Epoxy Hardener Market Regional Analysis:
APAC Market Insights
The Asia Pacific industry is anticipated to hold largest revenue share of 44% by 2035. 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.
Europe Market Insights
Europe region is set to witness significant growth till 2035. 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.
Latin America Insights
Latin America region is projected to register substantial growth through 2035. 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.
