Polyetheramine Market is forecast to reach $774 million by 2026, after growing at a CAGR of 5.47% during 2021-2026. The rising trend of eco-friendly & green energy generation and continuous developments in construction are the major drivers for the polyetheramine industry. The growing use of polyetheramine in wind energy, building & renovation, and automotive & transportation industries owing to its excellent fatigue tolerance, burst resistance, durability, high wear & tear resistance, and other physical properties is projected to drive the global polyetheramine market.
Polyetheramine Market Segment Analysis – By Application
Epoxy Coating segments has dominated the market for Polyetheramine Market in 2020, by growing at a CAGR of 4.68% during the forecast period 2021-2026. The key variables on which the success of the polyetheramine market depends are the market penetration in the industries using polyetheramine and the substantial growth of end-user applications. The growing market for different composite materials and epoxy coatings is expected to increase the global need for polyetheramine. In addition, the factors that could drive polyetheramine demand in the immediate future are: local end-user output, accelerated industrial manufacturing growth and the ever-increasing population of emerging economies. It is also expected that cement additives and the acid neutralization industry will lead to the rising market demand for polyetheramine.
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Polyetheramine Market Segment Analysis – By Geography
APAC dominated the Polyetheramine Market share with more than 31% in 2020, followed by Europe and North America. The market in this area is experiencing increased demand from the wind energy and building & construction industries for polyetheramine. India is expected to be the fastest-growing polyetheramine market during the forecast period in the Asia-Pacific region. Due to the demand for polyetheramine in composites and adhesives applications, the wind energy industry accounts for the main growth. The polyetheramine market is also driven by the demand for coatings and adhesives & sealants in the building industry.
Polyetheramine Market Drivers
Rising demand of polyetheramine in wind energy
One of the main drivers of the rise in demand for polyetheramine is the growth in the wind industry. All new green power generation in 2015 is leading, according to GWEC wind power. This is due to the rising need globally for green and clean energy. With a newly installed wind power industry of 63 GW in 2015, the overall global wind power installation hit 432.9 GW, accounting for 22 percent annual demand expansion. The new wind energy installations with an installed figure of 30 GW is led by China. The development of big wind turbines is being propelled by the exponential growth of wind power generation. Wind turbines are built using epoxy adhesives, while composites of epoxy resin are made from their blades. To bond the two halves of wind turbines and increase static and dynamic fracture resilience, almost one-inch-thick adhesives are used. Polyetheramine is used to strengthen the properties of epoxy adhesives and epoxy resin composites as curing agents. The added polyetheramine increases the composites’ fatigue tolerance & burst strength. In the wind energy sector, these trends are rising the market for polyetheramine.
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Polyetheramine Market Challenges
Poor UV/VIS response
Additionally, weak UV/VIS response is a significant impediment to its growth. Polyetheramine-based systems do not show strong spectral stability of UV/VIS. This instability is due to the presence of a group of amines and the absence of solid chromophores. The amine group in polyetheramine gets oxidized when exposed to the atmospheric environment. The amine is converted into nitro groups during oxidation and turns yellow. They are however not ideal for white coatings in vehicles. Such issues prohibit the use of coatings dependent on polyetheramine in the luxury or luxurious segments of cars.
Polyetheramine Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Polyetheramine Market. Major players in the Polyetheramine Market are IRO Group Inc., Clariant, Zibo DexinLianbang Chemical Industry Company Ltd., Wuxi Acryl Technology Co. Ltd., Qingdao IRO Surfactant Co. Ltd., Yangzhou Chenhua New Materials Company Ltd, Yantai Minsheng Chemicals Company, Ltd., BASF SE and Huntsman Corporation among others.
Population growth in developing countries, growth in the manufacturing sector and an increase in local end-use demand are projected to fuel polyetheramine consumption. It is also projected that growth in industries such as cement additives and acid neutralization would fuel the polyetheramine market. However, due to their dangerous effect on aquatic life, the increase in environmental regulations on the use of polyetheramines could hamper market growth during the forecast period.
The developed economies of the United Kingdom and the United States are increasingly emerging from the stagnant economic situation and improving the global demand for polyetheramines.
However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is limiting the market growth in current situation
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B. Polyurea Coatings Market
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