(MENAFN- GlobeNewsWire - Nasdaq) Discover the vital function possessed by crosslinking agents utilizing sophisticated materials and its effect on industry development and innovation
Rockville, MD , Dec. 12, 2024 (GLOBE NEWSWIRE) -- The Global Crosslinking Agents market is expected to be valued at US$ 20,283.1 million in 2034 and US$ 13,571.5 million globally as of 2024. Based on a thorough research by Fact.MR, the market is expected to grow globally at a CAGR of 4.1% from 2024 to 2034.
The demand for crosslinking agents is expected to increase significantly due to several sectors in the future namely; the automotive, construction, packaging and healthcare industries. The reason for such an increase is their capacity to enhance the mechanical, thermal and chemical resistance properties of materials. In polymer technology, these agents help boost the properties of polymers forming covalent bonds between polymer chains. This trend is particularly significant in the paints and coatings industry which offers different applications like decorative coatings and industrial coatings.
The market growth is powered by technological advancements and creative product designs, especially in terms of coatings. New opportunities are opening up prospects for growth in the applications of decorative and industrial coatings through the role of crosslinking agents in increasing the life as well as the functionality of coatings. Moving towards sustainable and eco-friendly products emphasis is spurring the production of biocompatible crosslink agents which is expected to gain traction in the market.
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Key Takeaways from the Market Study:
Global crosslinking agents market will grow at a CAGR of 4.1% , reaching US$ 20,283.1 million by the end of 2034 North America is expected to expand at a CAGR of 4.3% from 2024 to 2034, with an absolute $ opportunity of US$ 2,518.0 million The worldwide market generated an absolute opportunity valued at US$ 1,305.1 million between 2019 and 2023 East Asia is expected to hold a 21.8% market share in 2024, which will create an absolute $ opportunity of US$ 1,524.0 million between 2024 and 2034 The decorative coatings application is expected to generate an absolute dollar opportunity of US$ 5,344.7 million between 2024 and 2034.
" In the upcoming years to meet the evolving customer demands, companies will continue to invest in new product development and also focus on capacity expansion, which would ensure sustained growth and strength in the crosslinking agents market” says a Fact.MR analyst.
Market Development:
Leading companies like BASF SE, The Dow Chemical Company, Evonik Industries AG, Allnex Group, Hexion Inc., DIC Corporation, Mitsui Chemicals, Inc., Covestro AG, Arkema Group, Gelest, Inc. are propelling the market growth.
Crosslinking agents have been identified as a viable alternative for numerous new applications, especially in the adhesive, paint & coatings industries. In the paint and coatings industry, crosslinking agents significantly contribute towards improvements in durability, chemical resistance and aesthetics of the coating.
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Crosslinking Agents Industry News:
In 2023, BASF announced it would expand its existing isocyanate capacity. The company will grow production capacity to about six hundred thousand metric tons annually. In 2023, Covestro came out with a new line of environment-friendly cross-linking agents from reversible materials while its counterpart; Hexion launched one that was based on epoxy and had better resistance against chemicals.
More Valuable Insights on Offer:
in its new offering, presents an unbiased analysis of the global crosslinking agents market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034
The study reveals essential insights based on Chemistry (Amino, Isocyanate, Aziridine, Carbodiimide, Amine, Amide, and Other Chemistry), Application (Decorative Coatings, Industrial Coatings) and across major seven regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa)
Segmentation of Crosslinking Agents Market:
By Chemistry : Amino Isocyanate Aziridine Carbodiimide Amine Amide Other Chemistry
By Application : Decorative Coatings Industrial Coatings
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
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