Crosslinking Agents Market Size, Share, Growth Report 2032

Crosslinking Agents Market Size

The global crosslinking agents market size was worth around USD 12.1 billion in 2021 and is predicted to grow to around USD 18.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.1% between 2022 and 2028. The report analyzes the global crosslinking agents insulation market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the crosslinking agents insulation market.

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Crosslinking Agents Market: Overview

Crosslinking refers to the formation of different chemical links amongst molecular chains to create a 3-dimensional (3D) network of interconnected molecules. One such example of crosslinking is the vulcanization of rubber which results in the conversion of raw rubber in the form of weak plastic to a highly rigid and strengthened elastomer. Covalent crosslinking has found applications in scientific as well as commercial sectors, giving rise to enhanced and upgraded versions of polymers that are further used for coating purposes.

The final properties of the crosslinked system depend on the degree of crosslinking which is represented in the form of crosslink density and information about molecular structure. Some examples of cross-linking agents include the use of amino resins which act as crosslinking agents for carboxyl, hydroxyl, and amide functional polymers like polyester, acrylics, alkyds, and epoxies. When liquid amino coating resins undergo a further chemical reaction, they give rise to a more compatible and soluble coating resin.

Key Insights

• As per the analysis shared by our research analyst, the global crosslinking agents market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2022-2028)
• In terms of revenue, the global crosslinking agents market size was valued at around USD 12.1 billion in 2021 and is projected to reach USD 18.5 billion, by 2028
• Due to a variety of driving factors, the market is predicted to rise at a significant rate. The global crosslinking agents market is projected to grow owing to the increasing global requirement and demand for enhanced polymers that exhibit exceptional properties like high-temperature resistance, riding it, and adhesion value, among other traits.
• Based on chemistry segmentation, aziridine was predicted to show maximum market share in the year 2021
• Based on application segmentation, industrial coatings were the leading application in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

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Covid-19 Impact

The global market cap witnessed losses during the pandemic driven by the closure of manufacturing units and delays in new product launches along with difficulties in the procurement of raw materials. However, by the end of 2020, the global market size increased slowly due to increasing research on further understanding and application of crosslinked polymers in the coating industry.

Crosslinking Agents Market: Growth Drivers

Increasing research and development for high-grade polymers to drive market growth

The global crosslinking agents market is projected to grow owing to the increasing global requirement and demand for enhanced polymers that exhibit exceptional properties like high-temperature resistance, riding it, and adhesion value, among other traits. Since crosslinking agents are widely used in coatings, which is an essential part of protecting the coated material along with acting as a decorative substance, the end consumers are becoming more demanding in terms of the quality of the final products.

The global market cap is projected to benefit from the coating industry which was valued at USD 160 billion in 2021 and may reach over USD 230 billion by the end of 2028. With the increased investment in the sector, the current cross-linked polymers can provide benefits like resistance to chemicals and stains, wear & tear, and abrasion along with longer pot life, which refers to the time duration between producing the coating and the point at which the mixture becomes unsuitable for use or application.

Crosslinking Agents Market: Restraints

High cost of certain crosslinking agents to restrict market expansion

The global market size may witness restricted growth due to the presence of certain crosslinking agents that are high in cost such as glutaraldehyde, which is a transparent liquid with an oily texture and pungent odor. A 5-gallon bottle of the agent may cost over USD 200 which when used in large quantities leads to a high increase in the final cost. Other concerns like prolonged direct exposure to crosslinking agents can lead to severe health impacts and are recommended to be used with protective gear.

Crosslinking Agents Market: Opportunities

Growing product innovation in the coating industry to propel market growth

The global crosslinking agents market is projected to witness more growth opportunities owing to the increased rate of product innovation in the coating industry, one of the largest consumers of crosslinking agents. For instance, Sherwin-Williams, the world’s largest producer, seller, and developer of coating, paints, and related products, spent around USD 97.1 million on average between the fiscal year 2017 to 2021. The latest value has reached around USD 115.9 million as per company data.

Crosslinking Agents Market: Challenges

Presence of substitutes to pose a major challenge for market leaders

The global market is witnessing a rising trend of market competitors investing in the development of substitutes which may pose a major challenge for the players. The uneven distribution of crosslinking agents when mixed with polyethylene beds along with the reduction of crystallinity when melted with the virgin form of polyethylene may also hamper the global market growth during the projection period.

Crosslinking Agents Market: Segmentation

The global crosslinking agents market is segmented based on application, chemistry, and region.

Based on application, the global market segments are decorative coatings and industrial coatings. In 2021, industrial coatings led the global market owing to the high demand for coating in industrial settings. Industrial coatings are applied to various mechanical parts of the equipment to protect the section from environmental damage. The global industrial coating market generated over USD 80 billion in 2021. The largest producer of industrial coating AkzoNobel amassed around USD 11.2 billion in 2021 as per company reports.

Based on chemistry, the global market divisions are aziridine, amine, amino, carbodiimide, isocyanate, and others. The global market is dominated by aziridine owing to its increasing application as a polyfunctional crosslinker in paint primers, two-component paints, topcoats, lacquers, and other forms of protective coatings. It is an organic compound, discovered in 1888, with its derivatives called aziridines having wider applications in medicinal chemistry.

Recent Developments:

• In October 2020, Stort Chemicals, a UK-based leading distributor of specialty chemicals catering to the Fragrance & Flavors and Coatings industries, announced the acquisition completion of Zanos Limited, a business-to-business supplier of natural ingredients, aroma chemicals, vitamins, and specialty chemicals.
• In October 2021, the Sherwin-Williams Company announced the inauguration of the official start of construction of the company's biggest and groundbreaking global Research and Development center. The building will be spread across 600,00 square-foot in Ohio and will be bringing together engineers, chemics, and technicians along with other support teams

Crosslinking Agents Market Report Scope:

Crosslinking Agents Market: Regional Analysis

North America to lead with the highest CAGR

The global crosslinking agents market is projected to witness the highest growth in North America during the projection period with the US registering a CAGR of 3.9% during the forecast period. The regional market is expected to be driven by the increasing application of crosslinking agents in the industrial coating, especially in the automotive sector. Other contributing factors include the rise in the industrial and architectural industries along with the high CAGR witnessed by the coating and paints sector in the region which was valued at USD 24 billion in 2019.

North America is home to some of the biggest players in the market including Sherwin-Williams with consumers in more than 120 countries. Growth in Europe may be driven by regions like the UK, Germany, Italy, and France which are termed the hotspots for coatings and paint manufacturers along with a high number of raw material suppliers. The rise in the number of strategic activities including mergers and acquisitions, collaborations, and exhaustive marketing and advertising undertakings may also contribute to the regional revenue.

Crosslinking Agents Market: Competitive Analysis

The global crosslinking agents market is dominated by players like 

• Huntsman International LLC.
• BASF SE
• The Dow Chemical Company
• Angus Chemical Company
• Lord Corporation.

The global crosslinking agents market is segmented as follows:

By Application

• Decorative Coatings
• Industrial Coatings

By Chemistry

• Aziridine
• Amine
• Amino
• Carbodiimide
• Isocyanate
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa