In 2021, the global ethanolamines market was worth US$3.1 billion. The anticipated market growth from 2022 to 2032 is 4.1%, which is significantly higher than previous growth. Monoethanolamine is expected to be the most profitable segment, with a 3.7% CAGR between 2022 and 2032. From 2017 to 2021, the market value of ethanolamines increased at a 4.8% CAGR.
Increased demand in the agricultural sector, as well as increased use of ethanolamines by end-use industries such as detergents, herbicides, and textiles, are expected to drive market growth. Ethanolamine is a common raw material used in the production of cleaners, polishes, and medicines. Demand for building chemicals and protective coatings for metal shielding is expected to rise as the application becomes more widely used. The market is expected to grow in the coming years due to an increase in surfactant use in Western Europe and the United States.
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Key Takeaways from the Market Study
- Global Ethanolamines Market is expected to reach a market size of US$ 3.2 Bn by 2022.
- Monoethanolamine product type is expected to have the highest CAGR rate of 3.7% during the forecast period.
- United States to remain the most dominant market with absolute dollar growth opportunity of US$ 500 Mn during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 3.6% during the 2022-2032 forecast periods.
Some of the recent developments in the Ethanolamines Market are:
- The PetroChina Jilin Petrochemical Company’s restructuring and improvement project got underway in February 2022. In order for CNPC to achieve its objectives and encourage strong growth in its petrochemical and refinery operations, the Jilin project is a crucial component. As the first chemical project entirely powered by green energy from CNPC, it makes use of cutting-edge environmental preservation and energy-saving technology. In addition to closing nine existing facilities and renovating 21, the project calls for the construction of an ethylene plant. The project will support the refinery and petrochemical operations of CNPC, as well as the development of the regional petrochemical industrial chain and the revitalization of Northeast China.
- Huntsman announced in September 2021 that its facility in Petfurdo, Hungary would be able to produce more specialty amino acids and polyurethane catalysts. The multimillion-dollar investment project should be finished by mid-2023. Huntsman anticipates that the brownfield site will increase global capacity and provide the polyurethane, coatings, metalworking, and electronics industries with new technologies as well as greater flexibility.
Key Companies Covered
- Huntsman Corporation
- Dow Chemical Corporation
- CNPC
- BASF
- Alkyl Amines Chemicals Ltd.
- Thai Ethanolamines Co.
- Daicel Chemical Industries
- INEOS Oxide Ltd.
- Fushun Beifang Chemical Co. Ltd.
- Celanese Corporation
- Akzo Nobel
Regional Analysis For Ethanolamines Market
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
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MEA (Saudi Arabia, United Arab Emirates, South Africa)
