Cross Linking Agents Market by Chemistry (Amino, Amine, Amide, Aziridine, Isocyanate, Carbodiimide), Application (Decorative, Industrial (Transportation Coatings, Industrial, Protective Coatings, Marine Coatings), & Region - Global Forecast to 2028
Cross Linking Agents Market
The global cross linking agents market is valued at USD 9.9 billion in 2023 and is projected to reach USD 13.6 billion by 2028, growing at 6.5% cagr during the forecast period. The growing focus on sustainability and eco-friendly solutions is leading to the development of novel cross-linking agents that offer reduced environmental impact. Furthermore, advancements in technology and research are enabling the creation of new cross-linking agents with improved efficiency, versatility, and compatibility with different polymer systems, opening further avenues for market expansion.
Attractive Opportunities in the Cross-Linking Agents Market
Note: e-estimated p-projected.
Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis
To know about the assumptions considered for the study, Request for Free Sample Report
Cross Linking Agents Market Dynamics
Driver: Increasing demand for high performance materials
Increasing demand for high-performance materials have emerged as a driver in the cross linking agents market. Industries such as automotive, aerospace, and electronics require materials with enhanced properties such as strength, durability, and heat resistance. Cross-linking agents play a vital role in achieving these improved material properties by forming covalent bonds between polymer chains, resulting in a three-dimensional network structure. The use of cross-linking agents allows manufacturers to meet the growing demand for high-performance materials that can withstand demanding applications and environments.
Restraint: The environmental and regulatory concerns associated with certain cross-linking agents
The environmental and regulatory concerns associated with certain cross-linking agents act as a restraint in the cross linking agents market. Some traditional cross-linking agents, such as certain epoxy resins or isocyanates, may release volatile organic compounds (VOCs) or hazardous byproducts during the cross-linking process. This can pose health and environmental risks. As a result, there is a growing need for environmentally friendly and low-VOC alternatives. Addressing these concerns and developing sustainable cross-linking agents that meet regulatory requirements present a challenge for the industry.
Opportunities: The growing demand for bio-based and renewable cross-linking agents
With increasing environmental consciousness and the shift towards sustainable practices, there is a rising need for cross-linking agents derived from renewable sources such as plant-based materials or bio-based chemicals. Developing bio-based cross-linking agents not only reduces the reliance on fossil fuels but also offers eco-friendly alternatives with lower carbon footprints. This presents a significant opportunity for companies to innovate and capture a growing market segment focused on sustainability.
Challenges: The increasing complexity of regulatory compliance
One of the major challenges in the cross-linking agents market is the increasing complexity of regulatory compliance. As environmental and safety regulations become stricter, manufacturers of cross-linking agents need to ensure their products meet the evolving standards. This involves extensive testing, documentation, and compliance with various regional and international regulations. Keeping up with these complex and ever-changing regulatory requirements can be challenging for companies, requiring significant investments in research, testing, and compliance infrastructure. Failure to meet regulatory standards may result in penalties, reputational damage, and loss of market share.
Cross Linking Agents Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of cross linking agents. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in this market include BASF SE (Germany), Covestro AG (Germany), Allnex Group (Germany), Evonik Industries (Germany), Hunstman Corporation (US).
Based on chemistry, Amino is projected to account for the largest share of the cross linking agent market
Based on chemistry, amino accounts for the largest market share during the forecast period. Amino compounds, such as amino resins and amino silanes, offer excellent cross-linking capabilities and compatibility with a wide range of polymers. They form strong and stable bonds, resulting in improved mechanical properties, thermal stability, and adhesion. Moreover, amino compounds find extensive applications in various industries, including coatings, adhesives, and sealants, where their versatility and performance benefits are highly valued. Additionally, the continuous research and development efforts in amino chemistry have led to the introduction of advanced and specialized amino-based cross-linking agents, further boosting their dominance in the market.
Based on application, industrial application to be the fastest-growing application segment of the cross linking agents market
Based on application, The majority of the market share for cross linking agents is held by the industrial application, which is also the biggest market segment. the industrial segment encompasses a wide range of industries, including automotive, construction, electronics, and packaging, all of which have a significant demand for cross-linked materials. Cross-linking agents enhance the performance and durability of materials in these industries, providing benefits such as improved mechanical properties, resistance to chemicals and weathering, and increased product lifespan. Moreover, the industrial sector prioritizes product quality, reliability, and regulatory compliance, which drives the demand for cross-linking agents to meet these stringent requirements. The extensive and diverse use of cross-linked materials in industrial applications solidifies the dominance of the industrial application segment in the cross-linking agents market.
Asia Pacific is expected to be the fastest growing market during the forecast period.
Based on the region, Asia Pacific accounts for the fastest growing market. This is primarily driven by the region's strong industrial and manufacturing sectors, particularly in China, India, and Japan, which generate substantial demand for cross-linking agents in industries such as automotive, construction, electronics, and packaging. Additionally, factors like rapid urbanization, infrastructure development, and increasing disposable incomes contribute to the rising demand for high-performance materials that rely on cross-linking agents. Furthermore, supportive government initiatives, investments in research and development, and a growing focus on eco-friendly solutions further bolster the market's growth in the Asia Pacific region.
