The amines market comprises products like alkyl amines, fatty amines, specialty amines and ethanolamines. These products have applications as cleaning products, surfactants, fiber treatment agents, gas treatments, water treatment agents, epoxy curing agents and more. They impart characteristics like emulsifying, foaming, wetting, softening, neutralizing to products.
The global Amines Market is estimated to be valued at US$ 15.62 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the amines market is growing demand from polyurethane industry. Amines are important intermediates and reactant materials used in manufacturing polyurethane products. Polyurethanes have wide applications ranging from mattresses, upholstery, footwear to insulation, adhesives, sealants. Growth in construction and automotive sectors is driving demand for polyurethane which in turn is fueling the amines market.
Segment Analysis
The global amines market is segmented by product type, application, and region. Based on product type, the market is divided into ethanolamines, alkanolamines, fatty amines, and specialty amines. Among these, ethanolamines dominate the market and accounted for nearly 32% market share in 2022. Ethanolamines have wide industrial applications in areas such as gas treatment, agrochemicals, and personal care. They are largely used as absorbents in gas treatment owing to their ability to absorb acidic gases such as carbon dioxide, hydrogen sulfide, sulfur dioxide, and absorb mercury from natural gas and flue gas streams, thereby increasing their demand.
Key Takeaways
The global Amines Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from agrochemicals and gas treatment industries.
Regional analysis - North America dominated the amines market with around 35% share in 2022 owing to high consumption in the agricultural and personal care industry. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising industrialization in China and India.
The global amines market size was valued at US$ 15.62 Bn in 2023. The market is estimated to surpass US$ 22 Bn by 2030 with increasing use of amines in polyurethane foam production, cleaning products, water treatment, and permanent press fabrics.
Key players operating in the amines market 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. These players are focusing on capacity expansions and new product launches to strengthen their market position.
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