The global amines market is expected to reach USD 29.3 billion by 2025, according to a new report by Grand View Research, Inc. The fast-paced growth of the personal care industry across the globe acts as a prime factor driving market growth. In addition, the increasing application scope of the product in the water treatment and building & construction industries is projected to have positive impacts on the overall market growth over the forecast years.
The growing use of ethanol amines and its derivatives for the manufacture of a gamut range of emulsifiers, additives, chelating agents, and chemical intermediates for gas and water treatment is expected to drive demand for the product over the coming years. Ethanolamine accounted for the largest product segment on account of the high usage in skin and hair care products, including shampoos, cosmetics, conditioner, and serum.
Amines are increasingly being used for the manufacture of asphalt and concrete additives. The rapid growth of building & construction in key economies such as China, Germany, India, and the U.S., is slated to drive product demand over the forecast years.
The amines industry is expected to witness the fastest growth in the personal care application segment, slated to grow at a CAGR of 5.2% during the forecast period, in terms of revenue. The presence of highly integrated market players such as BASF SE, Dow Chemicals, Eastman Chemical, and PPG Industries, with extensive product portfolios and distribution networks across the globe, is expected to drive the overall industry demand over the forecast period.
Further key findings from the report suggest:
- The amines market was valued at USD 14.4 billion in 2016 and is projected to grow at a significant growth rate during the forecast period, mainly on account of growing applications in several end-use verticals, including personal care, construction, mining, and metalworking.
- The fatty amines product segment accounted for the second-largest share of the overall industry revenues in 2016. This segment is expected to grow at a CAGR of 8.6% during the forecast period, on account of increasing use of the product in the manufacture of corrosion inhibitors, flotation agents, and anti-cackling agents.
- The product demand in crop protection was recorded to be the highest among all applications, and is expected to witness growth at nearly 8% over the forecast period, on account of growth of the agricultural sector in several emerging economies worldwide.
- The Asia Pacific amines segment dominated the overall industry; valued at nearly USD 6.5 billion in 2016, and is expected to witness the highest growth during the forecast period, on account of rapid surge in demand for surfactants, personal care, and crop protection chemicals in emerging economies of the region.
- The key strategies adopted by the industry players include distribution agreements, expansion of production capacity and acquisitions. For instance, BASF set up a production facility for the manufacture of specialty and ethanol amines in China.