Epoxy Resin Hardener Market Size, Share, Growth, and Industry Analysis, By Type (Amine Based Epoxy Resin Hardener, Anhydrides Based Epoxy Resin Hardener and Others) By Application (Coatings, Construction, Electrical & Electronics, Adhesives, Composites and Others), Regional Forecast To 2032

Updated On: 08 April 2024

Epoxy Resin Hardener Market REPORT OVERVIEW

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The global epoxy resin hardener market size was USD 4086.7 million in 2022 and market is projected to touch USD 6229.7 million by 2032, exhibiting a Compound annual growth rate (CAGR) of 4.3% during the forecast period.

Epoxy is a polymer, which is a class of chemical substances made up of big molecules with repeating subunits. Polymers' toughness and flexibility are due to their molecular structure, which makes polymers (both natural and artificial) omnipresent in daily life. Styrofoam, wool, rubber and epoxy are just a few examples of polymers you may be familiar with.

Epoxy resins are made up of epoxides, which are highly reactive groups of molecules that harden (or cure) via chemical reactions generated by mixing it with other elements or heating it to a high temperature. As polymer strands develop into a solid structure, this is the procedure by which an epoxy gets "cross linked." Metal coatings, composites, use in electronics, electrical components (for example for chips on board), LEDs, high-tension electrical insulators, paint brush manufacture, fiber-reinforced plastic materials, and structural adhesives are just a few of the applications as epoxy.

COVID-19 Impact: The COVID-19 emerged Lockdown to alter the production

In the year 2021 beginning, the pandemic began to spread round the world, human population on large scale globally were infected with the disease, and the major countries around the world have implemented foot restriction and the work stoppage orders, excluding the medical supplies and life support system and products industries, most of the industries have been greatly impacted, and epoxy resin hardeners were one of the industries which have also been greatly affected. In the end of the year 2019, pandemic began to surge in China, and hence due to the huge decrease of global economy, the growth rate of epoxy resin hardener market share will show a decrease, the lowest than its previous years.

LATEST TRENDS

"Increasing Penetration of Epoxy in Construction and Aerospace to Drive the Market"

Epoxy adhesives can be utilized in practically every situation where it is necessary to bind two materials together since they are strong, long-lasting, and exhibit an impressive level of heat resistance. They work with a variety of substances, including masonry, wood, metal, and plastic. Epoxy resins are used to create a variety of building and construction-related products and materials, including floors, adhesives, plastics, paints, coatings, primers, and sealants.

Epoxy is utilized in the aerospace sector as a structural matrix material that is later reinforced with fiber. The most common fiber reinforcements are made of glass, carbon, boron, and Kevlar. Additionally utilized as a structural glue are epoxies. Epoxy resin is used to adhere "low-tech" materials such as wood. In terms of mechanical qualities and resistance to environmental deterioration, epoxies often outperform the majority of other resin types.

Epoxy Resin Hardener Market SEGMENTATION

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• By Type

Based on type the epoxy resin hardener market is classified into amine-based epoxy resin hardener, anhydrides-based epoxy resin hardener and others.

Amine based epoxy resin hardener is the leading type of the segment in the market.

• By Application

Based on application the epoxy resin hardener market is classified as coatings, construction, electrical & electronics, adhesives, composites and others.

The coatings accounts for the leading application in the market.

DRIVING FACTORS

"The Product Effectivity as a Coating and Sealing Agents to Boost the Market Demand"

Epoxy is a strong protective coating or sealant thanks to its unique adhesive qualities, including its durability, strength, and chemical resistance. This will resist abrasions in addition to oil and other liquids when the components are combined and sprayed onto materials like concrete or wood. High-performing epoxy resins have a transparent (cloudless) finish when they are dry. Since they are greater heat resistant than latex- and alkyd-based paints, epoxy coatings are frequently utilized in industrial and automotive applications. Due to UV exposure, epoxy paints have a propensity to degrade, often known as "chalking out".  Epoxy coatings have also been employed in situations involving drinking water.

"The Applications of the Product in Industrial Tooling to Enlarge the Market Share"

Molds, master models, laminates, castings, fixtures, and certain other industrial production aids are made using epoxy systems in industrial tooling applications. In general, this "plastic tooling" improves efficiency, lowers total costs, or reduces lead times for many industrial processes by replacing metal, wood, and other conventional materials. Epoxies are additionally used to create composite or fiber-reinforced products. Although they are costlier than polyester and vinyl ester resins, they typically result in thermoset polymer matrix composite parts that are strong and more temperature resistant.

RESTRAINING FACTORS

"Several Health Hazards Caused in Human Health to Restrain the Market Growth"

Epoxy resin compounds have a number of health hazards that can include contact dermatitis, allergic responses, and respiratory issues from breathing vapor and sanding dust, specifically when they are not fully cured. Dermatitis is a common sign of an allergic reaction, especially in places where exposure has been greatest (commonly hands and forearms). However, the Health risks and hazards associated with the product utilization can refrain the epoxy resin hardener market growth.

Epoxy Resin Hardener Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with the Robust Growth "

On the strength of rising construction activity and expanding use of epoxy hardener to expedite the process, the market in North America is anticipated to experience notable expansion over the projected period. Additionally, it is anticipated that consumer use of epoxy resin to create personalized presents and ornamental objects, supported by expanding DIY tendencies, will accelerate market expansion. The rigorous and intensive investments and advancements in the construction and electronic sectors can take the lead in the region to reach heights in the epoxy resin hardener market growth.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Olin Corporation (U.S.A)
• Hexion (U.S.A)
• Huntsman (U.S.A)
• Kukdo Chemical (South Korea)
• Reichhold (U.S.A)
• Atul (India)
• Aditya Birla Group (India)
• BASF (Germany)
• Evonik (Germany)
• Cardolite (U.S.A)
• Mitsubishi Chemical (Japan)
• Incorez (U.K)
• Hitachi Chemical (Japan)
• Cargill (U.S.A)
• Rich Chemical (China).

REPORT COVERAGE

The report anticipateas a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.