Crosslinking Agent Industry
The global crosslinking agent market size was estimated at USD 6,907.1 million in 2023 and is projected to grow at a CAGR of 11.2% from 2024 to 2030. The growth is attributed to increasing demand for high-performance materials in automotive, electronics, and aerospace industries. Crosslinking agents are essential in various industries as they enhance the properties of polymers by creating strong, covalent bonds between polymer chains. This leads to improved chemical resistance, heat resistance, and mechanical properties of the final products. As such, their critical role in manufacturing high-performance materials drives the demand for crosslinking agents.
The growing demand for water-based crosslinking agents, driven by environmental regulations and a push for more sustainable manufacturing practices, further fuels the market. The construction industry also significantly contributes to the demand, where crosslinking agents are used in coatings, adhesives, and sealants to enhance durability and resistance to environmental damage.
Gather more insights about the market drivers, restrains and growth of the Global Crosslinking Agent market
Key Crosslinking Agent Company Insights
Some of the key players operating in the global crosslinking agent market include
- BASF SE, a Germany-based chemicals manufacturing company, holds a significant position globally in the chemicals manufacturing industry. It operates through its 6 business segments namely: Chemicals, Surface Technologies, Materials, Nutrition & care, Industrial Solutions, and Agricultural Solutions. Among these, Surface Technologies account for the highest contribution to the company’s consolidated revenue, followed by Materials, and Chemicals. The company has 11 operating divisions which are categorized under the company’s 6 business segments. These divisions are Petrochemicals, Intermediates, Performance Materials, Monomers, Dispersion & Resins, Performance Chemicals, Catalysts, Coatings, Care Chemicals, Nutrition & Health, and Agricultural Solutions. The divisions bear strategic and operational responsibility and are organized according to sectors or products. They manage the 52 global and regional business units and develop strategies for 72 strategic business units.
- Evonik Industries AG is one of the leading chemicals manufacturing companies operational globally. The company operates through its 5 business segments: Specialty Additives, Nutrition & Care, Smart Materials, Performance Materials, and Technology & Infrastructure. The company offers its crosslinking agents to various end use industries like automotive, aerospace, construction, and electronics among others. The company has around 104 production facilities in over 27 countries globally. The largest production facilities are in Germany, Belgium, Singapore, China, and in the U.S.
Huntsman Corporation and Dow are some of the emerging market participants in the global crosslinking agent market.
- Covestro AG is a manufacturer and supplier of chemicals. Covestro’s crosslinking agents are used across industries such as automotive, construction, electrical and electronics, wood, and furniture, among others. The company has a presence across regions such as North America, Europe, Asia Pacific, Central & Latin America, and the Middle East & Africa.
- Dow is a manufacturing company operational in more than 31 countries through its 104 manufacturing sites. The company has a wide product portfolio comprising industrial solutions, plastics, coatings & silicones businesses delivering to vast end-user industries like infrastructure, packaging, consumer goods, and automotive, among others.
Key Crosslinking Agent Companies:
The following are the leading companies in the crosslinking agent market. These companies collectively hold the largest market share and dictate industry trends.
- BASF SE
- Covestro AG
- Allnex Group
- Evonik Industries
- Huntsman Corporation
- Aditya Birla Corporation
- Wanhua Chemicals Group Co. Ltd.
- Dow
- DSM Coatings Resin
- Ineos
Recent Developments
- In January 2023, BASF SE announced its plan to expand its existing capacity of isocyanate. The project has a total investment of USD 780 million for the final phase of expansion. The company will increase production capacity to approximately 60,000 metric tons per year.
- In February 2022, Westlake announced the acquisition of Hexion’s global epoxy business for USD 1.2 billion. This business line includes epoxy specialty resins and base epoxy resins and intermediates product lines.
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