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Ethanolamines Market Potential Growth, Share, Demand, COVID-19 Overview and Industry Analysis of Key Players- Research Forecasts by 2023

iCrowdNewswire   Jan 5, 2021  8:59 AM ET

Ethanolamines Market Overview:

Ethanolamines are organic compounds produced as a result of the synthesis of ethylene oxide and ammonia. It serves as raw material for the manufacture of various solvents and formulations. The global ethanolamines market report by Market Research Future (MRFR) has been compiled keeping in mind the impact of the COVID-19 pandemic on the production and value chain. It contains drivers, restraints, opportunities, and threats for the period of 2017 to 2023 (forecast period).

Ethanolamines Market Scope

The global ethanolamines market is driven by the demand in surfactants and agrochemicals. Applications in metal cleaning, detergents, chemical intermediates, and herbicides can fuel the market demand significantly. The economic growth in developing regions and changing living standards of consumers can drive the market demand. The uptick in the production of fragrances, polishes, and textiles can work in favor of the market.

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Ethanolamines Market Segmentation

The global ethanolamines market is segmented by product and application.

By product, it is segmented into monoethanolamine, diethanolamines, and triethanolamines. Triethanolamines can hold a major market share till the end of the forecast period owing to its utilization in sunscreens, detergents, shaving products, hair care products, and others. But diethanolamines can surpass its counterpart over the assessment period.

Major applications comprise textiles, detergents, cement, chemical intermediates, herbicides, metal cleaning, gas treatment, personal care, and others. Detergents are predicted to contribute majorly to the global ethanolamines market due to its application in emulsifying agents and anti-static agents. The purpose of cleaning facilities due to stringent regulations regarding work safety and production norms amid the outbreak of the COVID-19 pandemic can drive the need for ethanolamines.

Competitive Outlook

Akzo Nobel N.V., SABIC, Jiaxing Jinyan Chemical Co. Ltd., The Dow Chemical Corporation, BASF SE, LyondellBasell Industries Holdings B.V., China Petroleum & Chemical Corporation, INEOS, Sintez OKA Group of Companies, Huntsman Corporation LLC, and others are key players of the global ethanolamines market.

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Regional Analysis

Geographically, the market covers trends and opportunities across regions of Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).

APAC holds the lion’s share of the market due to growing demand for diethanolamines in metal cleaning, detergents, chemical intermediates, herbicides, and others. The surge in disposable income levels of consumers coupled with rapid urbanization can propel the market growth. Countries such as China, Japan, and India are the major players in this market.

North America is likely to showcase exemplary growth in regards to the global ethanolamines market due to high standards of living and consumption of personal care products. Investments in end-use industries are likely to drive the market in the region during the forecast period. The U.S., Canada, and Mexico are predicted to spur the demand in the market due to their flexibility, stability, and durability.

Europe can witness a drop in demand due to the restrictions on diethanolamines by the European Union for the manufacture of cosmetics. Alternative methods for the use of these chemicals can lead to new growth avenues for the global ethanolamines market.

Latin America is estimated to witness significant growth in the market due to the use of agrochemicals in the agriculture sector. The utilization of emulsifying agents and the growing use in herbicides and gas treatment can fuel the ethanolamines demand. Moreover, the MEA region can witness a slow growth in the market due to volatile prices of raw materials.

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