Crosslinking Agent Market Size and Share Analysis by Chemistry (Amino, Amine, Amide, Aziridine, Carbodiimide, Isocyanate), Application (Industrial, Decorative) - Global Industry Revenue Estimation and Demand Forecast to 2030

Crosslinking Agent Market Statistics

Key Information Available in this Report

Market Players

Growth Outlook

The crosslinking agent market generated revenue of USD 10,207.3 million in 2023, and it is expected to grow at a CAGR of 7.4%, to reach USD 16,491.4 million by 2030. This is ascribed to the increasing demand for several coatings and a hiked prominence on the high performance of crosslinking agents.

• The rising focal point on justifiability and environmentally friendly solutions, which are heading to the evolution of original cross-linking agents that provide diminishing environmental impact.
• Moreover, the development in technology and research are authorizing the creation of the latest cross-linking agents with enhanced efficiency, compatibility, and versatility with differentiated systems of polymer, opening additional avenues for the market enlargement.
• In addition, the increasing number of mergers and acquisitions among players operating in the market is driving the demand.
• For instance, in December 2021, Allnex was purchased by PTT Global Chemical Public Company Limited (GC).
• Similarly, in February 2022, Hexion’s epoxy-based coatings and composite businesses were acquired by Westlake Chemical Corporation at a value of about $1.20 billion.
• Industries such as automotive, electronics, and aerospace need materials with improved properties such as durability, strength, and heat resistance. Cross-linking agents play an important role in attaining these enhanced properties of materials by making covalent bonds between the polymer chains, which results in the three-dimensional network structure.
• The usage of cross-linking agents permits producers to meet the rising demand for high-performance materials that can resist difficult applications and environments.
• Controlled cross-linking offers enhanced physical properties that are wanted for long-term resistance from heat and durability in applications such as medical, foam, pipe, wire and cables, and other PE applications.
• These crosslinking agents release very low volatile organic compounds (VOCs) and are free of pollution. Thus, these agents are fetching more popularity in the diversification of applications, such as finishing wood and coatings of automobiles.
• These agents are utilized in enhancing the properties of polymers such as mechanical strength, chemical resistance, and thermal stability.
• Also, the rising demand for water-based crosslinking agents is improving the growth of the market in the upcoming future.
• In the coating business, crosslinking agents improve coating color and provide resistance to corrosion.
• There is an expansion in the requirement for coatings as the oil and gas industry is growing, which has resulted in the increasing installation of pipelines worldwide. This drives the demand for such agents.
• The chemical technique of crosslinking is opted mostly as the formation of bonds by condensation and free-radical polymerization gets rid of most of the problems during usage, owing to the strong crosslinking.

Amino Category Holds the Largest Market Share

Based on the chemistry segment, the amino category holds the largest market share, around 40%. This is because compounds of amino, such as amino resins and amino silanes, provide excellent capabilities of crosslinking and compatibility with a wide range of polymers.

Amino forms strong and stable bonds, which result in enhanced thermal stability and mechanical and adhesion properties. These amino compounds discovered substantial usage in several industries such as adhesives, coatings, and sealants, where their benefits of performance and versatility are valued highly.

Furthermore, ongoing research and developing efforts in amino chemistry have led to the introduction of specialized and advanced crosslinking agents, such as amino-based ones. These amino crosslinking agents are mostly employed in both industrial and decorative coatings. When these amino agents are mixed with other resins, crosslinking agents are mostly occupied as bridging agents in the coating of goods.

Whereas, the isocyanate category is expected to witness the fastest growth during the expected duration in the market. This is because isocyanate is increasingly used in a variety of coating applications, such as high-performance, appliance, ornamental, and automotive coatings. Moreover, the requirement for isocyanate crosslinking agents is also propelled by surging utilization in cans and coils coating, powder, wood, heat-resistant coating, and floors.

Below type of chemistries are covered in the report:

• • Amino (Largest Category Market)
  • Amine
  • Amide
  • Aziridine
  • Carbodiimide
  • Isocyanate (Fastest-Growing Category Market)
  • Others

Industrial Application Is the Faster-Growing Category

Based on the application segment, the industrial coating category is expected to record the highest pace with 8% CAGR in the crosslinking agent market during the forecast period. This can be ascribed to its high usage in a wide range of industries, such as construction, electronics, automotive, and packaging.

• These crosslinking agents improve the performance and durability of the various materials in these industries and also offer several benefits, such as upgraded mechanical properties, resistance to chemical and weathering, and enhanced lifespan of products.
• Furthermore, the industrial sector crucially prioritizes the quality of products and regulatory compliance, which propel the requirement for crosslinking agents to meet rigid requirements.

Whereas, the decorative application category holds the larger share in the market. This is because decorative coatings are widely used in industrial, commercial, residential, and institutional buildings on both the interior and external surfaces.

• As the building sector is growing and expanding at a high pace, the requirement for crosslinking agent-based decorative coatings is also increasing.
• The surging demand for such materials in the latest construction projects and the renovation of several commercial and residential structures in a number of countries propels the market for decorative coatings.
• The rising population of the middle class and their disposable income have also led to a hike in the demand for crosslinking agents in decorative coatings, which are used in residential buildings.

Below applications of crosslinking agents are studied in the report:

• Industrial (Faster-Growing Category Market)
• Decorative (Larger Category Market)

APAC Market To Grow at the Highest CAGR

Based on region, the APAC crosslinking agent market is expected to witness the fastest growth in the coming years. This can be ascribed to the strong growth in the industrial, constructive, packing, electronics, automotive, and manufacturing sectors in APAC countries, such as China, Japan, and India, which will create considerable demand for crosslinking agents.

Furthermore, rapid urbanization, development in infrastructure, and rising disposable income of people in the region contribute to the increasing demand for high-performance materials that rely on cross-linking agents.

Additionally, encouraging initiatives of governments, more investment in research and development, and a rising focal point on environmentally friendly solutions support the growth of the regional market.

In the region, China contributes the largest revenue share to the regional market. This is due to the nation’s economic growth, owing to the growing manufacturing, mining, textile, automotive, electrical & electronics, medical, pharmaceutical, construction, and other industries.

Europe accounts revenue share of 20% in 2023. The growth is attributed to growing construction and residential industries in the region.

• Moreover, the increasing production capacity of companies is driving the growth of the market.
• For instance, in 2023, BASF declared to enlarge its present quantity of isocyanate and the company will raise its capacity of production to generally 600,000 metric tons per year.
• Similarly, in May 2021, Wanhua Chemical (Ningbo) Co. Ltd. decided to execute the MDI/HDI transformation technically and the expansion in the capacity integration project in the existing plant. The company is also planning to build a 280,000-ton/year amended MDI production unit, with an overall capacity of 300,000 ton/year amended MDI production capacity.

Deep-dive analysis of below regions and countries are provided in this study:

• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Europe
  • U.K. (Fastest-Growing Country Market)
  • France
  • Spain
  • Germany (Largest Country Market)
  • Italy
  • Rest of Europe
• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Latin America (LATAM)
  • Brazil (Largest Country Market)
  • Mexico (Fastest-Growing Country Market)
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Crosslinking Agent Companies:

• 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
• Aditya Birla Group
• Hexion Inc.