Ethanolamine is considered as one of the significant components used in manufacturing processes in diverse industries. The growing traction of ethanolamines has encouraged the growth of the ethanolamines market across the globe. The versatile features of ethanolamines allow the manufacturers to use them in diverse applications, including chemical intermediates, surfactants, herbicides, cement, gas treatment, and others. The key products segments of ethanolamines market include triethanolamines, monoethanolamines, and diethanolamines. With an expansion of the application base, the global market for ethanolamines is expected to witness significant growth in the coming few years.
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Positive Growth of Ethanolamines in Glyphosate and Surfactant Markets to Encourage Market Growth
In 2015, the global ethanolamines market was valued at US$2.8 bn. This market is projected to register a 4.10% CAGR between 2016 and 2024, reaching a value of US$4 bn by the end of 2024.
The rise in the production of glyphosate is one of the primary factors expected to boost the demand for ethanolamines in the next few years. In addition, the promising growth of ethanolamines in the surfactants market is expected to augment the growth of the overall market in the next few years. On the flip side, fluctuation in raw material pricing is projected to restrict the growth of the ethanolamines market across the globe. Nevertheless, the rising research and developments activities are expected to expand the application base in the near future, fuelling the growth of the market. Moreover, the rising demand for gas sweetening agent is projected to drive the global market.
Rising Demand for Personal Care and Detergents to Bolster Asia Pacific Ethanolamines Market
Among the key geographical segments, North America and Asia Pacific collectively held a share of 70% in 2015, thanks to the growing demand for ethanolamines in herbicides and surfactants applications. The presence of several leading herbicide manufacturers in the U.S. has supported herbicides to be the leading application segment of the ethanolamines market in North America. On the other hand, the rising demand for personal care and detergents in China has augmented the growth of the Asia Pacific market for ethanolamines.
The ethanolamines market across the globe is highly fragmented with a large number of players holding potential growth opportunities. The leading players in the market are emphasizing on innovation and research and development activities in order to expand their product portfolio and establish a strong presence in the market. Key players in the global ethanolamines market include Jiaxing Jinyan Chemical Co. Ltd., INEOS Group Ltd., Sintez OKA LLC, Thai Ethanolamines Co. Ltd., Huntsman Corporation, Akzo Nobel N.V., The Dow Chemical Company, and SABIC.
Rising Number of Mergers and Acquisitions to Enhance Market Penetration
The new entrants in the global ethanolamines market are expected to face the challenge of high initial investment. Once this is accomplished, these players are projected to witness substantial growth and benefit from a large consumer base and a low threat of substitutes. With the rising number of joint ventures, partnerships, collaborations, and mergers and acquisitions, the key players are making efforts to increase their market penetration, especially in emerging nations.
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Furthermore, the leading market players are making efforts to reduce the environmental footprint by diverting their resources to fulfil the sustainability criteria. Considering this as the latest trend and looking for benefits, in 2015, Akzo Nobel N.V. made an investment of US$10 mn in a new research development facility in Ohio, which is focused only on designing environmental friendly and innovative products. Such developments are expected to contribute extensively towards the growth of the global ethanolamines market in the coming years.