The global amines market size was USD 8.96 billion in 2021. The market is expected to grow from USD 9.36 billion in 2022 to USD 12.41 billion in 2029, exhibiting a CAGR of 4.1% during the forecast period. Increasing compound applications from several industries and the rising demand for personal care and cosmetic goods may fuel the industry progress. Fortune Business Insights™ presents this information in its report titled “Amines Market, 2022-2029.”
Amines are organic compounds found in hormones, alkaloids, vitamins, and proteins. The increasing applications of the organic compound from personal care, chemical processing, agrochemicals, and home products are expected to boost the product’s adoption. Further, the rising demand for personal care and cosmetic sectors are likely to drive the adoption of the product. Rising per-capita income and pursuit for a healthy lifestyle fuel the adoption of the product from consumers, thereby facilitating market growth during the upcoming years.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Wood Coating Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Wood Coating Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
By product, the market is segmented into ethanolamines, aklylamines, ethyleneamines, fatty amines, and specialty amines. Based on application, it is classified into pesticides, surfactants, personal care, pharmaceuticals, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it studies the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Strong Demand for Ethanolamine in End-Use Sectors to Boost Market Growth
Triethanolamine (TEA), monoethanolamine (MEA), and diethanolamine (DEA) are three ethanolamines that are used in personal care products, detergents, refining/gas treatment, and others. Personal care and refining/gas treatment. Further, the rising demand for the product from the end-use industry may boost the compound’s adoption. Amine salts are extensively used as flotation agents, corrosion inhibitors, and lubricants, thereby increasing the chemicals’ adoption. Furthermore, the rising demand for oleochemicals and fatty chemicals can bolster market development. In addition, the rising adoption of the compound from the agricultural, cosmetics, medicines, and mining centers may drive the amines market growth.
However, the hazardous nature of the chemical may hinder the market’s progress in the coming years.
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Presence of a Huge Manufacturing Base to Bolster Industry Growth in Asia Pacific
Asia Pacific is expected to dominate the amines market share due to the presence of a huge manufacturing base. The market in Asia Pacific stood at USD 3.3 billion in 2021 and is expected to gain a huge portion of the market in the upcoming years. Furthermore, the high production of chemicals is expected to boost the adoption of the compound. These factors may propel the industry development.
In Europe, the robust demand for derivatives, fatty amines, and oleochemicals may boost the adoption of the compound. The growing product adoption from the personal care sector may boost industry growth.
In North America, the rising demand for crop protection chemicals and pesticides to curb several disorders may bolster market growth. Additionally, the growing demand for the product from the pharmaceuticals and personal care sector may foster industry growth.
Companies Enter Joint Ventures to Expand Market Reach
The prominent companies operating in the market enter joint ventures to expand their market reach globally. For example, Clariant and Wilmar International’s venture GAC 50-50 venture announced its novel investment to construct a third tertiary factory. The factory is located in Indonesia, Surabaya, and Gresik shall support the joint venture with dependability and flexibility. This venture shall enable the company to expand its reach globally and boost its brand image. Furthermore, companies operating in the market devise research and development, product launches, acquisitions, and partnerships to boost their market position.
- October 2021- Eastman Chemical company boosted its product prices, including methyaminothanol, dimethylaminoethanal, and methyldiethanolamine. The price hike took place from 1st October 2021.
List of Key Players Profiled in the Report
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