It is anticipated that the global epoxy hardener market will grow at a CAGR of 4.5% during 2021-2031, with an estimated worth of USD 9 billion in 2031.
There is a rise in the demand of Epoxy Hardener as there has been increase in urbanization and industrialization which has caused the need of hardener to go up.
There are a number of drivers of the Epoxy Hardener Market including rapid industrialization and rapid urbanization. The rising construction industry has led to the increased demand for epoxy hardeners. This is because epoxy hardeners are used in concrete floors and roofs to increase their strength and durability. Rapid industrialization has led to an increase in the production of plastics, which in turn have led to an increase in the demand for epoxy resins as a raw material. The global market for Epoxy Hardener will continue to grow at a rapid pace due to the growing automotive industry, electrical & electronics sector, and packaging industry.
Advantages of the Epoxy Hardener Market are that it is easy to use, fast curing, and the result is a very strong glue that can be used on many surfaces. The Epoxy Hardener Market also offers a wide variety of colours for the user to choose from. Another advantage of the Epoxy Hardener Market is that it can be used for both small and large projects.
The most obvious disadvantage of the epoxy hardener market is its price tag. However, it should not be considered as a major drawback because there are other forms of adhesives that are just as good but much cheaper. There are also some drawbacks such as its inability to adhere to porous or non-porous surfaces such as concrete or glass. There are also some people who have reported having an allergic reaction to this adhesive.
Market Value and CAGR of the Epoxy Hardener Market
The market of the Epoxy Hardener is expected to grow at a CAGR of 4.5% from the time period of 2021-2032. The rise of the market is due to the increasing need of the Hardener along with rapid urbanization which is a major reason for the demand of the market.
Key players in the market of Epoxy Hardener Market are
• Some of the key players in the market of Epoxy Hardener Market are Hexion, Owens Corning, 3M Company and Hexion.
• The market is getting competitive as all the companies are coming up with technologies and innovations to make the products more effective resulting in the stiff competition existing in the market. With the demand only expected to rise, the key challenge will be more companies to reduce the problems associated with the products.
Segment Analysis by type, application, end user and region
• The most revenue generating product is likely to be in demand in the near future. Finer segmentation of types, applications, and regions can help the players gain a clear insight into the demand side of the market. The report offers an in-depth analysis of these segments to ascertain their future growth prospects. It also provides revenue forecasts for all the segments listed under each type, application, and region considering 2018 as the base year for estimation.
• In terms of type, pharmaceutical packaging includes containers and packaging materials that are used for storing and shipping medications or drugs. It helps protect against contamination or damage from environmental factors such as humidity or temperature changes. It also prevents mishandling of drugs during processing and delivery to customers. There are various types of containers such as vials, ampoules, pre-filled syringes (PFS), cartridges, blisters, bottles & jars which are used for packing medication or drugs depending on their quantity and dosage forms.
• On the basis of end user market is segmented into pharmaceutical companies & OTC drug manufacturers; hospitals & clinics; research laboratories; diagnostics centres; government institutions & NGOs; homecare services; blood banks etc. Pharmaceutical packaging is mainly used by pharmaceutical manufacturing companies but there is a trend towards use in other industries such as well
Impact of Covid on the Epoxy Hardener Market
• The outbreak of the Covid-19 pandemic has had a significant impact on the global economy, with businesses in a wide range of sectors struggling to cope with the resulting disruption. The epoxy hardener market is no exception, with demand for these products falling sharply as a result of the pandemic.
• A number of factors have contributed to this decline in demand. Firstly, the construction sector, which is a major user of epoxy hardeners, has been hit hard by the pandemic, with many projects being put on hold or cancelled altogether. Secondly, the global semiconductor market, another key user of these products, has also been adversely affected by the pandemic as a result of falling demand from the consumer electronics sector.
• Looking forward, it is hoped that business conditions will improve as the world starts to recover from the pandemic. However, it is worth noting that there could be some lasting damage to the epoxy hardener market as a result of Covid-19, particularly if there is a prolonged downturn in the construction and semiconductor markets.
Key development in the Epoxy Hardener Market 2019-2022
• In January 2019, the company launched a new epoxy resin that is made of bio-based materials -
In January 2019, the company launched a new epoxy resin that is made of bio-based materials. In May 2017, the company introduced a new product in the market that is an all-purpose hardener for epoxy, urethane and polyester casting systems. The hardener has low odour, excellent colour stability and UV resistance properties. This new technology is expected to make in-roads
Epoxy Hardener Market Scope
|Revenue forecast in 2031
|USD 9 billion
|CAGR of 4.5 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Epoxy Hardener Market are Hexion, Owens Corning, 3M Company and Hexion.
Key Segments of the Epoxy Hardener Market
Type Overview, (USD Billion)
• Amine Based Products
• Anhydrides Based Products
Application Overview, (USD Billion)
• Electrical & Electronics
• Wind Energy
Regional Overview,(USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa