Ethanolamines Market size is expected to reach USD 3.98 billion by 2024; according to a new research report by Global Market Insights Inc.
Government subsidies and growing demand for agrochemicals, surfactants, and natural gas are major will drive global ethanolamines market size. This trend is likely to continue over the duration of the forecast period and the market is likely to grow rapidly.
Moreover, positive supply outlook on ethylene oxide is expected to stabilize ethanolamines market price trends. Surfactants and herbicides together accounted for approximately USD 1.5 billion of the global ethanolamines market share with more than 4% growth target. Gas treatment, chemical intermediates and cement are also expected to show a favorable and steady growth in the coming years. Gas treatment is expected to be driven by Middle East (majorly the GCC countries) and Latin America due to high demand for gas sweetening agents in the near future.
Diethanolamines (DEA) and triethanolamines (TEA) are projected to be the major product segments in the ethanolamines market. DEA are majorly used in the manufacture of cosmetics, detergent and textile specialties, wax and other polish, in agrochemicals, as petroleum demulsifiers, coating emulsifiers, soluble oils and as corrosion inhibitors.
TEA are used as intermediates in surface active agents, bathroom products, cement additives, cutting oils, photographic film developing, corrosion inhibitors, as dispersant for dyes, shellac, rubber latex and casein; and also as sequestering agents. With a wide range of applications, these products have exhibited tremendous demand and are likely to maintain a significant ethanolamines market share over the next decade.
Key insights from the report include:
Global ethanolamines market size is poised to exceed USD 3.9 billion by 2024, at a CAGR of over 4%.
Agrochemicals, surfactants, natural gas, cement processing and chemical intermediates are the major driving application segments. Herbicides and surfactants generated approximately USD 1.5 billion in global revenue and are likely to be the major application segments for the ethanolamine market size in the coming years.
Diethanolamines and triethanolamines are likely to show relatively rapid growth in the ethanolamines product market and accounted for over 70% of the total ethanolamines demand by product in 2015.
U.S. ethanolamines market size will surpass USD 800 million by 2024, and represents the majority of North America revenue generation.
Asia Pacific market share will grow to over 40% by 2014 and will be driven by demand from China, India, ASEAN and many agricultural sectors in the region.
Strong integration trends across the value chain along with fragmented market with market consolidation within a few players is likely to increase the competition among major players and drive growth.
The Dow Chemical Company, SABIC, INEOS Group Ltd., LyondellBasell Industries Holdings B.V., Huntsman Corporation, China Petroleum &Chemical Corporation and BASF-YPC Company Limited are some of the major companies operating in the industry. Growth strategies center around product diversification and penetration into new or untapped applications in order to reach a wider customer base and to ensure considerable portfolio.
Global Market Insights has segmented the ethanolamines industry on the basis of product, application, and region:
Ethanolamines Product Analysis (Volume, Kilo Tons &Revenue, USD Million; 2013 - 2024)
Ethanolamines Application Analysis (Volume, Kilo Tons &Revenue, USD Million; 2013 - 2024)
Ethanolamines Regional Analysis (Volume, Kilo Tons &Revenue, USD Million; 2013 - 2024)