Ethanolamines market size is anticipated to reach USD 3.98 billion by 2024, owing to its growing use as a feedstock in detergents, pharmaceuticals, chemical intermediates, emulsifiers, and corrosion inhibitors. Moreover, wide applications of this organic chemical compound in surfactants, agrochemicals, cement, herbicides, and gas treatment sectors is forecast to boost ethanolamines industry growth over the next few years. Furthermore, rising government subsidies for its usage is further predicted to drive ethanolamines market trends over the coming years.
Surfactants sector dominated the Ethanolamines market share in 2015, and is predicted to witness a significant surge over the coming years. Herbicides and chemical intermediates sectors are anticipated to contribute significantly towards ethanolamines market growth over 2016-2024. The growth can be attributed to the increasing use of these agrochemicals in the farming activities and other end use sectors. Extensive application of ethanolamines in other sectors such as paints & coatings, textiles, and cosmetics is projected to propel the market growth over the next few years.
U.S. Ethanolamines Market size, by product, 2013-2024 (KT)
Major ethanolamines products include monoethanolamine, triethanolamines, and diethanolamines. Triethanolamines market, which dominated the product segment in 2015, is anticipated to witness a substantial growth over the next few years, owing to its extensive use as intermediates in cement additives, surface active agents, and bathroom products. Furthermore, it also finds application as a dispersing agent in rubber latex, dyes, and casein. Diethanolamines market price worth USD 1 billion in 2015, is expected to grow at a rate of 4% over the period of 2016-2024. The growth can be attributed to its application in wax, cosmetics, agrochemicals, detergents, and soluble oils production.
Asia Pacific ethanolamines market size worth USD 1 billion in 2015, is forecast to witness a high growth in the near future, owing to its growing application in farming activities. Furthermore, its growth can also be credited to strong infrastructural development as well as high demand from natural gas processing sector. India and China are predicted to contribute considerably towards the regional share.
North America ethanolamines industry share is forecast to grow significantly over the coming years. U.S. ethanolamines market is expected to exceed USD 800 million by 2024. Latin America ethanolamines market size is anticipated to witness a significant growth over the period of 2016-2024.
Market players will try to increase their revenue through product differentiation, joint ventures, mergers & acquisitions, market penetration, and R & D investments. Key industry players include The Dow Chemical Company, SABIC, Huntsman Corporation, BASF-YPC Company Limited, LyondellBasell Industries N.V., INEOS Group Limited, China Chemical & Petroleum Corporation, and Sintez OKA LLC.
Written By : Dhananjay Punekar