Ethanolamines Market - Growth, Trends, and Forecast (2020 - 2025)
The ethanolamines market is expected to record a CAGR of around 4% during the forecast period. Ethanolamines are obtained commercially, through the reaction of ethylene oxide with ammonia. During further rectification, monoethanolamine (MEA), diethanolamine (DEA), and triethanolamine (TEA) are separated.
The major factor driving the market studied are the rising demand from applications, including glyphosate herbicides and corrosion inhibitors, for metal protection.
The increasing weed resistance, to weaken the demand for Glyphosate is likely to hinder the market's growth.
Key Market Trends
Metallurgy & Metalworking to Dominate the Market
Metalworking is the process of cutting, forming, and joining a metal, for end-use applications. It is used for various applications, such as shipbuilding, construction, jewelry, automotive, and aerospace. Some of the commonly used metalworking machines include lathe, arc welder, mill, and computer numerical control (CNC) machines.
Metalworking is classified into three prime methods, namely, hot-working, cold-working, and extruding. The aforementioned processes generate huge amounts of heat and utilize water, which may corrode surfaces. Thus, lubricants and metalworking fluids are used during the metalworking procedure, in order to ease the process and ensure smooth and efficient functioning of machines.
Ethanolamines are used in the production of metalworking fluids and are also used as an antifreeze additive in lubricants for metalworking.
With the increasing proportion of complex, automated, and high-rate production machinery, the operational requirements for metalworking fluid are growing. Further, in the low-temperature regions of Europe and North America, the requirement for antifreeze additives is higher.
The manufacturing industry in the Asia-Pacific region (primarily China) exhibited a significant growth in the recent past, due to the increasing demand for metal applications in the end-user industries and increase in the production of transport equipment. The growth is primarily due to the rise in population and increase in the income levels of the people. This scenario is expected to remain constant throughout the forecast period, thus, fueling the demand for ethanolamines, in metallurgy and metalworking applications.
Asia-Pacific to Dominate the Market
Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
China is the largest economy, in terms of GDP. China is one of the fastest-growing economies, globally, and almost all the end-user industries are growing, owing to the rising population, living standards, and per-capita income.
Ethanolamines are primarily required in various industries, for several ranges of applications, including cement grinding, gas treatment, pharmaceuticals, agricultural, and personal care products, among others.
Ethanolamines are widely used in cement grinding aids, setting accelerators for concrete, cutting fluids, corrosion inhibitors production, and asphalt chemicals, among others, for various applications in the construction industry.
Personal care is one of the fastest-growing sectors in the country. Continuous growth in population is another factor fueling the demand for personal care, soaps, and detergents in the country, which, in turn, is augmenting the ethanolamines market.
Thus, from the aforementioned factors, the increasing demand from the various end-user industries is boosting the growth of the market studied, during the forecast period.
The ethanolamines market is moderately fragmented in nature. Some of the major players in the market include BASF SE, Dow, Indorama Ventures Limited, Nouryon, and SABIC, among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook