Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 7.38 billion

CAGR (2023-2028)

4.80%

Fastest Growing Segment

Amino

Largest Market

Asia Pacific

Market Overview

Global Crosslinking Agent Market has valued at USD 7.38 billion in 2022 and is anticipated to project steady growth in the forecast period with a CAGR of 4.80% through 2028. Crosslinking is an essential chemical process that involves bonding links between polymer chains, whether they are synthetic or natural polymers. This process results in the polymers losing their ability to move as individual chains, as the added crosslinks restrict their mobility. The significance of crosslinking extends to both synthetic polymer chemistry and biological sciences. One of the key factors driving the growth of the crosslinking agent market is the increasing application of powder coatings worldwide. The demand for crosslinking agents is on the rise, particularly for water-based coatings, as well as in the paintings and coatings industries. These agents find extensive usage in various industrial applications, including high-performance and floor coatings, as well as heat-resistant paints. Moreover, the market is positively influenced by the surge in investments and rapid industrialization. Additionally, there is a growing demand for eco-friendly crosslinking agents, which presents profitable opportunities for market players in the forecast period of 2022 to 2029. However, the presence of self-crosslinking agents, coupled with their non-recyclable property and high price, is expected to hinder the market growth. Furthermore, the stringent government regulations are projected to pose challenges to the crosslinking agent market during the forecast period of 2022-2029.

 Key Market Drivers

Growing Demand of Crosslinking Agent in Construction Industry

Crosslinking agents play a vital role in the construction industry, driving the global market's growth. As the construction sector continues to expand and the demand for durable and high-performance materials increases, the need for effective crosslinking agents becomes even more paramount. The construction industry relies on these agents to enhance the properties of materials, such as durability, strength, and resistance to heat, chemicals, and weathering. Rapid urbanization, population growth, and infrastructure development projects worldwide have fueled the demand for crosslinked polymers in construction applications. One prominent example is the extensive use of crosslinked polyethylene (PEX) pipes in plumbing, heating, and cooling systems. These pipes are preferred for their flexibility, corrosion resistance, and long lifespan. To meet stringent building codes and regulations, construction materials must exhibit improved performance and durability. Crosslinking agents enable the production of materials with enhanced properties, such as increased heat resistance, chemical resistance, weatherability, and dimensional stability. This ensures the longevity of construction projects and reduces maintenance costs. Furthermore, the construction industry's increasing focus on energy-efficient buildings and sustainability has led to the adoption of advanced insulation materials, including crosslinked polyurethane foams. These foams provide excellent thermal insulation, resulting in reduced energy consumption and carbon emissions in buildings. In summary, the demand for crosslinking agents in the construction industry is driven by the need for high-performance materials, compliance with regulations, and the industry's commitment to energy efficiency and sustainability.

Growing Demand of Crosslinking Agent in Automotive and Electronics Sectors

The automotive industry's relentless pursuit of lighter, safer, and more efficient vehicles has sparked a tremendous demand for crosslinking agents. These agents play a crucial role in enhancing fuel efficiency and reducing carbon emissions by enabling the use of lightweight materials in automotive manufacturing. One such material is crosslinked polyethylene foam, which offers excellent mechanical strength and impact resistance while significantly reducing the overall weight of the vehicle. Automakers are also turning to thermoplastic elastomers and crosslinked polypropylene for their exceptional properties. These lightweight materials not only enhance performance but also contribute to the overall sustainability of the automotive industry. Crosslinking agents are instrumental in the production of materials with enhanced characteristics, including high-temperature resistance, chemical resistance, flame retardancy, and dimensional stability. These properties are essential for various automotive components such as wiring harnesses, gaskets, seals, and adhesives used in critical applications. As modern vehicles incorporate a wide array of advanced electrical and electronic systems, the demand for crosslinking agents in wire and cable insulation, connectors, printed circuit boards (PCBs), and encapsulation materials has seen a significant surge. Crosslinked materials offer excellent electrical insulation properties, heat resistance, and protection against moisture and harsh environments, ensuring the reliable operation of these systems. Moreover, the electronics industry's constant drive for miniaturization, improved performance, and higher reliability has also contributed to the growing demand for crosslinking agents. These agents enable the production of thermally conductive materials used in electronic components such as heat sinks, thermal interface materials, and encapsulants. By effectively dissipating heat, these materials ensure optimal performance and reliability in electronic devices. Crosslinked materials are widely employed in encapsulation, potting, and conformal coatings for electronic components, providing enhanced protection against moisture, chemicals, and mechanical stress. They offer improved durability, insulation, and long-term reliability, which are crucial for electronic devices operating in challenging environments. Furthermore, the rising adoption of flexible and wearable electronics has created a new demand for crosslinking agents capable of enabling the production of flexible circuits, displays, and sensors. Crosslinked polymers offer the desired flexibility, stretchability, and resistance to deformation, empowering the development of innovative electronic products that can seamlessly adapt to various applications and user needs. In summary, the use of crosslinking agents in the automotive and electronics industries has become indispensable, driving advancements in materials and technologies that contribute to lighter, more efficient vehicles and highly reliable electronic devices.

Increasing Demand for Paint and Coating

As the demand for advanced coatings continues to rise across various applications, the need for reliable and effective crosslinking agents becomes increasingly crucial. These agents play a vital role in the formulation of high-performance paints and coatings, offering a multitude of benefits and enhancing their overall properties. By incorporating crosslinking agents into the coating formulation, the resulting product exhibits improved durability, adhesion, chemical resistance, and overall performance. These agents facilitate the formation of strong and durable bonds within the coating matrix, ensuring long-lasting protection and aesthetic appeal. With rapid urbanization and infrastructure development projects taking place worldwide, there is a significant surge in the demand for paints and coatings that can withstand harsh environmental conditions. The construction of residential and commercial buildings, bridges, and other infrastructure necessitates the use of high-performance coatings that can endure extreme weather conditions, UV radiation, and chemical exposure, ensuring long-term protection and longevity. In summary, the incorporation of crosslinking agents in high-performance coatings is essential to meet the growing demand for advanced coatings and to ensure the durability and longevity required in various applications.

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Key Market Challenges

Presence of Self-Crosslinking Agents

The global crosslinking agent market is currently facing a significant challenge due to the presence of self-crosslinking agents. These self-curing agents, also known as autocatalytic agents, are materials that possess the unique ability to initiate crosslinking reactions without the need for external curing agents or catalysts. They contain functional groups that can react with themselves under specific conditions, leading to the formation of robust three-dimensional networks that greatly enhance the mechanical, thermal, and chemical properties of the materials. Self-crosslinking agents find wide applications in various industries, including coatings, adhesives, and textiles. However, in recent years, increasing concerns related to environmental and health implications have prompted governments to enforce stricter laws on the production of volatile organic compound (VOC) emissions in coatings. Consequently, organizations that prioritize ecological sustainability have shifted towards waterborne systems to reduce their carbon footprint. Thanks to recent advancements in self-crosslinking technology, it is now easier than ever to combine the exceptional performance of solvent-borne systems with the low-emission features of water-based coatings. This development has opened new avenues for the industry, particularly in terms of stain protection, which has been a major driving force for the adoption of self-crosslinking devices in North America and Europe. In summary, the utilization of self-crosslinking agents in the crosslinking agent market has witnessed both challenges and opportunities. As environmental regulations continue to tighten, the demand for innovative and sustainable solutions will further drive the growth of self-crosslinking technologies in various applications across the globe.

Volatility in Prices of Raw Materials

As crosslinking agents play a crucial role in various industries, including coatings, adhesives, and plastics, the fluctuations in raw material prices can have a significant impact on overall production costs and profitability. Raw material price volatility refers to the unpredictable and fluctuating nature of prices for the materials used in the production of crosslinking agents. These raw materials encompass a range of components, such as chemicals, resins, solvents, and additives, among others. Several factors contribute to price fluctuations in the global raw material market, including supply-demand dynamics, economic conditions, geopolitical events, and natural disasters. The ever-changing prices of raw materials pose challenges for manufacturers in establishing a stable and predictable cost structure. The uncertainty surrounding raw material costs can disrupt production planning, inventory management, and pricing strategies, ultimately impacting the financial health of companies operating in the crosslinking agent market. Moreover, rapid changes in raw material prices can disrupt the entire supply chain, creating difficulties for suppliers in securing consistent and affordable raw materials. This, in turn, may result in potential delays in production and fulfillment of customer orders, leading to strained relationships with customers and the potential loss of valuable business opportunities. Hence, it becomes crucial for industry players to closely monitor and adapt to the dynamic nature of raw material prices to ensure stability and success in the crosslinking agent market.

