Ethanolamines Market Growth and Industry Forecast 2023
Ethanolamines Market Overview:
The organic compounds which are composed of amino acids and formed by the reaction between ethylene oxide and ammonia are called ethanolamines. These compounds are utilized in various end-uses to impart aesthetic appearance, glossy finish, and others to the final product. Moreover, they also provide versatility and reliability to the product.
The global ethanolamines market has been driven by the range of its application in various sectors such as detergents, chemical intermediates, herbicides, and others. Moreover, it is estimated that the detergents segment is set to witness the highest growth in the market due to its growing demand in various end-user applications over the forecast period.
Ethanolamines Market Segmentation:
The global ethanolamines market is segregated into the product and application. On the basis of the product, the market is further categorized into monoethanolamine, diethanolamines, and triethanolamines segments. The triethanolamines segment is most widely used due to its growing consumption in heavy end-use industries such as cosmetics, pharmaceuticals, chemicals, healthcare, and others. Moreover, durability and reliable nature are the major factors behind the popularity of this segment. The increasing use of these materials in metal cleaning, gas treatment, and other systems is estimated to drive the market during the assessment period.
On the basis of the application, the market is segmented into detergents, chemical intermediates, herbicides, metal cleaning, metal cleaning, gas treatment, cement, personal care, textiles, and others. The detergents sector is the leading segment of the market and is anticipated to observe a rapid growth due to its boundless use in various applications. The emulsifying agents are used in these applications to improve the structural properties of the product. Moreover, corrosion resistance, superior performance, and reliable nature are some of the properties offered by these materials in the industry. The chemical intermediates sub-segment is predicted to witness a higher growth in the industry due to its growing consumption in the production of dyes, lubricants, lacquers, and others for textiles and cement industries.
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Ethanolamines Segmental Analysis:
The global ethanolamines market trends is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to the rising demand for ethanolamine products in various applications. Countries such as China, Japan, and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada, and Mexico owing to the increasing demand for diethanolamines in cosmetics, personal care, and other sectors. The extensive use of triethanolamines in fragrances, hair care products, and hair dyes has driven the manufacturers to use these materials in the end-use industries due to growing consumer preference and changing lifestyles. Moreover, it is projected that the implementation of stringent rules and regulations in the major sectors has propelled European region to witness a stagnant growth in Germany, the U.K, and Italy.
The Middle East & Africa is estimated to observe a slow growth due to changing prices of raw materials and economic slowdown in the region. Additionally, the growing demand for emulsifying agents in major industries is projected to boost the market in the Latin American region.
Competitive Analysis:
Some of the major players functioning in the global ethanolamines market are BASF SE (Germany), The Dow Chemical Corporation (U.S.), Akzo Nobel N.V. (the Netherlands), Huntsman Corporation LLC (U.S.), LyondellBasell Industries Holdings B.V. (U.S.), Sintez OKA Group of Companies (Russia), INEOS (U.K.), SABIC (Saudi Arabia), Jiaxing Jinyan Chemical Co. Ltd. (China) and China Petroleum & Chemical Corporation (China) among others.
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