The Crosslinking Agent Market is projected to reach USD 13.61 Billion by 2022, at a CAGR of 5.3% by value from 2017 to 2022. The extensive usage of cross linkers in industrial coatings such as automotive, marine, and protective coatings is driving the growth of the crosslinking agent market.
Browse 116 Market Data Tables and 24 Figures spread through 148 Pages and in-depth TOC on “Crosslinking Agent Market by Chemistry (Amino, Amine, Isocyanate, Amide, Aziridine, Carbodiimide), Paints & Coating Application (Decorative, Industrial), and Region (North America, Asia Pacific, Europe, South America) – ****** Forecast to 2022”
Based on paints & coatings application, the crosslinking agent market has been segmented into decorative coatings and industrial coatings. The industrial coating segment has the largest market share and is also the fastest-growing segment. The growth of the industrial application segment of the crosslinking agent market is primarily driven by the rising demand for water-based and eco-friendly paints & coatings from the industrial applications. The growing powder coatings market is also driving the crosslinking agent market.
Asia Pacific, Europe, and North America are the key crosslinking agent markets. The market in the Asia Pacific region is anticipated to grow at the highest CAGR between 2017 and 2022, in terms of both value and volume. This growth is mainly attributed to the increasing use of crosslinking agents in industrial hubs. The growing use of industrial coatings in automotive and protective coatings applications is further driving the demand for crosslinking agent in Asia Pacific region. The growing construction industry is also boosting the crosslinking agent demand in the region.
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Key companies operating in this market include BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Chemical Group Co., Ltd. (China), and Evonik Industries (Germany).
New product developments, mergers & acquisitions, and expansions are the key strategies adopted by leading players in this market to strengthen their geographic reach, especially in regions such as Asia Pacific and North America. These players are focused on increasing their production capacities of cross linker, thereby addressing the growing demand for cross linker from various paints & coatings applications such as automotive, can/coil, and marine, among others.
BASF SE adopted new product launches and mergers & acquisitions as its key strategies to enhance its presence in the crosslinking agent market. For instance, in 2016, the company launched cross linkers Joncryl 8310 and Basonat HW2100 for high quality, durable coatings. The company also launched Nylon 66 in October 2014. These water-based crosslinking agents are less harmful to the environment as compared to solvent-borne crosslinking agents, thus encouraging manufacturers to switch to waterborne crosslinking agents.
Evonik Industries has adopted acquisitions, joint ventures, and expansions as its strategies for the growth. For instance, in March 2017, Evonik Industries and Forward Engineering (Germany) established a joint venture VESTARO for amine crosslinking agents which will help increase the company’s product offerings. In January 2017, the company acquired Specialty & Coating Additives business of Air Products (US) to improve its product portfolio and achieve lucrative growth in the specialty additives market. The company also started two new plant units for cross-linking activators in December 2014 to improve its customer base.
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