Key Market Trends

Growth in Technological Advancements

Technological advancements have revolutionized the development of innovative formulation techniques for crosslinking agents. Through extensive research and development efforts, manufacturers have gained the ability to precisely tailor the properties of crosslinking agents to meet the specific requirements of various end-use applications. This level of customization allows for the creation of crosslinking agents with superior performance characteristics, such as enhanced adhesion, exceptional durability, and remarkable resistance to environmental factors. Moreover, these technological advancements have also contributed to the evolution of chemical synthesis methods utilized in the production of crosslinking agents. Innovative synthesis approaches, such as catalytic processes and sustainable manufacturing techniques, are gaining significant prominence in the field. Not only do these methods enhance the efficiency of production, but they also offer environmentally friendly alternatives, aligning with the growing demand for sustainability within the industry. Furthermore, automation and robotics have emerged as integral components of modern manufacturing processes, including the production of crosslinking agents. Robotics play a crucial role in enabling precise and consistent handling of raw materials, which in turn reduces the risk of human error and ensures batch-to-batch consistency. Additionally, automation streamlines production, improves overall efficiency, and minimizes operational costs, ultimately leading to enhanced productivity across the board. In summary, the continuous advancement of technology has paved the way for innovative formulation techniques, improved chemical synthesis methods, and the integration of automation and robotics in the production of crosslinking agents. These developments not only enhance the overall performance and durability of crosslinking agents but also contribute to a more sustainable and efficient manufacturing process.

Segmental Insights

Chemistry Insights

In 2022, the Crosslinking Agent market was dominated by the Amino and is predicted to continue expanding over the coming years. Amino crosslinking agents find extensive application in both industrial and decorative coatings. The Isocyanate segment is projected to witness a significant compound annual growth rate (CAGR) in the forecast period. This can be attributed to its diverse range of coating applications in the automotive, decorative, appliances, packaging, and industrial wood coating industries.

Application Insights

In 2022, the Crosslinking Agent market was dominated by Transportation Coatings, segment and is predicted to continue expanding over the coming years. Transportation coatings have rapidly emerged as a dominant force in the global crosslinking agent market, driven by a combination of factors that have fueled their demand and facilitated their substantial growth. The transportation industry, encompassing automotive, aerospace, and marine sectors, heavily relies on coatings to safeguard vehicles and structures against environmental stressors while simultaneously enhancing their visual appeal. In this regard, crosslinking agents play a pivotal role in formulating advanced coatings that not only meet but exceed the stringent requirements imposed by these industries. Moreover, the transportation industry is subject to increasingly stringent regulatory standards pertaining to emissions, safety, and environmental impact. Consequently, the formulation of coatings with low levels of volatile organic compounds (VOCs) and hazardous materials has become imperative. Crosslinking agents can be precisely tailored to meet these evolving regulations, enabling the development of compliant coatings that adhere to the strictest environmental standards. As these regulatory requirements continue to advance, the demand for crosslinking agents and coatings that are fully compliant and environmentally responsible is expected to witness a significant upsurge.

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Regional Insights

The Asia Pacific region has established itself as the leader in the Global Crosslinking Agent Market. The paint and coating sector experiences increased demand due to high economic growth in developing countries, rising income, and population growth. The APAC region, particularly in industries such as construction and automotive, showcases notable growth. Renowned for robust manufacturing capabilities, the Asia-Pacific region boasts well-established automobile, electronics, and textile manufacturing industries in countries like Japan, India, China, and South Korea. Crosslinking plays a pivotal role in various applications within these industries, consequently driving substantial regional demand.

Recent Developments

  • In December 2021, Allnex became a subsidiary of PTT Global Chemical Public Company Limited (GC) following the acquisition of Allnex by PTT Global from Advent for EUR 4 billion (~USD 4.25 billion).
  • In February 2022, Hexion successfully concluded the sale of its epoxy-based Coatings and Composite businesses, encompassing the epoxy specialty resins, base epoxy resins, and intermediates product lines, for approximately USD 1.2 billion to Westlake Chemical Corporation.

Key Market Players

·              BASF SE

·              Allnex GMBH

·              Covestro AG

·              Evonik Industries AG

·              Huntsman International LLC

·              Dow Inc.

·              Wanhua Chemical Group Co. Ltd.

·              Nisshinbo Chemical Inc.

·              NIPPON SHOKUBAI CO. LTD.

