Amines Market Analysis

Amines Market Analysis

The global ethanolamines market was valued at over USD 6 billion in 2020 and is expected to witness healthy growth at a CAGR of 7.5% from 2021 to 2027. This high demand for ethanolamines in 2020 was attributed to its remarkable properties, such as excellent surfactant properties, emulsification, bleach activation solvency, and good chelation, which make them an ideal fit for use in different end-use applications.
 

The global monoethanolamines business was valued at over USD 3 billion in 2020 and is expected to grow at a CAGR of around 8.5% over the forecast period. The ability of monoethanolamines to maintain the optimum pH level of the soil coupled with the rising demand for agrochemicals and advanced technology in agriculture is likely to augment the amines market share.
 

The global triethanolamines market was valued at over USD 1.1 billion in 2020 and is expected to witness considerable growth at a CAGR of 7.5% over the assessment period. Moreover, the remarkable surfactant properties of triethanolamine, growing consumer demand for luxury and premium cosmetic & personal care products, and stringent regulations of the European Commission prohibiting the use of diethanolamine in cosmetic products to reduce the adverse effects of carcinogenic nitrosamines will result in an exponential increase in the demand for triethanolamines over the forecast period.
 

Changing consumption patterns, increasing sedentary lifestyles & deskbound work cultures, and improper habits of consumers, such as excessive consumption of alcohol, cigarettes & tobacco, have led to an increased prevalence of lifestyle disorders such as diabetes, blood pressure, and cholesterol, among others. The growing demand for amines as intermediates in manufacturing analgesic drugs, such as morphine, lidocaine & novocaine, and as recreational drugs to relieve pain & treat various health disorders, such as acidity and gastrointestinal disorders, is expected to propel the amines market growth over the forecast period.
 

The global amines market from pharmaceutical application was valued at over USD 4.5 billion in 2020 and is expected to register significant gains at a CAGR of over 9% during the forecast timeframe. Moreover, different types of ethyl amines, such as triethyl amine and diethyl amine, find applications in manufacturing various drugs & pharmaceutical formulations, such as remdesivir, hydroxychloroquine, and favipiravir, and are used to treat COVID-19. An exponential increase in the number of COVID-19 cases across the world is likely to dramatically escalate the demand for amines from the pharmaceutical sector.
 

The excellent solvency of amines makes them an ideal fit for use as intermediates in the manufacturing of a variety of products such as agrochemicals, chemicals, drugs & pharmaceutical formulations, paint & coatings, etc. Increasing industrialization coupled with the rapid growth of the chemical industry globally is expected to boost product demand for chemical production. The increasing rate of adoption of advanced agricultural techniques involving the use of agrochemicals, such as pesticides and fertilizers, is expected to further boost the amines market growth over the forecast period.
 

Moreover, the excellent solvency property of amines is likely to provide promising opportunities for use in carbon dioxide absorption during natural gas sweetening and gas treatment applications. The increasing oil exploration & refining activities across the globe will further boost the use of amines as a solvent in gas treatment applications. The global amines market from solvent function was valued at over USD 6 billion in 2020 and is expected to grow at a CAGR of 8.5% from 2021 to 2027.
 

Asia Pacific led the global amines market in 2020 with a value of over USD 7.5 billion and is expected to grow at a CAGR of 9.2% over the forecast period. This high growth rate is mainly attributed to the rising product demand from agrochemical manufacturing applications. Rising demand for different types of amines, such as diethanolamines, to produce glyphosate, which is used to improve the quality of herbicides is likely to augment market growth in the region. Rising awareness among farmers regarding the need to increase crop yield within the available cultivable land and increasing adoption of modern agricultural techniques will further boost product demand in the agricultural sector.
 

Moreover, the sudden occurrence and rapid transmission of the COVID-19 infection have raised consumer awareness on the importance of basic hygiene & sanitization. These factors will boost the demand for disinfectants and cleaning agents, fostering market growth in the region. In addition, rising concerns regarding the purity of drinking water coupled with a rise in the level of water pollution due to continuously increasing industrialization will further boost the demand in the water treatment industry and foster market growth.