Ethanolamines Market

Ethanolamines Market Size & Forecast- (2023-2028):

The Ethanolamines Market size was valued at US$ 2,934 million in 2022 and is anticipated to reach US$ XX billion by 2028 and increase at a CAGR of 5.21% between 2023-2028. 

Ethanolamines are organic molecules formed when ethylene oxide reacts with ammonia. They're made up of amino acids. The three types of products available on the market are Monoethanolamine, Diethanolamine, and Triethanolamine. These goods are noted for being colorless and viscous, as well as having an ammonia-like odor. The rising demand for the product and the increasing standard of living are two significant aspects that positively influence the market. They are employed in various applications because of these features, including detergents, chemical intermediates, herbicides, metal cleaning, and others. In addition, the market is growing because of increased demand for end-use industries such as detergents, herbicides, and textiles.

Ethanolamines Market Drivers:

Over the next six years, ethanolamines market expansion is expected to be driven by rising demand from end-use sectors such as herbicides, detergents, and textiles. In addition, it is frequently utilized as a raw material in the production of detergents, polishes, and medications. Over the forecast period, solid economic expansion and fast industrialization in the Asia Pacific developing nations, primarily including China and India, are expected to remain a key driving force for market growth. It's a colorless, poisonous, explosive, corrosive, and viscous liquid used in various dispersion and solution applications. It can be divided into triethanolamine (TEA), monoethanolamine (MEA), and diethanolamine based on the chemical components (DEA). During the projected period, herbicides are expected to overtake pesticides as the leading application segment. The demand for building chemicals and corrosion inhibitors for metal protection will grow as the application scope expands. Over the next six years, ethanolamines market expansion is fueled by rising surfactant demand in Europe and North America. It is broadly used in various sectors because it functions as a weak base compound and is necessary for phospholipids. These factors are responsible for the global Ethanolamines market growth during the forecast period. The increasing per capita disposable income and increased consumer knowledge are expected to boost the Asia Pacific and Latin America's growing personal care business. Ethanolamines are commonly used to make liquid soaps, bath foams, and shampoos in the personal care sector.

New uses, such as wood preservation and agrochemical manufacture, are likely to open up new opportunities for the ethanolamines sector. Over the projection period, rising agrochemical production in the Asia Pacific is predicted to complement market expansion. Moreover, in the next six years, the ethanolamines market is expected to rise due to rising demand from end-use applications including metal cleaning and gas treatment. Over the projection period, gas treatment applications are anticipated to increase at a substantial CAGR of more than 5%.

Ethanolamines Market Restraints:

Due to capacity expansions and increased investments, the industry is suffering an oversupply of raw materials. Moreover, Ethanolamine is treated as a corrosive material that can irritate and burn the skin and eyes, resulting in potential eye injury. In addition, some more diseases include Coughing, wheezing, and shortness of breath, which can result from inhaling Ethanolamine, which irritates the nose, throat, and lungs.

ETHANOLAMINES MARKET REPORT COVERAGE:

Market Segmentation:

Ethanolamines Market By Product Type:

• Monoethanolamine (MEA)

• Diethanolamine (DEA)

• Triethanolamine (TEA)

The triethanolamine segment accounts for a significant percentage of the market due to rising demand for the product in various applications, including fragrances, hair care products, hair dyes, wave sets, shaving products, sunscreens, and others. In addition, they're employed in a variety of applications as corrosion inhibitors and surfactants. Furthermore, these materials are used to remove pollutants from natural gas, such as hydrogen sulfide and carbon dioxide. Regarding CAGR, the Diethanolamine (DEA) category dominated in 2019, and it is predicted to hold the highest market share during 2022 - 2027. The extensive application base of DEA in soaps and detergents, the manufacturing of glyphosate, and the treatment of refinery products and natural gas are related to the significant volume of demand. In addition, the consumption of DEA is increasing as a result of its widespread industrial use. Furthermore, the advanced manufacturing of herbicides and surfactants worldwide is boosting consumption, and, as a result, the ethanolamines market is growing.

