Owing to the rising demand for surfactants, the global ethanolamines market is predicted to grow from $2,933.5 million in 2019 to $5,079.0 million by 2030, at a 5.0% CAGR between 2020 and 2030. With the increase in the disposable income of people living in the Latin American (LATAM) and Asia-Pacific (APAC) regions, coupled with the rising awareness among them about personal hygiene, the demand for detergents and soaps is rising.
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Due to this factor, the ethanolamines market is prospering, as surfactants are an important ingredient of soaps and detergents. The consumption of ethanolamines as surfactants, in such fast-moving consumer goods (FMCG), is increasing on account of their ability to disperse foreign particles from surfaces. Additionally, ethanolamines form sufficient froth when they come in contact with lauryl sulphate, neutralize fatty acids, are alkaline in nature, and form base surfactants in shampoos.
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The COVID-19 pandemic has slowed down the growth of the ethanolamines market, as the operations at downstream product manufacturing plants, especially in China, have stopped. Similarly, the market in Europe has also suffered, due to the curtailed output of ethanolamine-containing products from U.S. plants.
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In the years to come, the diethanolamine (DEA) category, on the basis of type, would grow with the highest CAGR in the ethanolamines market, of 6.2%, in terms of value. This would be a result of the wide usage of this compound as an ingredient in soaps and detergents and in treating natural gas and crude oil and producing glyphosate. In addition, the consumption of surfactants and herbicides is expected to increase in APAC and North America, where these products are also more expensive than in other regions.
Globally, APAC held the largest share in the ethanolamines market in 2019, and the trend is likely to continue during the forecast period. This is majorly attributed to the high-volume consumption of the compound in China. In 2019, the country imported nearly a quarter of its requirement, amounting to 168.4 kilotons, primarily from manufacturers in Thailand and Saudi Arabia.
The key players functioning in the global ethanolamines market are Nouryon, BASF SE, LyondellBasell Industries N.V., The Dow Chemical Company, INEOS Group Holdings S.A., Huntsman Corporation, Mitsui Chemicals Inc., KPX Green Chemical, Oriental Union Chemical Corporation, Nippon Shokubai Co. Ltd., PETRONAS, Oxiteno, Sadara Chemical Company, Sintez OKA, Saudi Kayan Petrochemical Company, Sasol Limited, and Sinopec Group.
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