Waterborne curing agents have gained the attention of coatings & adhesives formulators as these pose various advantages. These include minimal toxicity, environment-friendly, inflammability and long pot life, among others. Waterborne curing agents are thus becoming the priority of manufacturers as they are used across a number of end-use industries including building & construction, automotive & transportation, electrical & electronics etc. Thus, the global waterborne curing agents market is expected to foray ahead with a higher single digit CAGR over the forecast period of 2019-2029. Waterborne curing agents are in demand as they pose low volatile organic compounds (VOC) levels and hazardous air pollutants (HAP) emissions. Moreover, technological advancements within the curing agents along with growth in end user industries are providing a boost to the global waterborne curing agents market. However, some of the issues faced by formulators with waterborne curing agents are more curing time, lack of final gloss, limited application thickness and others. All such factors are in turn acting as a restraining factor for the market growth over the forecast period (2019-2029).
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High demand for waterborne curing agents from the automotive industry is poised to drive market growth over the forecast period
High demand for waterborne curing agents specifically from automotive industry is leveraging huge adoption opportunities for the market. As per OICA (International Organization of Motor Vehicle Manufacturers), Paris, the total passenger cars sales in 2016 was recorded to be around 70 million that further escalated up to 71 million in 2017. The automotive industry in particular calls for high adoption of waterborne curing agents for adhering to the regulations set by government authorities of various countries regarding minimal emissions. In addition, waterborne curing agents are capable of providing excellent aesthetics to the vehicles. Therefore, with increasing number of motor vehicles, the demand for waterborne curing agents is expected to increase, which, in turn, drives the market growth till 2029.
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Segmentation analysis of waterborne curing agents market
The global waterborne curing agents market is bifurcated into three major segments: Application, end-use industry and region.
On the basis of application, the global waterborne curing agents market is divided into:
On the basis of end-use industry, the global waterborne curing agents market is divided into:
Based on region, the global waterborne curing agents market is segmented as:
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Waterborne curing agents market: Regional Outlook
The global waterborne curing agents market is segmented into six regions including North America, Latin America, Europe, East Asia, South Asia & Oceania and MEA. Among the above-mentioned regions, East Asia is expected to contribute to a majority of the market share in 2019 in terms of volume owing to high adoption of waterborne curing agents across automotive and construction industries. Increasing population and urbanization rates are also creating wide opportunities for waterborne curing agents in the East Asia region. China is one of the key emerging markets for waterborne curing agents in the region. Moreover, North America is expected to follow East Asia in terms of volume in 2018. Europe is expected to contribute to a substantial market share in the market owing to well-established automotive industry. The key players of Europe are also strived towards offering efficient products that is, in turn, providing a lift to the regional market. Furthermore, Middle East & Africa is expected to contribute a nominal share in the market in terms of volume in 2018.
Key players of waterborne curing agents market
Prominent players in the global waterborne curing agents market are Huntsman International LLC, Hexion Inc., Cardolite Corporation, Gabriel Performance Products, The DOW Chemical Company, BASF SE, Evonik Industries AG and others. The waterborne curing agents market consists of well-diversified global and regional players with global vendors ruling the market.
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