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Ethanolamines Market Overview
The Ethanolamines market size is forecast to reach US$3.8 billion by 2027 after growing at a CAGR of 4.2 % during the forecast period 2022-2027. In general, Ethanolamines are organic compounds that are produced by the reaction between ammonia and ethylene oxide. They are used for a wide range of applications such as Surfactants, Cement Grinding, Herbicides, Gas Treatment by removal of hydrogen sulphide and carbon dioxide, Chemical Intermediates, and others. Ethanolamines are also used as a sclerosing agent in the healthcare and pharmaceutical industry in order to treat conditions like esophageal varices, and hemorrhoids. An increase in demand for ethanolamines from the agricultural and construction industry acts as major driver for the market. On the other hand, Ethanolamine comprises of amino and alcohol functional groups that can potentially cause water problems and pollution by increasing the chemical oxygen demand (COD) and total nitrogen when it is released in aquatic environments. Hence, environmental and health hazards associated with the use of Ethanolamines may act as a major constraint for the market.
There is no doubt that the COVID-19 lockdown has impacted the Ethanolamines Market. Strict lockdowns all over the world interrupted the entire supply and trade of raw materials, which in turn, resulted in slow developments, and manufacturing from the Cosmetics & Personal Care industry. However, a slow recovery in new cosmetics, and skincare production has been witnessed across many countries around the world since 2020. According to recent research published on The Business Line, India reported a growth of around 20% on annual retail sales of cosmetics and other personal care products during the fourth quarter of 2020 and is expected to grow in the upcoming years.
In this way, a slow and steady increase in production activities from Cosmetics & Personal Care industry will increase the demand for Ethanolamines required for the production of these cosmetics and skincare products. This will eventually lead to a slow and steady recovery of the market in the upcoming years.
Ethanolamines Market Segment Analysis – By Type
Triethanolamine (TEA) held a significant share in the Ethanolamines Market in 2021 and is expected to grow at a CAGR of 4% between 2022 and 2027, owing to the increasing demand for TEA for cosmetics and skincare products like sunscreens, cleansers, lotions, serums, shaving gels and cream. The use of TEA on skincare products offers a number of benefits in comparison to Monoethanolamine (MEA), and Diethanolamine (DEA). Some of the advantages that TEA offers over other types of ethanolamine include, it helps balance the PH of the products, provides aesthetic benefits, helps thicken the product formula, and helps stabilize the emulsions which make the overall products last longer. Hence, all of these factors are most likely to boost market growth.
Ethanolamines Market Segment Analysis – By Application
The Surfactants held the largest share in the Ethanolamines Market in 2021 and is expected to grow at a CAGR of 4.4% between 2022 and 2027. This is mainly to the increase in demand for surfactants for the production of cosmetics, and personal care products, owing to an increase in awareness regarding personal grooming across the world. For instance, according to a study published on Fashion Network, skincare and sun care products produced an average annual growth of 5.6% in 2020. Since Ethanolamines are widely used in surfactants and offer properties for stabilizing formulations and emulsions, it plays a major role during the production of cosmetics, and skincare products. This will most likely lead to market growth in the upcoming years.
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Ethanolamines Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Ethanolamines Market in 2021 up to 30%, owing to the increasing demand for Ethanolamines from the fragrance, cosmetics, and personal care sectors. According to a recent study published in the Economic Times the average annual revenue of the Indian Perfume Industry is around INR 3000 crore ($408 million) and is expected to grow by approx. 17% in the next three years by 2024. Likewise, a recent study published on the Vogue Business stated that China’s perfume consumption has been growing rapidly in recent years and reached up to $ 1.76 billion during the fourth quarter of 2020.
Furthermore, Ethanolamines are commonly used in cosmetics and personal care products such as moisturizing creams and lotions, lipsticks, bar soaps, shampoos, and perfumes since they give integral fresh odor, along with providing properties for stabilizing formulations and emulsions. According to a recent study published on World’s Top Exports, Asia-Pacific countries bought the highest amount of imported beauty, cosmetics, and personal care products during 2020 with acquisitions costing around $37.2 billion which indicates 57.9% of the global total.
