Global Alkylamines Market size is projected to expand substantially during the forecast period 2021-2027. Widespread use as a solvent across various sectors is among the major factors driving the product consumption. Alkylamines are experiencing robust demand in rubber processing, pharmaceuticals, agrochemicals, and water treatment. Feed additives and paper chemicals applications will further augment this demand in the future.
Continuous research and development efforts and expanding scope in new applications will positively influence the global alkylamines industry. Alkylamines belong to the group of surface-active chemical compounds. They are used in a wide range of applications owing to characteristics microbiological activity, cleaning power, material compatibility, and foaming properties. Growing production output across various end-use sectors will certainly boost the product consumption in the future.
Considering the applications, the water treatment segment is anticipated to hold a notable share of alkylamines market from 2021 to 2027. These products find extensive application in water treatment chemicals on account of their exceptional cleaning ability. The depletion of water resources worldwide and the increasing need for clean water is continuously driving new investments in water treatment infrastructure. Citing a recent example, in April 2021, the U.S. Environmental Protection Agency (EPA) announced a funding of USD 6.5 billion under the state infrastructure financing authority WIFIA (SWIFIA) program and the agency’s Water Infrastructure Finance and Innovation Act (WIFIA) program.
From a geographical point of view, North America alkylamines industry size is estimated to grow at a notable CAGR in the forthcoming years. The regional expansion is attributable to the increasing demand for solvents across numerous industries. From chemicals, paints & coatings, rubber, and plastics to pharmaceuticals, engineering, and construction, solvents are witnessing consistent demand. The demand for paints & coatings across North America’s expanding automotive sector as well as in home renovation and refurbishment projects will increase the product consumption. Apparently, consumer queries for home renovations were at an all-time high in 2021 owing to the adoption of teleworking practices amid COVID-19.
BASF SE, Arkema, DuPont, Mitsubishi Gas Chemical Company, Luxi Chemical Co., Ltd., Shandong Huala Hengsheng Chemical Co. Ltd., and Luna Chemical Industries Pvt Ltd. are some of the leading product suppliers in the global alkylamines industry. The manufacturers are looking to ramp up their production capacities to keep pace with the global demand. Companies are also adopting strategies such as partnerships, acquisitions, and mergers to fuel their growth and expansion strategies.
The alkylamines market has experienced significant disruptions since the outbreak of COVID-19 including supply chain disruptions, transportation restrictions, containment measures, workforce shortages, and the global economic slowdown. The industry has also experienced declining demand due to the temporary shutdown of manufacturing and industrial activities. However, increasing efforts of the pharmaceutical sector to meet the global vaccine demand have created opportunities for manufacturers.
For instance, in April 2021, Pfizer had announced plans to ramp up COVID-19 vaccine production to deliver more than 300 million in the U.S. by July. This, in turn, has led to an increased demand for solvents across the pharmaceutical sector. Ongoing vaccination efforts by governments and regulators will positively influence the growth of alkylamines industry over 2021-2027.