AMINES MARKET ANALYSIS

The global amines market is projected to reach around US$ 21.3 Billion by the end of 2030, in terms of revenue, growing at CAGR of 4.5% during the forecast period (2023-2030).

Global Amines Market: Growth Drivers

Increasing Demand for the agriculture chemicals

High demand for agricultural chemicals, such as herbicides and pesticides, is expected to augment the market growth. Ethanolamine and ethylenediamine are widely used in the production of agricultural chemicals. The growing need for crop protection and high yield crops in order to meet the rising demand for food due to the increasing population is expected to foster the global amines market growth.

The demand for surfactants is increasing in various applications such as agricultural formulations, softeners, biocides, detergents, and emulsifiers. The growth of the textile industry is also a key factor driving the demand for surfactants. Surfactants are also used in the manufacture of various agrochemical products. All these factors are expected to drive the growth of the global amine market during the forecast period. 

Global Amines Market: Restraints

Fluctuating prices of raw materials of amines

The growing use of bio-based products for agriculture chemicals and products is expected to act as a restraining factor for the global amines market. Price volatility of raw materials used in the manufacture of amines and their derivatives is expected to hinder the growth of the global amines market. In the chemical raw materials market, the price of ammonia is on the rise, directly impacting the overall price of amines. 

Market Opportunity

Rapidly increasing Pharmaceutical industry

The growing demand for amines from the pharmaceutical industry for manufacturing of pain killers is expected to offer immense growth opportunities for the global amines market. Morphine and Demerol are mainly used as analgesics. The growing geriatric population coupled with the rising prevalence of various chronic diseases is fueling demand for healthcare needs. Thus, the growth of the pharmaceutical industry is escalating the global amines market growth.

The rise in the personal care industry where amines are used in the manufacturing of toiletries, skincare, hair care, cosmetics, and fragrances are projected to offer lucrative market growth opportunities. Changes in lifestyle are increasing the spending power of consumers on personal care and hygiene products. Moreover, the emergence of online channels is further increasing the sale of personal care products, thereby augmenting the global amines market growth.

Market Trends

Alkylamines and fatty amines are gaining traction in the market due to the growing demand for the production of corrosion anti-cackling agents, inhibitors, emulsifiers, froth flotation agents, and additives. The increasing demand for cleaners and detergents is also expected to foster the market growth. Thus, the growing popularity of alkylamines and fatty amines are propelling the global amines market growth.

Global Amines Market: Recent Developments

In October 2021, Global Amines Company Pte. Ltd., a 50-50 joint venture of Clariant and Wilmar, has signed a definitive agreement to acquire Global Quats and Esterquats Business from Clariant.

In June 2021, BASF announced to increase in their production capacity for key specialty amines. BASF is able to produce more of its key tertiary amines and polyetheramines market under the LupragenTM and Baxxodur® brands. The assets complements a global network of specialty amines production plants in North America including those at Ludwigshafen, Germany, and in Nanjing, China.

In June 2022, BASF will increase the production capacity for key specialty amines manufactured at its Geismar, Louisiana site. BASF will be able to produce more of its key polyetheramines and tertiary amines marketed under the Baxxodur® and Lupragen™ brands.

Global Amines Market - Impact of Coronavirus (COVID-19) Pandemic

Many countries across the globe resorted to lockdowns to flatten the curve of the infection. The lockdowns have resulted in shutting down of businesses and ceasing of almost all economic activities. According to the International Monetary Fund, the global economy is expected to contract sharply by -3.0% in 2020, which is much worse than the 2008-09 financial crisis. The virus will impact major producers of agrochemicals, and the entire ecosystem of agrochemicals including raw materials suppliers, formulators, distributors, and retailers.

Figure 1: Global Amines Market Share (%) in terms of Value, By Region, in 2022

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The North America region dominated the global amines market in 2022, accounting for a 34% share in terms of value, followed by Asia Pacific and Europe respectively.

Figure 2: Global Amines Market Share (%) in terms of Value, By Application , in 2022

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On the basis of application in 2022, the Application segment accounted for crop protection and chemicals the largest market share of 28% in terms of value

Global Amines Market: Key Companies

The key companies are Arkema SA, AkzoNobel N.V., Alkyl Amines Chemicals Ltd., BASF SE, BASF-YPC Company Limited, The Dow Chemical Company, Huntsman Corporation, and Mitsubishi Gas Chemical Company Inc.

*Definition: Amines are organic chemical compounds that belong to a nitrogen group. Amines are soluble in water and have an unpleasant smell. They are derivatives of ammonia and are also known as aniline which is a byproduct used in the production of pesticides, PU foam, and dyes. Amines are used in the production of crop protection products, catalyst, explosives, dyes, surfactant, and other chemical products.