Crosslinking Agent Market is expected to reach USD 14.78 Billion by 2024 from USD 10.23 Billion in 2016 at a CAGR of 5.4%.
Crosslinking Agent Market is expected to reach USD 14.78 Billion by 2024 from USD 10.23 Billion in 2016 at a CAGR of 5.4%. Surging utility of crosslinking agents across emerging countries of Asia Pacific, Europe, and North America. Growth of this market is mainly due to the rising awareness regarding the benefits of crosslinking agents in varied paints & coatings applications, such as automotive, wood, marine, can/coil, powder, and wall coatings, among others. However, the high price of crosslinking agents for decorative coatings is restraining the growth of crosslinking agent market. India, China, and Brazil are assumed as price sensitive markets, and thus, they prefer using cheaper alternatives to crosslinking agent. Based on chemistry, cross linking market is segmented into amino, amine, isocyanate, amide, aziridine, carbodiimide and others. Amino crosslinking agent segment hold major share for the market during the forecast period. Amino crosslinking agents are widely used in industrial and decorative coatings. Isocynate segment is expected to grow at a high CAGR during the forecast period. This is due to its various coating applications in automotive, decorative, appliances, packaging and industrial wood coating. Decorative coatings and industrial coatings are application segments of cross linking agent market. Industrial coating segment is dominating the market owing to the increasing demand for the water-based and eco-friendly paints & coatings from the industrial applications and growing powder coating market. Geographically, the crosslinking agent market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific is holds major share of crosslinking agent market and will continue its growth during the forecast period. Increasing use of crosslinking agents industrial coatings in automotive and protective coatings applications and rising construction industry is driving the growth of crosslinking agent market in Asia Pacific region.