The crosslinking agent market was valued at USD 10,207.3 million in 2023 and it is projected to register a CAGR of 7.4% during 2024–2030, to reach USD 16,491.4 million by 2030. This is because crosslinking agents intensify the color of coatings and offer resistance to corrosion.
- The demand for crosslinking agents is increasing due to the growing use of industrial coatings in several industries, such as automotive, electronics, oil, marine, gas, mining, power, and many others.
- The requirement for coatings has been increasing in the oil and gas industry, due to the surging installation of pipelines globally.
- The growing demand for high-performance materials is driving the growth of the crosslinking agent market. Various industries including aerospace, automotive, aerospace, and electronics need such materials in a large amount, due to their improved properties such as heat resistance, durability, and strength.
- These agents play a significant role in achieving the improved properties of the materials by creating covalent bonds between the chains of polymers, which results in a 3D network structure.
Industrial Application Category Is Growing at the Highest Rate
Based on the application segment, the industrial category is projected to grow at the highest growth rate in the crosslinking agent market in the coming years. This is ascribed to the significant growth in industries such as construction, automotive, electronics, and packaging, and all of these have a remarkable requirement for cross-linking materials.
These crosslinking agents improve the durability and performance of the materials in different industries and offer advantages such as resistance to chemical and weathering, enhanced mechanical properties, and increased lifespan of products.
Furthermore, industries emphasize the quality of products, reliability, and regulatory compliance, which, in turn, propel the requirement for crosslinking materials in industrial applications.
In the automotive industry, these materials offer rigid functionality and can also be seen as an important element in preventing several damages, including scuffing, chipping, and scratching. In addition, the coating enhances the resilience and lifespan of automobiles and protects them from harmful environmental factors such as UV radiation, high temperature, acid rain, and foreign bodies.
APAC Is the Fastest-Growing Market
- Based on region, the APAC market is projected to record the fastest growth during the forecast period. This can be because of the region’s strong manufacturing and industrial sectors, mainly in countries like China, Japan, and India, which lead to the substantial demand for crosslinking agents in industries such as automotive, packaging, construction, and electronics.
- In the region, China holds the largest market share. This is due to the high growth in various sectors, including automotive. For instance, the Government of China forecasted to hold a 20% share of the electric vehicle sector by 2025.
Some of the major players operating in the crosslinking agent market include BASF SE, Evonik Industries, PTT Global Chemical Public Company Limited, Huntsman International LLC, Dow Chemical Company, Covestro AG, Wanhua Chemicals Group Co. Ltd., Royal DSM, INEOS AG, Hexion Inc., and Aditya Birla Group.