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Cross Linking Agents Market Players
The cross linking agents market is dominated by a few major players that have a wide regional presence. The key players in the cross linking agents market are BASF SE (Germany), Covestro AG (Germany), Allnex Group (Germany), Evonik Industries (Germany), Hunstman Corporation (US), Wanhua Chemicals Group Co. Ltd (China), The Dow Chemical Company (US), DSM Coatings Resins (China), and Ineos (UK). In the last few years, the companies have adopted growth strategies such as Product launches, Investments, Acquisitions, and expansions to capture a larger share of the cross linking agents market.
Cross Linking Agents Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 9.9 billion |
|
Revenue Forecast in 2028 |
USD 13.6 billion |
|
CAGR |
6.5% |
|
Years considered for the study |
2021-2028 |
|
Base Year |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Volume (Kilo Tons); Value (USD Million/Billion) |
|
Segments |
Chemistry, Application, and Region |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies |
BASF SE (Germany), Covestro AG (Germany) Allnex Group (Germany), Evonik Industries (Germany), Hunstman Corporation (US), Aditya Birla Corporation (India), Wanhua Chemicals Group Co. Ltd (China), The Dow Chemical Company (US), DSM Coatings Resins (China), Ineos (UK) |
This report categorizes the global cross linking agents market based on chemistry, application grade, and region.
On the basis of chemistry, the cross linking agents market has been segmented as follows:
- Amino
- Amine
- Amide
- Aziridine
- Carbodiimide
- Isocyanate
- Others
On the basis of application, the cross linking agents market has been segmented as follows:
- Decorative
- Industrial
On the basis of region, the cross linking agents market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In 2023, BASF announced to expand its existing capacity of isocyanate. The company will increase production capacity to approximately 600,000 metric tons per year.
- In May 2021, Wanhua Chemical announced that Wanhua Chemical (Ningbo) Co., Ltd. plans to implement the MDI/HDI technical transformation and capacity expansion integration project in the existing plant. Wanhua Chemical also plans to build a new 280,000-ton/year modified MDI production unit, with a total capacity of 300,000 tons/year Modified MDI production capacity.
Frequently Asked Questions (FAQ):
What are the factors influencing the growth of the cross linking agents market?
The growth of this market can be attributed to the growing focus on sustainability and ecofriendly solutions.
Which are the key applications driving the cross linking agents market?
The sectors driving the demand for cross linking agents are industrial & decorative coatings.
Who are the major manufacturers?
Major manufacturers include BASF SE (Germany), Covestro AG (Germany), Allnex Group (Germany), Evonik Industries (Germany), Hunstman Corporation (US) among others.
What will be the growth prospects of the cross linking agents market?
Increasing demand from industrial coatings to drive the market during the forecast period. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the market size of the Cross Linking Agents market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, certified publications, articles from recognized authors, gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key Cross Linking Agents, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The Cross Linking Agents market comprises several stakeholders in the value chain, which include raw material suppliers, manufacturers, and end users. Various primary sources from the supply and demand sides of the Cross Linking Agents market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the Cross Linking Agents industry.
Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to chemistry, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of Cross Linking Agents and future outlook of their business which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include sales representatives, production heads, and technicians.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The top-down approach was used to estimate and validate the size of various submarkets for Cross Linking Agents for each region. The research methodology used to estimate the market size included the following steps:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- The global market was then segmented into five major regions and validated by industry experts.
- All percentage shares, splits, and breakdowns based on chemistry, application, and country were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added with detailed inputs and analysis and presented in this report.
Cross Linking Agents Market: Bottum-Up Approach
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
To know about the assumptions considered for the study, Request for Free Sample Report
Cross Linking Agent Market: Top-Down Approach
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
Data Triangulation
After arriving at the total market size from the estimation process Cross Linking Agents above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Cross-linking agents, also known as crosslinkers, are chemical compounds used to form covalent bonds between polymer chains. They play a crucial role in polymer chemistry and materials science by enhancing the properties of polymers. By connecting adjacent polymer chains, cross-linking agents create a three-dimensional network structure, making the material more rigid, durable, and heat resistant. These agents can be organic, such as di- or multifunctional compounds, peroxides, and aziridines, or inorganic compounds. Their ability to create cross-links between polymer chains improves the overall performance and stability of polymers in various applications including decorative and industrial.
Key Stakeholders
- Cross Linking Agents Manufacturers
- Cross Linking Agents Traders, Distributors, and Suppliers
- Raw Type Suppliers
- Government and Private Research Organizations
- Associations and Industrial Bodies
- R&D Institutions
- Environmental Support Agencies
Report Objectives
- To define, describe, and forecast the size of the Cross Linking Agents market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market.
- To estimate and forecast the market size based on chemistry, application, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries.
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market.
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Tariff & Regulations
- Regulations and impact on Cross Linking Agents market
By Form Analysis
- Market size for Cross Linking Agents in terms of value and volume
Growth opportunities and latent adjacency in Cross Linking Agents Market