Crosslinking Agent Market size is forecast to reach $9.7 billion by 2025, after growing at a CAGR of 5.4% during 2020-2025. Cross-linking is a chemical process of joining two or more molecules by a covalent bond. The growth of the crosslinking agent market is primarily driven by the increasing demand for water-based crosslinking agents. These crosslinking agents have low VOC emissions and are environment-friendly.
Key Takeaways
- Asia-Pacific dominates the Crosslinking Agent market owing to increasing demand as applications from coatings industries.
- The growing popularity for transportation and marine coatings, is likely to aid in the market growth of fuel additives
- Increasing adoption of sustainable and environment friendly products, will increase the market demand for Crosslinking Agent in the near future.
- COVID 19 pandemic will create hurdles for the Crosslinking Agent market
Chemistry - Segment Analysis
Alkylating agents segment holds the largest market share in the crosslinking agent market. Alkylating agents are compounds that work by adding an alkyl group to the guanine base of the DNA molecule, preventing the strands of the double helix from linking as they should. This causes breakage of the DNA strands, affecting the ability of the cancer cell to multiply. Eventually, the cancer cell dies. Alkylating agents were one of the first classes of drugs to be used against cancer. Trabectedin is classed as a tetrahydroisoquinoline alkaloid, and unlike traditional alkylating agents, it binds to the minor groove of DNA and alkylates guanine at the N2 position. Alkylating agents are effective during every phase of the life cycle of a cancer cell, which means they are effective for treating a wide range of cancers. They are most effective for treating slow-growing cancers such as leukemia and solid tumors, but are also used in the treatment of breast, lung, ovarian, and prostate cancers.
Application - Segment Analysis
Industrial Coatings has been the primary market for Crosslinking Agent for many years. Due to increase in the global spending, the consumption of Crosslinking Agent has always been considerably high in automotive application in comparison to other applications. Because of the continuous requirement of coatings in the transportation sector i. e vehicles of different types, So the market will always remain healthy. At the coating surface, where oxygen is present, aerobic cure takes place below the surface, where no oxygen is present, anaerobic cure occurs. Below the surface, curing occurs much faster than above since oxygen is a good free radical scavenger. Therefore, key to achieving uniform and complete cure is the elimination of oxygen at the surface either by mechanical means, such as inerting the atmosphere with nitrogen, or by chemical means, through the use of metal driers and monomers that are good oxygen scavengers.
Geography - Segment Analysis
APAC dominated the Crosslinking Agent market with a share of more than xx%, followed by North America and Europe. Countries such as India, China are the major market for Crosslinking Agents, owing to the larger area and higher population. Because of the large population and constant requirements of public demand, these countries will be considered to be the great markets. Whereas increase in demand for paints and coatings market, construction & building sector will also increase and owing tot that the overall market demand for crosslinking agent market will grow. Few of the governments’ regulations towards construction of homes for poor people will further increase the demand for crosslinking market.
Drivers – Crosslinking Agent Market
- Growing demand for other applications
As the coatings market itself is a greater market. So there are various no. of applications in the coatings market which are namely decorative coatings, different types of industrial coatings. Decorative coatings is another market which is growing very nicely and is expected to witness and increase in demand in the forecast period.
Whereas different industrial coatings which are wood coatings, protective coatings with others demands are also increasing in the market day by day.
- Implementation of Stringent Environment Regulations
Implementation of stringent government regulations related to Construction or infrastructure will increase the market demand for Acrylic Emulsions in the near future. In India government launches Pradhan Mantri Awas Yojana (Urban) Mission launched on 25th June 2015 which intends to provide housing for all in urban areas by year 2022. The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. As per PMAY(U) guidelines, the size of a house for Economically Weaker Section (EWS) could be upto 30 sq. mt. carpet area, however States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.
Challenges – Crosslinking Agent Market
- Impact of COVID 19 on the Crosslinking Agents market
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for Crosslinking agents.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Crosslinking Agent market. In 2019, the market of Crosslinking Agent has been consolidated by the top five players accounting for xx% of the share. Major players in the Crosslinking Agent Market Allnex group, Angus Chemical Company, BASF SE, Baxenden Chemicals Limited, Covestro AG, among others.
Acquisitions/Technology Launches
- In June 17, 2016 – BASF has signed an agreement to acquire Albemarle’s global surface treatment business, Chemetall. The purchase price is $3.2 billion.
