Rising demand from end-use industries such as textiles, herbicides, and detergents is expected to drive the ethanolamines market. Ethanolamine is broadly used as a feedstock in the manufacture of pharmaceuticals, detergents, and polishes. It is a flammable, colorless, corrosive, toxic, and viscous liquid material utilized in several solutions and dispersions.
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Increasing production of agrochemicals is likely to complement the market in the forecast period. The market is sliced into three sectors. These include organic compounds, applications, and geographical regions. On the basis of organic compounds, it is trifurcated into diethanoamine (DEA), triethanolamine (TEA), and monoethanolamine (MEA).
The applications are herbicides, textiles, corrosion inhibitors, detergents, personal care, construction chemicals, metal cleaning, gas treatment, and surfactants. Enhanced demand from these applications is also estimated to steer the ethanolamines market. Herbicides will surface as the dominating segment in the forecast period.
Gas treatment would grow considerably (at a CAGR of more than 5%) in the future. Novel applications like production of agrochemicals and preservation of wood offer new prospects to market participants. Asia Pacific would undergo maximum growth in the years ahead. This will owe to domestic demand from its end-users.
Rapid industrialization, coupled with strong economic growth in Thailand, Vietnam, India, and China would also contribute to the same. Additionally, low cost production and increasing per capita incomes will propel the region. The North American ethanolamines market is projected to exhibit high growth in the forecast period.
This is primarily due to strong demand from the applications of herbicides, detergents, and personal care. The U.S. is the biggest client of the region. Owing to market saturation across application segments, Europe would exhibit moderate growth in the seven years to come. Escalating consumption of herbicides and agrochemicals would strengthen the region.
Latin America and the Middle East & Africa are anticipated to experience considerable growth. Demand from the construction and personal care segments in both these regions adds to the same. Some of the dominating players in the ethanolamines market include BASF, Huntsman Corporation, CNPC, and Dow Chemical Corporation.
The others are INEOS Oxide Ltd., Celanese Corporation, Alkyl Amines Chemicals Ltd., and Fushun Beifang Chemical Co. Ltd.
Information Source: Radiants Insights