·              Mitsubishi Chemical Corporation

By Chemistry

By Application

By Region

  • Amino
  • Amine
  • Isocyanate
  • Amide
  • Aziridine
  • Carbodiimide
  • Others
  • Decorative Coatings
  • Transportation Coatings
  • Industrial Wood Coatings
  • Protective Coatings
  • Marine Coatings
  • Can/Coil Coatings
  • Others
  • North America
  • Asia Pacific
  • Europe
  • Middle East & Africa
  • South America

 Report Scope:

In this report, the Global Crosslinking Agent Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Crosslinking Agent Market, By Chemistry:
    • Amino
    • Amine
    • Isocyanate
    • Amide
    • Aziridine
    • Carbodiimide
    • Others
  • Crosslinking Agent Market, By Application:
    • Decorative Coatings
    • Transportation Coatings
    • Industrial Wood Coatings
    • Protective Coatings
    • Marine Coatings
    • Can/Coil Coatings
    • Others
  • Crosslinking Agent Market, By Region:
    • Asia Pacific
    • North America
    • Europe
    • Middle East & Africa
    • South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Crosslinking Agent Market.

Available Customizations:

Global Crosslinking Agent Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Crosslinking Agent Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]               

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Voice of Customer

5.    Global Crosslinking Agent Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Chemistry (Amino, Amine, Isocyanate, Amide, Aziridine, Carbodiimide, Others)

5.2.2.    By Application (Decorative Coatings, Transportation Coatings, Industrial Wood Coatings, Protective Coatings, Marine Coatings, Can/Coil Coatings, Others)

5.2.3.    By Region

5.2.4.    By Company (2022)

5.3.  Market Map

6.    North America Crosslinking Agent Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Chemistry

6.2.2.    By Application

6.2.3.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Crosslinking Agent Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.            By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.            By Chemistry

6.3.1.2.2.            By Application

6.3.2.    Mexico Crosslinking Agent Market Outlook

6.3.2.1.    Market Size & Forecast

6.3.2.1.1.         By Value

6.3.2.2.    Market Share & Forecast

6.3.2.2.1. By Chemistry

6.3.2.2.2. By Application

6.3.3.    Canada Crosslinking Agent Market Outlook

6.3.3.1.            Market Size & Forecast

6.3.3.1.1.         By Value

6.3.3.2.            Market Share & Forecast

6.3.3.2.1. By Chemistry

6.3.3.2.2. By Application

7.    Europe Crosslinking Agent Market Outlook

7.1.  Market Size & Forecast

7.1.1.1.        By Value

7.2.  Market Share & Forecast

7.2.1.1.        By Chemistry

7.2.1.2.        By Application

7.2.1.3.        By Country

7.3   Europe: Country Analysis

7.3.1.   France Crosslinking Agent Market Outlook

7.3.1.1.            Market Size & Forecast

7.3.1.1.1.         By Value

7.3.1.2.            Market Share & Forecast

7.3.1.2.1. By Chemistry

7.3.1.2.2. By Application

7.3.2.   Germany Crosslinking Agent Market Outlook

7.3.2.1.            Market Size & Forecast

7.3.2.1.1.         By Value

7.3.2.2.            Market Share & Forecast

7.3.2.2.1. By Chemistry

7.3.2.2.2. By Application

7.3.3.   United Kingdom Crosslinking Agent Market Outlook

7.3.3.1.            Market Size & Forecast

7.3.3.1.1.         By Value

7.3.3.2.            Market Share & Forecast

7.3.3.2.1. By Chemistry

7.3.3.2.2. By Application

7.3.4.   Italy Crosslinking Agent Market Outlook

7.3.4.1.            Market Size & Forecast

7.3.4.1.1.         By Value

7.3.4.2.            Market Share & Forecast

7.3.4.2.1. By Chemistry

7.3.4.2.2. By Application

7.3.5.   Spain Crosslinking Agent Market Outlook

7.3.5.1.            Market Size & Forecast

7.3.5.1.1.         By Value

7.3.5.2.            Market Share & Forecast

7.3.5.2.1. By Chemistry

7.3.5.2.2. By Application

8.    Asia-Pacific Crosslinking Agent Market Outlook

8.1.  Market Size & Forecast

8.1.1.1.        By Value

8.2.  Market Share & Forecast

8.2.1.1.        By Chemistry

8.2.1.2.        By Application

8.2.1.3.        By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.1.        China Crosslinking Agent Market Outlook

8.3.1.1.1.            Market Size & Forecast

8.3.1.1.2.            By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By Chemistry

8.3.1.2.2.            By Application

8.3.2.    India Crosslinking Agent Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By Chemistry

8.3.2.2.2.            By Application

8.3.3.    South Korea Crosslinking Agent Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By Chemistry

8.3.3.2.2.            By Application

8.3.4.    Japan Crosslinking Agent Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.            By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.            By Chemistry

8.3.4.2.2.