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Ethanolamines Market To Generate Revenue Worth $5,079.0 Million by 2030

Published Date:   July 2020

The increasing demand for surfactants is a major factor driving the growth of the global ethanolamines market. Ethanolamines are vastly used as surfactants in personal care products, especially laundry detergents, owing to their ability to remove dirt, grease, and stains. In addition, they serve as a suitable emulsifying ingredient in personal care products, such as bath washes, shampoos, and soaps. With the increase in the consumption of such products, the demand for the compound has witnessed a surge, which, in turn, is boosting the ethanolamines market. Owing to such factors the market is expected to reach $5,079.0 Million by 2030 demonstrating a CAGR of 5.0% during the forecast period.

Surfactants Application To Account for Largest Market Share

The market for ethanolamines, based on application, has been categorized into herbicides, surfactants, chemicals, gas treatments, cement, and others, among which surfactants held the largest market share in 2019. The chemical compound has the ability to remove dirt and stains, which makes it an ideal surfactant for detergents. In addition, it is used in industrial cleaning products, which include industrial-strength detergents and engine degreasers.

The ethanolamines market is categorized into monoethanolamine (MEA), diethanolamine (DEA), and triethanolamine (TEA), based on type. Among these, DEA held the largest share in 2019, and the trend is likely to continue during the forecast period. This is attributable to the heavy usage of the compound as a surfactant, along with its usage as an ingredient for herbicides. In recent times, farmers across developing countries have become increasingly aware regarding the benefits of using herbicides. Moreover, the strong support from governments, in the form of the supply of herbicides and fertilizers, is expected to drive the consumption of the compound.

The Asia-Pacific (APAC) region showcased the highest consumption in 2019, and the regional market is likely to retain its dominance in the coming years. This can be attributed to the investments made by leading chemical manufacturers in countries such as India, South Korea, and Indonesia, along with an increase in the disposable income of the people in these countries. In addition, the focus on personal hygiene has been at a rise in the developing countries of the region, thereby creating a high-volume demand for laundry detergents, shampoos, soaps, and other washing products. This, in turn, propels the consumption of ethanolamines as a surfactant and suitable emulsifying agent, owing to which the industry in APAC is expected to witness a high demand during the forecast period.

Facility Expansion Is Key Strategy Being Adopted by Market Players

Manufacturers operating in the ethanolamines market are focusing on capacity expansions, in order to increase their supply and gain a competitive edge in the global market. For instance, in April 2019, BASF SE announced plans to increase the production capacity of alkyl-ethanolamine by 20%, at its site in Ludwigshafen, Germany. After the project completion in 2020, BASF’s global cumulative annual capacity of alkyl-ethanolamine at its production facilities in Ludwigshafen, Germany; Geismar, U.S.; and Nanjing, China, will be more than 110,000 tons.

Browse report overview with detailed TOC on "Ethanolamines Market Research Report: By Type (Monoethanolamine, Diethanolamine, Triethanolamine), Application (Herbicides, Surfactants, Chemicals, Gas Treatment, Cement) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/ethanolamine-market

In addition, in September 2017, The Dow Chemical Company restarted some of the units at its Seadrift, U.S. facility, including those which manufacture ethanolamine compounds. The plant is envisaged to have a production capacity of 213,000 tons per annum of monoethanolamine, diethanolamine, and triethanolamine. Owing to such investments being made by global-level players, the market for the chemical is also likely to grow in the coming time.

Oriental Union Chemical Corporation, The Dow Chemical Company, BASF SE, Sadara Petrochemicals, Saudi Kayan Petrochemical Company, Akzo Nobel NV, Huntsman Corporation, and INEOS Group Holdings S.A. are some of the key players operating in the global ethanolamines market.