 6,287.6 million by 2033 from USD 3,031.8 million in 2022, with a CAGR of 6.90% during the forecast period. Solid epoxy hardeners are suitable for coatings on concrete where the solvent cannot, in addition to corrosion protection applications on steel. These make an excellent foundation for various high-quality chemical-resistant coatings that can tolerate exposure to corrosive environments. Furthermore, the prices are comparatively cheaper than waterborne epoxy hardeners, which makes them attractive across every application. High penetration of these epoxy hardeners in paints and coatings applications is expected to benefit the segmental market growth.
Our in-depth analysis of the global epoxy hardener market includes the following segments:
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By Type |
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By Form |
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By Application |
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By End User |
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The Asia Pacific epoxy hardener market, amongst the market in all the other regions, is projected to hold the largest market revenue by the end of 2033, of USD 6,431.1 Million with a CAGR of 8.34% during the forecast period. The growth of the market can be attributed majorly to the increasing urbanization, and growing construction activity across Asian countries, notably China. China accounts for about 50 percent of the world’s production of printed circuit boards (PCBs). For instance, in 2020, China exported USD 17.2 Billion in printed circuit boards, making it the world's 1st largest exporter of printed circuit boards. In 2020, China imported USD 6.11 billion in printed circuit boards, becoming the 2nd largest importer of printed circuit boards. In addition, Moreover, energy control policy had a positive impact on the Chinese epoxy resin market as the policy pushed the consumers to focus more on renewable energy sources.
The Europe epoxy hardener market is expected to showcase substantial growth over the forecast period of 2023-2033 by registering a CAGR of 4.91%. The Europe market was valued at USD 1,968.1 million in 2022 and is projected to reach USD 3,326.2 million at the end of 2033. Demand for lighter composite components in the aircraft and automotive industry is a key demand driver in the region since such features contribute to lowering emissions and improving durability, efficiency, strength, and reliability. Besides, the strong presence of leading aircraft component manufacturing companies across the country bolstered the sale of epoxy hardeners. For instance, according to the European epoxy resin committee, the weight savings achieved by using epoxy composites are estimated to reduce fuel usage by some 230 million kg per year, saving USD 147.9 million in fuel costs and 720,000 of CO2 aircraft emissions per year. The European transport sector uses about 49,000 tons of epoxy resins produced annually by epoxy resin committee members.
The Latin America epoxy hardener market is also projected to witness significant growth at a CAGR of 7.41% over the forecast period. Rising demand for lighter composite components, paints, and coatings and rising investments in the automotive industry are key demand drivers in the region. Epoxy-based coating provides significant advantages in preventing rust and corrosion on vehicles’ bodies and critical metal parts. Epoxy-based composite components offer better fuel efficiency owing to their reduced weight. For instance, according to the International Organization of Motor Vehicle Manufacturers, motor vehicle production in Latin America was 3,337,795 in 2019, 2,318,523 in 2020, and 2,723,770 in 2021. Besides, in July 2022, Renault announced its plan to invest USD 377.1 million in Brazil to produce a new SUV and a new 1.0-liter turbocharged engine.
Author Credits: Smruti Ranjan, Rajrani Baghel
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