Ethanolamine Market Overview
The major trend being witnessed in the global ethanolamine market is increased capital expenditure in order to boost production capacity of ethanolamine. With the rapid advancement in agricultural sector across the world, the companies engaged in production of amine are looking forward to expand their production capacity. Infusion of fresh capital is driven by objective to produce high-quality amine. Thus, rising investment trend is likely to result in greater availability of high-quality amine used in the agricultural sector.
On the basis of product type, the ethanolamine market is categorized into monoethanolamine, diethanolamine, and triethanolamine. Triethanolamine held a significant share in the market during the historical period. It is a widely used amine in construction industry as performance enhancer as well as grinding aid for cement. The amine used in cement production reduces the consumption of power used during cement manufacturing. Moreover, it also enhances the quality of cement produced. Rapidly advancing construction sector across various developing countries is expected to boost the consumption of triethanolamine during the forecast period.
Based on application, the ethanolamine market is categorized into herbicides, detergents/surfactants, pharmaceuticals, personal care products, gas treatment, metal cleaning, ethyleneamine, agrochemicals, wood preservatives, cement additives, construction, and textiles. The construction sector held a significant share in the market during the historical period as the amine is widely used in the preparation of construction chemicals and corrosion inhibitors used for metal protection purpose. Moreover, it is also used in the production of surfactants. The growing demand for surfactants in Europe and North America in various industries, owing to its capability of acting as a weak base compound is likely to drive the market growth.
Based on region, the ethanolamine market is categorized into Europe, North America, Asia-Pacific, Latin America, and Middle East and Africa. Among all the regions, Asia-Pacific held a significant share in the market during historical period, driven by growing demand for amine from domestic end-use industries in the region. The expanding base of industries owing to lower cost of production in countries such as India and China is expected to boost the growth of the regional market in the coming years.
Ethanolamine Market Dynamics
The major driver identified in the ethanolamine market is the growing usage of the amine in the European agricultural sector. The European countries have a well-developed agriculture sector and is characterized by usage of modern agricultural practices. The rising demand for agrochemicals and herbicides in countries such as Germany, France, Italy, Spain, and Poland is anticipated to boost the growth of the market during the forecast period.
The major restraint identified in the ethanolamine market is the usage of volatile compounds in the preparation of the amine. Owing to its volatility, certain categories of the amine can be detrimental to the health of animals and humans. The direct exposure to such amines can result in different sorts of ailments like skin irritation, rashes, and fever. Owing to this, regulatory agencies across different countries are tightening the norms on the usage of such amines for agricultural or industrial purpose. The implementation of stricter norms is expected to hamper the growth of the market in the coming years.
With the growing economic development and advancement in the agricultural sector, emerging economies are expected to offer lucrative opportunities for the growth of the ethanolamine market. Countries such as China and India are witnessing rapid advancement in the construction industry as well as the agricultural sector. The growth in the end-use areas are likely to spur the use of amine used in the preparation of construction chemicals, herbicides, and fertilizers, thereby boosting the market during the forecast period.
Ethanolamine Market — Competitive Landscape
The ethanolamine market is characterized by large number of companies having their production facilities in the Asia-Pacific region. Some of the major players competing in the global market include BASF SE, INEOS Oxide Ltd., DowDupont Incorporation, China Petroleum & Chemical Corporation, Thai Ethanolamines Co. Ltd., Fushun Beifang Chemical Co. Ltd., Sinopec Shanghai GaoQiao Petrochemical Corporation, Akzo Nobel N.V., Jiaxing Jinyan Chemical Co. Ltd., Shijiazhuang Haisen Chemical Co. Ltd., and Huntsman Corporation.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.