How are Agrochemicals Responsible for Increasing Demand for Ethanolamines?

The need for agrochemicals in the agricultural sector has been increasing since the past few years. As the population across the globe is rising at a rapid pace, the demand for food products is increasing as well. Moreover, ascribed to urbanization and industrialization, the availability of arable land has reduced considerably. Due to this, farmers need to make sure that the productivity on the available land is high in order to meet the surging demands for food.

The use of agrochemicals on fields aids in preventing that unwanted vegetation. Since ethanolamines are utilized widely in the production of agrochemicals, which is why, the global ethanolamines market is witnessing considerable growth. Ethanolamines are chemical compounds that are used as emulsifying agents and surfactants in a number of industries. These chemicals are produced by the chemical reaction of ammonia with ethylene oxide.

Apart from agrochemicals, the demand for surfactants is growing as well, which is further leading to the rising requirement for ethanolamines. Surfactants are key components utilized in several personal care products, including laundry detergents, shampoos, and soaps. With the increasing disposable income of people, majorly in emerging economies, the demand for personal care and other cosmetic products has risen substantially. This is due to the steady economic growth that is being witnessed by various countries. Owing to all these factors, the demand for ethanolamines is expected to rise significantly in the years to come.

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The ethanolamines market is predicted to generate a revenue of $5,079.0 million by 2030, increasing from $2,933.5 million in 2019, and is projected to advance at a 5.0% CAGR during the forecast period (2020–2030). On the basis of type, the market is divided into triethanolamine, monoethanolamine, and diethanolamine (DEA), out of which, the DEA division held the major share of the market in 2019, both in terms of value and volume. The increased demand for DEA can be ascribed to its extensive application areas.

The chemical is used during the production of detergents and soaps, production of glyphosate, and in the treatment of natural gas and refinery products. Other than this, the rising production of surfactants and herbicides across the globe is also predicted to result in the high demand for DEA in the coming years. It is because of these factors that the DEA division is projected to register the highest CAGR during the forecast period as well.

Geographically, the ethanolamines market was dominated by Asia-Pacific (APAC) in 2019, and the region is further expected to hold the largest share of the market during the forecast period as well. These chemical compounds are being utilized in China increasingly. Other than this, the surging need for ethanolamines from the end-use industries, including cosmetics and personal care industry, is also projected to drive the regional market during the forecast period.

Hence, the market is being driven by the increasing demand for surfactants and agrochemicals across the globe.