The global ethylene amines market is expected to show healthy growth over the next seven years, on account of the product demand in various end-use industries. Increasing usage for products such as resins, papers, and adhesives is expected to rise thereby encouraging the overall market growth. Besides industrial benefits, the agriculture and personal care sector is slated to aid the market. Growing population rise in the end-use industry and innovative technology has led to the overall market growth. Newer industry participants have been crucial for market growth. Initiatives to overcome supply-demand imbalance by developing lucrative applications may help in gaining competitive advantage for the new market players. Continuous demand in this market has led to huge technological advancements, which has further grown the market. The wind turbine blade market is expected to grow approximately 30% annually due to the rise in wind power capacity being used. This is anticipated to bolster the market considerably over the next seven years. Increasing construction spending in emerging countries such as China, India, Brazil, and South East Asia is expected to boost the market. Construction is forecasted to grow approximately around 3%-5% annually. Oil extracting activities at oil fields which majorly use ethylene amines for their drilling operation are expected to annually grow over 8%, thereby aiding the ethylene amines market in the near future. Several health issues concerning asthmatic cases during the production of ethylene amines may hamper market growth. Raw materials used for the production of ethylene amines are expensive. This may also cause major hindrance in ethylene amines commercialization.
The ethylene amines market is extremely vast, having many industrial applications and end-use industries. The overall market is expected to grow at a CAGR of over 5% from 2015 to 2022. The argo-chemicals market is expected to witness significant growth over the period. Ethylene amines are a major raw material in agro-chemical market. This slated to positively affect the market. Resins are one of the major ethylene amines products. It is also expected to witness substantial industrial growth. The Paper industry is also one of the fast-growing industries which use ethylene amines as their raw materials. This is also anticipated to bolters the overall market growth. Adhesive industries use ethylene amines on an extremely large scale. The market for adhesive products is expected to grow rapidly over the next seven years. These trends are expected to bolster the ethylene amines market. Pharmaceuticals are anticipated to witness significant growth over the next six years. Growing ethylene amines usage is expected to have a positive influence on the market. The market for corrosion inhibitors, epoxy resin, lube oil additives, surfactants, pesticides, and chelating agents is expected to grow over the forecasted period. The surge in demand from major end-use industries such as crop protection products market, wet strength resin market, plastic lubricants market, and elastomeric fibers market is slated to have a direct impact on the overall market growth.
Asia Pacific region has dominated the market followed by North America and Europe over the last few years. There has been a substantial amplification in the ethylene amines market in countries such as China, Brazil, India, and South East Asia and is likely to grow more over the next seven years. Increasing development in the Asia Pacific region owing to vast population in countries such as Vietnam, China, Brazil, Malaysia, and India led to market growth. Stability in the U.S. and European economy stunted the market growth in the developing countries.
Major ethylene amines market participants include The Dow Chemical Company, Tosoh Corporation, Diamines & Chemicals Ltd., Akzo Nobel N.V., Delamine, Huntsman Corporation, and BASF S.E.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.