by The Amines Market is estimated to be valued at Us$ 15.62 Bn or Mn 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 Overview:
Amines are organic compounds that contain amine functional groups which are organic derivatives of ammonia. The major amine products include ethylene diamine (EDA), methylamines, fatty amines, alkoxylates, and ethanolamines. They are widely used as solvents, pharmaceuticals, crop protection ingredients, water treatment chemicals, and in the manufacture of paints, resins, and textiles. Growing demand for alkoxylates, ethyleneamines, fatty amines, and ethanolamines from the cleaning products industry is expected to drive the global amines market over the forecast period.
Market Dynamics:
The two major drivers propelling growth of the amines market are rising demand for cleaning products and growth of the agrochemicals industry. Cleaning products manufacturers are constantly innovating and introducing new products to cater to changing consumer preferences. Amine compounds such as ethanolamines and ethoxylates are widely used as surfactants, foam boosters, and solvents in formulated cleaning products. Additionally, the agrochemicals industry has been growing at a steady pace globally driven by the increasing global population. Amines are an essential raw material for manufacturing herbicides, insecticides, fungicides, and other crop protection chemicals. The population growth and rising food demand are positively impacting the growth of the agrochemicals sector, thereby supplementing consumption of amines in the coming years.
Segment Analysis
The amines market is dominanted by aliphatic amines sub-segment which accounts for over 40% share of the overall market. Aliphatic amines find wide application in chemical industry for the production of polyurethanes, epoxy hardeners, alkyd resins, surfactants and emulsifiers. The high demand from end use industries such as construction, automotive, adhesives and textiles is driving the growth of this sub-segment.
PEST Analysis
Political: Stable political environment across major economies is boosting infrastructure and construction spending which is propelling the demand for amines.
Economic: Rising per capita income and growing middle class population is fueling the consumption of automotive, consumer products and personal care goods thereby augmenting amines market.
Social: Changing lifestyle and increasing health consciousness is positively impacting the demand for home & personal care products incorporated with amines.
Technological: Adoption of green amines production technologies by manufacturers is expected to reduce production cost and foster market growth over the coming years.
Key Takeaways
The Global Amines Market Size was valued at US$ 15.62 Bn in 2023 and is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from construction industry.
The Asia Pacific region dominates the amines market with over 30% market share owing to presence of thriving end use industries in major economies like China and India. China represents fastest growing market in the region supported by rising infrastructure spending and growing automotive production.
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. Arkema SA and BASF SE collectively account for over 30% of the global market share due to their extensive product portfolio and geographical presence across major regions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
