Globally increasing demand from end-use industries such as herbicides, detergents, and textiles is anticipated to drive ethanolamines market growth over the next seven years. It is widely used as feedstock for manufacturing detergents, polishes, and pharmaceuticals. Strong economic growth along with rapid industrialization in developing economies of Asia Pacific such as China and India is expected to remain a key driving factor for market growth over the forecast period.
It is a colorless, toxic, flammable, corrosive, and viscous liquid material, which is utilized in various dispersions and solutions. Based on the organic compounds, it can be bifurcated into triethanolamine (TEA), monoethanolamine (MEA), and diethanoamine (DEA). Herbicides are expected to emerge as the leading application segment over the forecast period.
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Increasing application scope such as construction chemicals and corrosion inhibitors for metal protection is expected to fuel the demand. Rising surfactants demand in Europe and North America is further anticipated to propel market growth over the next seven years. It is extensively preferred in various industries as it acts as a weak base compound and is an essential head group for phospholipids.
Rising per capita disposable income coupled with general awareness among consumers is anticipated to positively influence the personal care industry in emerging economies of Asia Pacific and Latin America. Ethanolamines are widely used in personal care industry for manufacturing liquid soaps, bath foams, and shampoos.
Development of new applications such as wood preservation and agrochemicals production is expected to provide new avenues for the industry participants. Growing agrochemicals production in Asia Pacific is expected to complement market growth over the forecast period.
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Increasing demand from end-use applications such as metal cleaning and gas treatment is expected to drive market growth over the next seven years. Gas treatment applications are anticipated to grow significantly at an estimated CAGR of over 5% over the forecast period.
Triethanolamine is used in construction industry to manufacture performance enhancers and cement grinding aids, which reduce energy consumption during the production process of cement and help in achieving improved cement quality. Increasing construction spending is China, India, Saudi Arabia, UAE, and Brazil is expected to fuel the demand and complement industry growth over the next seven years.
Volatile raw material prices are anticipated to hamper market growth and challenge industry participants over the forecast period. The market is experiencing oversupply of raw materials owing to capacity expansions and escalated investments.
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