Global Amines Market - Segmented by Type, End-User Industry, and Geography - Growth, Trends and Forecast (2018 - 2023)
The amines market is expected to grow at a moderate rate during the forecast period (2018 – 2023). The Asia-Pacific region is estimated to lead the market owing to its rapid growth in personal care products.
Soaring Demand in Personal Care Products to Lead the Market
Amine is one of the cheapest and the most easily available raw material for personal care products. Amines are used in the manufacture of various personal care products, such as hand lotions, soaps, cosmetic creams, shaving creams, laundry detergents, body washes, shampoos, cosmetics, fragrances, and hair dyes, among others. The growing purchasing power of middle-class population is leading people to spend more on comfort and beauty. Thus, growth in the use of personal care products is expected to boost the demand for amines.
The growing demand for pesticides from developing countries is due to the increased importance on crop yield and efficiency. The pesticide section is driven by the increasing use of herbicide-resistant crops. However, the increasing usage of bio-based products in agriculture, especially in developed countries of North America, is restraining the market for amines.
The development of new wood preservation chemicals, construction chemicals, and agro-chemicals is opening up newer applications for products related to the amine market, thereby, providing the market with an opportunity for growth.
Increasing Application Base
One of the major products of amines is ethylamine, which accounts for the greatest global market share, as it has a large variety of applications in agrochemicals, plastics, dyes, rubber industry, and textiles. The demand for another major product of amines, i.e. fatty amines, is running high owing to its increasing applications.
Asia-Pacific Region to Lead the Market
Asia-Pacific accounts for the highest share and is also expected to witness the highest growth rate during the forecast period. Japan is the biggest consumer of beauty products, followed by China in the Asia-Pacific region. The cosmetics & personal care industry has been the one industry that has been unaffected by economic and socio-political changes. It is known as the recession-free industry. The Asia-Pacific region has been the fastest growing regional market for shaving creams, which has also led to the growth of the amines market as they are a major raw material for shaving creams. The major manufacturers have also been launching new products and increasing their production facilities to meet the growing demand for personal care products, in this region.
Key Developments in the Market
March 2018: Eastman has world-class internal manufacturing and external sourcing partnerships that ensure our ability to grow, innovate, and serve our customers in this growing market.
Feb 2018: Dongming Hengchang Petrochemical Company selected LyondellBasell’s Spheripol PP Technology for a Chinese project.
Major Players: INEOS, Huntsman, Dow Chemicals, AkzoNobel, and Eastman Corporation, among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
To identify the countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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