Crosslinking Agents Market Share, Size, Trends, Industry Analysis Report, By Chemistry (Amino Amine, Amide, Aziridine, Isocyanate, Carbodiimide); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM4101
- Base Year: 2023
- Historical Data: 2019-2022
The global crosslinking agents market was valued at USD 8.66 billion in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period.
The process of crosslinking involves joining polymers together via a chemical connection. It can be either intra- or inter-molecular and is usually irreversible. It improves the thermal stability of the polymer. The growing research activities in the industrial sector focus on the creation of effective crosslinking agents with the ability to deal with their application in various fields, primarily the oil and gas industry.
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- For instance, in November 2022, a study published in Science Direct conducted a review on the development of crosslinking agents for the oil and gas industry with high-temperature pressure fracturing fluid.
Moreover, most polymer materials (such as rubber and thermosetting resins) require crosslinking agents. Polymer materials have little strength when not cross-linked, are simple to rip off, and have no flexibility because their molecular structure is similar to a long line. By forging chemical links between linear molecules, the cross-linking agent facilitates the interaction of the linear molecules.
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However, the environmental regulations, in a way, hamper the production and demand for crosslinking agents. This is highly relevant to the agents with higher hazardous content. The growing government regulations on the production of products with unsafe chemicals may limit the number of companies entering this field, driving demand for eco-friendly alternatives in the future.
- Rising research studies are revealing the potential benefits and uses associated with crosslinking agents.
Crosslinking agents, also known as crosslinkers, are compounds with two or more reactive ends that bond to the functional groups (such as primary amines, & sulfhydryls) on proteins or other molecules. A study published in BioResources conducted a comparative study on finding the effects of crosslinking agents on Nordic bleached softwood kraft (NBHK) hand sheet properties. It evaluated the effects of mDMDHEU (methylated 1,3-dimethylol-4,5-dihydroxyethylene urea) crosslinking on the mechanical and water absorption qualities of NBSK hand sheets compared to the glyoxal. Results suggested that mDMDHEU might be a more effective crosslinking agent for enhancing the wet performance of paper goods.
The growing demand for electric vehicles is fueled by the rapid consumer preference for electric vehicles due to government incentives to adopt renewable energy resources. According to the International Energy Agency (IEA), a record 6.5 million vehicles (including fully electric and plug-in hybrid vehicles) were sold worldwide in 2021, almost double the amount sold the year before. In 2021, EV sales, according to the report, accounted for 9% of the worldwide auto market, a fourfold increase from just two years earlier. By the end of 2021, there were approximately 16.5 million EVs on the road worldwide, which is three times more than in 2018. This ongoing trend may propel the manufacturing of electric vehicles, driving the demand for crosslinking agents in the coming years.
The market is primarily segmented based on chemistry, application, and region.
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By Chemistry Analysis
- The isocyanate segment is expected to witness the highest growth during the forecast period.
The isocyanate segment is projected to grow at a CAGR during the projected period, mainly driven by its wide range of applications due to its higher compatibility as a crosslinking agent. A 2019 study focused on the ability of crosslinking agents to manufacture wood products. As the researchers conduct studies on testing the ability of isocyanate in crosslinking agents, there will be huge market potential soon. Furthermore, isocyanate is known for its sturdy and durable bonds due to its extensive adhesive properties. Due to its exceptional performance, it is highly incorporated in construction activities where strength and longevity are preferred in the industry.
The amine segment witnessed a substantial revenue share in 2022, largely attributable to its use in the textile and paper industries. In the process of manufacturing textiles, amine is used frequently. For instance, it is used to enhance the colorfastness of dues. The growing research activity on amine applications is expanding the consumer base. According to the study published in Springer in 2021, amine-based BIs, based on their reactivity and curing performance, could be applied favorably to the heat-curing process of clearcoats. Furthermore, it is also used in the oil and gas segment to protect pipelines from corrosion, which will likely improve the shelf life of pipes, assisting companies in the cost-cutting process and driving demand for crosslinking agents.
By Application Analysis
- Automotive coatings segment accounted for the largest market share in 2022
The automotive coatings segment accounted for the largest crosslinking agents market share. It is used in the manufacturing process of vehicles, including sealing joints and bonding components. In sealants and adhesives, crosslinking agents are utilized in vehicles to improve the performance and safety of consumers. Moreover, it works effectively in the power and electronic industries due to its ability to promote power insulation. As electric appliances grow in size, there will be a demand for sealants and adhesives, driving new growth opportunities for crosslinking agents in the future.
The industrial coatings segment is expected to grow at the fastest rate over the next few years on account of the rapid increase in demand for protective coatings owing to environmental adversities like metal corrosion. An industrial coating is a substance applied as a layer to a surface in order to protect it and improve its look. An industrial coating's principal purpose is to shield a surface from the environment and other types of harm.
- Asia Pacific region dominated the global market in 2022
Asia Pacific held the largest share. This is highly attributable to the growing construction industry. The Indian federal government committed nearly USD 10 trillion in direct infrastructure expenditures as part of Budget 2023. The growing government initiatives to fuel the country's development are fueling the expansion of the construction industry, which may further enhance the expansion of the market in this region as they are incorporated into construction activities, including coatings, due to their adhesive properties.
The Europe region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to the growing packaging industry and government initiatives to promote renewable energy like solar. The prevalence of effective properties, including adhesives and coatings, which can promote the appearance and durability of packaging material, drives its use by manufacturing companies to produce innovative product packaging for end consumers. Furthermore, they are also used in the manufacturing of solar and wind panels. The growing awareness about renewable energy resources is propelling the demand for crosslinking agents in this region.
Key Market Players & Competitive Insights
The crosslinking agent’s market is projected to witness rapid expansion fueled by the evolution of new companies into the marketplace with a view to expanding their product portfolio along with their global market share. Technological innovations among the key company players are embarking on new growth potential with appealing product formulations, driving the availability of the product to wider consumers, and managing price stability in the market.
Some of the major players operating in the global market include:
- Aditya Birla Corporation
- Allnex Group
- Angus Chemical Company
- DSM Coatings Resins
- Evonik Industries
- Huntsman Corporation
- Lord Corporation
- The Dow Chemical Company
- Wanhua Chemicals Group
- In April 2021, a study published in the National Library of Science focused on finding the crosslinking agent’s reactivity of phenyl isocyanate, including sucrose, sorbitol, and glycerol.
Crosslinking Agents Market Report Scope
Market size value in 2024
USD 9.19 billion
Revenue Forecast in 2032
USD 15.03 billion
6.3% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD billion and CAGR from 2024 to 2032
By Chemistry By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, regions, and segmentation.
The global crosslinking agents market size is expected to reach USD 15.03 billion by 2032
Key players in the market are Aditya Birla Corporation, Allnex Group, Evonik Industries, Hexion, Huntsman Corporation
Asia Pacific contribute notably towards the global crosslinking agents market
The global crosslinking agents market is expected to grow at a CAGR of 6.3% during the forecast period.
The crosslinking agents market report covering key segments are chemistry, application, and region.