The global Amines market is expected to surpass US$ 21.3 Billion by 2030, exhibiting a CAGR of 4.5 % during the forecast period (2023-2030).
Amines are an organic chemical compound that belongs 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.
Global Amines market is estimated to account for around US$ 14.95 Billion in terms of value in the year 2022 and it is predicted to grow at a CAGR of 4.5% during the forecast period (2023-2030)
Drivers:
Growth in the paints and coatings industry as amines is used as an additive to prevent spoilage of paints is expected to augment the market growth of amines. Moreover, amines are used in preventing paints from algae and fungi which damage paints and coatings surface. Growth in the construction industry is a major factor fueling the market growth of the paints and coatings. Hence, growth in the paints and coatings industry is expected to augment the market growth.
Market Opportunities:
Growing concerns over contaminated drinking water due to the rising prevalence of the waterborne disease is expected to serve profitable benefits to the market of amines. Amines are used in the water treatment application for making water drinkable and reuse. According to the World Health Organization, 3.4 million people, mostly children, die annually from water-related diseases. Hence, growing need for water treatment application due to the rising prevalence of the water-borne disease is expected to fuel the market growth of amines.
Market Restraints:
Strict environmental regulations associated with the use of amines as certain amines have carcinogenic effects on human health and are expected to restrict market growth. For instance, The Ohio Environmental Protection Agency (OH EPA) has banned quaternary amines to be used in water treatment due to its slow breakdown. Chloramines are more toxic than free chlorine and can adversely affect water bodies. Therefore, they are mentioned as a pollutant material by the OH EPA.
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Key Takeaways:
On the basis of region, North America region dominated the global amines market in 2019 with a 34.3% of market share in terms of value, followed by Asia Pacific and Europe respectively.
On the basis of product type, ethanolamine segment dominated the global amines market in 2019 with a 32.6% of market share in terms of value, followed by fatty amines and alkyl amines segment respectively.
Market Trends:
The growing focus of the manufacturer to increase the production of amines to cater to growing demand is one of the current trends in the market. The new multi-product plant can manufacture 21,000 metric tons per year. Therefore, the growing interest of manufacturer to increase production capacities is expected to propel the market growth of amines.
Increasing focus of manufacturers in marketing specialties amines is a growing trend in the market. Additionally, the growing adoption of such strategic alliance among major manufacturer is expected to propel the market growth of amines.
Amines Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic is impacting the global amine market. The pharmaceutical industry experienced significant growth during the pandemic, leading to increased demand for medicines. Increasing demand for this drug is also contributing to the growth of the amine market. Growing demand for surfactants and rising public concern over food and health safety are fueling the growth of the amine market. Global population growth is projected to increase global demand for crop protection products containing amines. Amines are a class of neurotransmitters, including adrenaline and noradrenaline. The COVID-19 Pandemic Is Impacting Amine Market Growth. The impact of COVID-19 on the amines market has been quantitatively and qualitatively analyzed. The demand for aliphatic amines in the agrochemical industry contributes significantly to the market growth. Overall, the COVID-19 pandemic moderately impacted the amines market, with increased demand in the pharmaceutical and agrochemical sectors contributing to market growth.
Recent Developments:
In March 2022, BASF is building a new global production plant for alkylethanolamines at its Verbund plant in Antwerp, Belgium. The production facility for this portfolio is located in Ludwigshafen, Germany. Antwerp, Belgium. Based in Geismar, Louisiana and Nanjing, China, BASF is one of the world's leading manufacturers of alkylethanolamines.
Competitive Section:
- Company Names
- Arkema SA
- AkzoNobel N.V.
- Alkyl Amines Chemicals Ltd.
- BASF SE
- BASF-YPC Company Limited
- The Dow Chemical Company
- Huntsman Corporation
- Mitsubishi Gas Chemical Company Inc.