Ethanolamines Market By Application:

• Surfactants

• Herbicides

• Chemicals

• Gas Treatment

• Cement

• Others

Based on the application, the surfactants category experienced the most demand in 2021. Because ethanolamines are increasingly used in industrial detergents, gel-type cleansers, shaving creams, body lotions, shampoos, and soap bars, the sector is expected to maintain its dominance in the following years. The compound's popularity as a surfactant stems from its use in forming fatty-acid amides, its ability to create foams when combined with lauryl sulfate, and its emulsifying capabilities. The massive demand for chemicals is predicted to rise as the global consumption of personal care products rises, boosting the ethanolamine supply.

Ethanolamines Market By End-User:

• Agriculture
• Construction
• Personal care
• Metallurgy and Metalworking
• Oil & Gas 
• Others

Metallurgy and Metalworking end-user attributes to hold the most significant global ethanolamine market share in the following years. Cutting, forging, and connecting metal for end-use purposes is generally known as metalworking. Shipbuilding, construction, jewelry, automobile, and aerospace are just a few industries that employ it. Lathes, arc welders, mills, and computer numerical control (CNC) machines are the most regularly used metalworking machines. The operational requirements for metalworking fluid increase as the number of complicated, automated, and high-rate manufacturing machinery increases. Furthermore, the need for antifreeze additives is more vital in low-temperature regions of Europe and North America.

Ethanolamines Market Regional Analysis: 

The Global Ethanolamines Market Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle east and Africa

Asia-Pacific led the global market, with China and India accounting for the majority of consumption. However, in terms of GDP, China has the most excellent economy. Due to increased population, living standards, and per-capita income, China is one of the world's fastest-growing economies, with practically all end-user industries expanding.

North America is expected to rise rapidly because of significant demand from end-use sectors such as personal care, detergents, and herbicides. Among the other regions in North America, The United States is one of the largest consumers of ethanolamines. The ethanolamines market is likely to benefit from the increased development and innovation of new applications.

Due to market saturation in end-use sectors, Europe is predicted to grow at a low rate during the next seven years. However, increased consumption of agrochemicals and herbicides in the region is expected to boost industry growth throughout the forecast period.

Due to rising demand from the construction and personal care industries, the Middle East, Africa, and Latin America are likely to see substantial expansion.

Impact of COVID-19 on the Ethanolamines Market:

The market for ethanolamines has suffered to some extent due to the ongoing COVID-19 pandemic, which resulted in the temporary stoppage of production across downstream plants, mainly in China, in the first quarter of 2020. However, production had recovered to a large extent by late March, while downstream ratios remained significantly lower than in Q4 2019. Furthermore, due to plant closures in the United States, the European market saw a shortfall in imports, negatively impacting the ethanolamines market.

Recent Developments in the Ethanolamines Market:

• BASF increased the cost of Ethanolamine majorly in Europe owing to the increasing demand for ethanolamines. In addition, ethanolamines are primarily utilized in pharmaceutical firms to produce various pharma ingredients and play an essential role in several industries.

• Dow Chemical Company, awarded as a global leader in ethanolamines, declared a 45000 metric tons capacity expansion, which will be done at Union Carbide's ethanolamines facility. It further added that the capacity would offer overall ability at the plant to 154000 metric tons annually.

• INEOS Oxide Ltd. announced that it would expand the Ethanolamine and ethylene oxide derivative in France.

Ethanolamines Market Key Players:

The companies covered in the report include:

1. BASF SE

2. Dow Chemical Company

3. Indorama Ventures Limited

4. INEOS

5. Jiaxing Jinyan Chemical Co., Ltd.

6. Lyondell Basell Industries N.V.

7. Nouryon

8. Penta Manufacturer

9. SABIC

10. Sintez OKA Group