The global current agent market size was US$ 11.3 billion in 2021. The global current agent market size is estimated to reach US$ 20.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2022 to 2030.
Curing agents are used to harden a surface or substance. They are applied to polymer surfaces to bind the molecular elements; the stronger the bond, the harder the material's surface. Their primary role is to enhance the material's viscosity or hardness. They contain active hydrogen-containing combinations, anionic & cationic initiators, and reactive cross-linkers. In protective, can & coil, ornamental, marine, and general industrial coatings, curing agents are used.
Factors Influencing Market Growth
• The growth of the economy and the industrial activities of end-users are primary elements that drive the overall market expansion.
• Curing agents are preferred for the construction of wind blades owing to their high shear, compressive power, and low weight, which is expected to drive the overall market.
• The need for epoxy curing agents, especially those founded on amines, has increased due to their use in a variety of applications, which drives the overall market expansion.
• Curing agents are resistant to heat, have low volatility, and have low toxicity which drives the overall market expansion.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market growth. During COVID-19, the need for curing agents in the transportation, construction, and industrial sectors has decreased as a result of the closure of many industrial manufacturing facilities. Most of these sectors have experienced damage as a result of insufficient transportation and labor shortages during the pandemic. Thus, hindering the overall market expansion.
Asia-Pacific dominated the market share of the overall market in 2021 and is anticipated at the highest CAGR during the analysis period. Due to the growing demand from the electronics and construction industries the region is growing at a rapid rate.
The prominent players in the global current agent market are:
• Alpha chemicals
• Albemarle Corporation
• Arnette Polymers
• Mitsubishi Chemical Corporation
• Aditya birla chemicals
• Huntsman International
• Olin Corporation
• Evonik Industries
The global current agent market segmentation focuses on Type, End Use Industry, and Region.
Segmentation on the basis of Type
• Silicone Rubber
Segmentation on the basis of End-Use Industry
• Paints and coatings
• Building and construction
• Electrical and Electronics
Segmentation on the basis of Region
• North America
• The U.S.
• Western Europe
• The UK
• Rest of Western Europe
• Eastern Europe
• Rest of Eastern Europe
• Asia Pacific
• Australia & New Zealand
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Rest of South America