Globally increasing demand from end-use industries such as herbicides, detergents, and textiles is anticipated to drive ethanolamines market growth over the next seven years. It is widely used as feedstock for manufacturing detergents, polishes, and pharmaceuticals. Strong economic growth along with rapid industrialization in developing economies of Asia Pacific such as China and India is expected to remain a key driving factor for market growth over the forecast period.
It is a colorless, toxic, flammable, corrosive, and viscous liquid material, which is utilized in various dispersions and solutions. Based on the organic compounds, it can be bifurcated into triethanolamine (TEA), monoethanolamine (MEA), and diethanoamine (DEA). Herbicides are expected to emerge as the leading application segment over the forecast period.
Increasing application scope such as construction chemicals and corrosion inhibitors for metal protection is expected to fuel the demand. Rising surfactants demand in Europe and North America is further anticipated to propel ethanolamines market growth over the next seven years. It is extensively preferred in various industries as it acts as a weak base compound and is an essential head group for phospholipids.
Rising per capita disposable income coupled with general awareness among consumers is anticipated to positively influence the personal care industry in emerging economies of Asia Pacific and Latin America. Ethanolamines are widely used in personal care industry for manufacturing liquid soaps, bath foams, and shampoos.
Development of new applications such as wood preservation and agrochemicals production is expected to provide new avenues for the ethanolamines industry participants. Growing agrochemicals production in Asia Pacific is expected to complement market growth over the forecast period.
Increasing demand from end-use applications such as metal cleaning and gas treatment is expected to drive ethanolamines market growth over the next seven years. Gas treatment applications are anticipated to grow significantly at an estimated CAGR of over 5% over the forecast period.
Triethanolamine is used in construction industry to manufacture performance enhancers and cement grinding aids, which reduce energy consumption during the production process of cement and help in achieving improved cement quality. Increasing construction spending is China, India, Saudi Arabia, UAE, and Brazil is expected to fuel the demand and complement industry growth over the next seven years.
Volatile raw material prices are anticipated to hamper ethanolamines market growth and challenge industry participants over the forecast period. The market is experiencing oversupply of raw materials owing to capacity expansions and escalated investments.
Asia Pacific is expected to witness the highest growth rate over the forecast period owing to increasing domestic demand from end-use industries in regions such as China and India. Low cost production specifically in India is anticipated to remain a key driving factor for regional ethanolamines market growth over the next seven years. Industrial sector growth coupled with rising per capita income in the region such as Vietnam and Thailand is expected to drive the demand in the region.
North America is anticipated to exhibit high growth rate owing to the strong demand from end-use industries such as personal care, detergent, and herbicides. The U.S. is one of the largest ethanolamines consumers along with China. Increasing development and innovation of new application are expected to further uplift the ethanolamines market.
Europe is expected to exhibit moderate growth rate over the next seven years due to market saturation in end-use industries. Increasing agrochemicals and herbicides consumption in the region is anticipated to strengthen industry growth over the forecast period. Middle East & Africa and Latin America are expected to witness significant growth rate owing to increasing demand from construction and personal care industries.
Major players operating in the global ethanolamines market include Huntsman Corporation, Dow Chemical Corporation, CNPC, and BASF. Other prominent companies include Alkyl Amines Chemicals Ltd., Thai Ethanolamines Co., Daicel Chemical Industries, INEOS Oxide Ltd., Fushun Beifang Chemical Co. Ltd., Celanese Corporation, and Akzo Nobel.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.