Hence, increase demand for cosmetics and personal care products also increases the demand for Ethanolamines required during their production, thus, resulting in the growth of the Ethanolamines Market in the upcoming years.
Ethanolamines Market Drivers
An increase in building and construction activities is most likely to increase demand for the product
Building and Construction activities are considered to be the pillar of growth for a country and also play a major role in increasing the overall global economy. For instance, according to Volvo CE, the construction sector saw an increase in the production and manufacturing of construction materials across multiple regions since the fourth quarter of 2020. South America saw an increase of 12%, Asia by 39%, Europe by 20%, and China by 28% in 2020. All of these factors increased the demand for construction materials like concrete, steel, cement, coatings, and other construction materials across the globe.
Ethanolamines are commonly used as performance enhancers and cement grinding aids, in order to reduce the overall energy consumption during the cement production process, and it also helps in attaining improved cement quality. Likewise, Ethanoalamines have corrosion inhibition properties, better mechanical and compressive strength which makes them ideal for the production of protective coatings, steel and concrete as well. This, in turn, increased the demand for the use of Ethanolamine required for the production of these construction materials, thus, leading to the growth of the market in the upcoming years.
An increase in agricultural activities is most likely to increase demand for the product
Ethanolamine is also used in agrochemicals such as pesticides, and herbicides. The major advantage of using Ethanolamine is that it helps increase a pesticide’s ability to dissolve in water. Likewise, Diethanolamine is used as one of the primary raw materials required during the production of glyphosate that helps produce high-quality herbicides. Recent insights from “Statistics Times” show that China is the leading contributor to the agricultural economy with 19.49% of the total global agricultural output, followed by India with 7.39%. Furthermore, other countries like the US, Brazil, Indonesia, Mexico, and Sweden obtain 0.9%, 6.2%, 13.9%, 3.9%, and 50% respectively of their GDP from the agricultural sector. An increase in agricultural activities and production also increases the use of agrochemicals that require Ethanolamines during their production, thus, resulting in the growth of the Ethanolamines Market in the upcoming years.
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Ethanolamines Market Challenges
Environmental problems and health hazards associated with the prolonged use of Ethanolamines can cause an obstruction to the market growth
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has established a Permissible Exposure Limit (PEL) for ethanolamine at 3 ppm in the air and necessitates employers to control workplace exposure below that PEL. Prolonged exposure to Ethanolamines may cause severe irritation, burn the skin and eyes with possible eye damage, irritate the nose, throat, and lungs resulting in coughing, wheezing, and shortness of breath. Furthermore, Ethanolamines when released in aquatic environments may cause water pollution by increasing the chemical oxygen demand and total nitrogen count. Hence, the high risk of environmental pollution and health hazard associated with the prolonged use of Ethanolamines may confine the market growth.
Ethanolamines Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Ethanolamines top 10 companies include:
The Dow Chemical Corporation
Akzo Nobel N.V.
Huntsman Corporation LLC
LyondellBasell Industries Holdings B.V.
Sintez OKA Group of Companies
Jiaxing Jinyan Chemical Co. Ltd.
China Petroleum & Chemical Corporation
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Cosmetics & Personal Care segment is expected to see the fastest growth, especially during the forecast period, owing to the rise in fashion standards across the world. Since Ethanolamines are widely used as surfactants, in cosmetics and personal care products, an increase in demand for Ethanolamines from this industry is most likely to drive the market growth over the forecast period.
Ethanolamines don’t impart strong odor, help maintain the PH of a product, and can easily dissolve grease and blend with other important ingredients to remove dirt and oil from skin, this makes it ideal for the production of fragrances, cleaning, cosmetic, and personal care products.
Ethanolamines are actively used in the healthcare industry as a sclerosing agent in order to treat conditions like esophageal varices and hemorrhoids. They are also used for the effective removal of hydrogen sulfide and carbon dioxide which makes them ideal for gas treatment and purification application.
The Asia Pacific is expected to account for the largest share in the Ethanolamines Market, owing to the rising demand for construction materials, cosmetic products, fragrances, and more applications that require the use of ethanolamines.
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