Ethanolamines Market, By Product Type (Monoethanolamines (MEA), Diethanolamines (DEA), Triethanolamines (MEA)), By Application (Surfactants, Chemical Intermediates, Herbicides, Gas Treatment, Metal Treatment, Textile, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 3.71 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 5.9% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Ethanolamines are colorless, viscous organic compounds with the molecular formula HOCH2CH2NH2. These are used as feedstocks in the manufacture of monoethanolamines (MEA), diethanolamines (DEA) and triethanolamines (TEA), which find wide application in the production of emulsifiers, detergents, polishes, chemical intermediates, corrosion inhibitors, and pharmaceuticals. Diethanolamines are largely used as a feedstock in the production of agrochemicals, which are used to manufacture herbicides. Glyphosate is commonly used as an herbicides to kill insects, such as weeds, in agricultural fields.
Global Ethanolamines Market– Impact of Coronavirus (COVID-19) Pandemic
In 2020, COVID-19 negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels and is forecast to grow steadily in the future. The pandemic has led to a decrease in demand for ethanolamines due to its dependence on various industries such as detergents, textiles, and automotive, which have been affected by the pandemic. For example, the aminoethylethanolamine market has been negatively impacted due to the COVID-19 pandemic, owing to its dependence on textile, automotive, and chemical industries. The influence of the novel coronavirus pandemic on the market is expected to continue to be a significant factor in the market's performance. The pandemic has caused uncertainty and fluctuations in the market, and its full impact is still being assessed. The market has been negatively impacted by the COVID-19 pandemic. The pandemic has resulted in a decrease in demand for ethanolamines due to its dependence on various industries such as detergents, textiles, and automotive, which have been affected by the pandemic. The market has experienced disruptions and a decrease in demand, which has affected the overall growth of the industry. The European market has witnessed a shortfall in imports owing to plant shutdowns in the U.S., which has created a negative impact on the ethanolamines market.
Key Developments
- In April 2022, BASF and SINOPEC announced the expansion of the Verbund site run by BASF-YPC Co., Ltd. (BASF-YPC), a 50-50 joint venture of both firms in Nanjing. The joint venture partners will increase the capacity for producing ethanolamines and other chemicals. BASF SE, an initialism of its original name Badische Anilin- und Sodafabrik, is a European multinational company and the largest chemical producer in the world. And Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.
- In March 2022, BASF built a new plant for alkyl ethanolamines at the Antwerp site to increase its global alkyl ethanolamine capacity to 140,000 metric tons per year.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Ethanolamines Market”- Forecast to 2031, Global Ethanolamines Market, By Product Type (Monoethanolamines (MEA), Diethanolamines (DEA), Triethanolamines (MEA), By Application ( Surfactants, Chemical Intermediates, Herbicides, Gas Treatment, Metal Treatment, Textile, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/ethanolamines-market-378
Key Takeaways of this Market:
- Asia Pacific dominated the market in 2023, and the trend is expected to remain the same during 2024-2031. The increasing demand for ethanolamine derivatives in various end-use industries such as agriculture, refinery, and construction chemicals due to the low production cost of ethanolamines in China and India over the following years is the major driving force to position Asia-Pacific as the largest and fastest-growing region in the market.
- The market in Latin America is expected to register a significant growth rate over the forecast period. A rise in agricultural activities, along with an increasing textile industry, is expected to create lucrative growth opportunities for the players in this region.
- Major challenges faced by the market include stringent regulations coupled with the adverse health impacts of these chemicals on the environment as well as humans.
