Ethanol Amines Market Size Forecast to Reach US$4.5 Billion by 2027

Ethanol Amines Market Size Forecast to Reach US$4.5 Billion by 2027
Ethanol Amines Market | IndustryARC
The Increasing Market for Personal Care and the Growing Importance of Ethanolamines Among End -Users Are the Key Factors Driving the Ethanol Amines Market.

Ethanol Amines Market size is forecast to reach US$4.5 billion by 2027, after growing at a CAGR of 4.1% during 2022-2027. Ethanol Amines are organic compounds produced by the reaction between ethylene oxide and ammonia and they are composed of amino acids. Ethanolamine is referred to as a class of antihistamines including dimenhydrinate, carbinoxamine, doxylamine clemastine, and dimenhydrinate. Ethanolamine is the second-most-abundant head group for phospholipids, substances found in biological membranes and they are used in aqueous solutions for scrubbing acidic gases. Ethanolamine is one of the representative organic corrosion inhibitors and when ethanolamine reacts with ammonia gives ethylenediamine, which is used as chelating agent. The growing adoption of ethanolamines among different industries such as agrochemicals, metallurgy, personal care, textile, construction, and pharmaceuticals is driving the market growth during the forecast period. They are used extensively in the manufacture of detergents, gas sweetening, building, and construction additives, cutting oils, and crop protection among others. The improving standard of living along with the growing usage of cleaning products and personal care products are supporting the market growth for ethanolamines during the forecast period. According to Cosmetics Europe, the European cosmetics and personal care industry was valued at about USD 95.32 billion in 2019, with a growth rate of about 1.5% compared to the previous year.

COVID-19 Impact

The COVID-19 pandemic impacted different industries; one of the few industries that were primarily hit to some extent was the ethanolamines industry. The demand for Ethanol Amines is low during the covid-19 crises. The delay in manufacturing activities and shut down different end-use industries such as personal care, textile, and chemical, in both developed and developing nations impacted the market growth for Ethanol Amines during covid-19. However, the Ethanol Amines industry faced problems related to the supply chain, lack of workforce, and lack of raw materials supply among others.

Ethanol Amines Market Segment Analysis – By Type

The triethanolamine segments accounted for approximately 32% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. The growing consumption of triethanolamine type in numerous applications such as fragrances, hair care products, hair dyes, wave sets, shaving products, and sunscreens, among others are driving the market growth for ethanolamines during the forecast period. The triethanol amines are used as corrosion inhibitor and surfactants in various applications. According to Cosmetics Europe, the European cosmetics products market is valued at USD67.2 billion at a retail sales price in 2020. Hence the growth in usage of personal care products is one of the major factors driving the market for the triethanolamine segment.

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Ethanol Amines Market Segment Analysis – By Application

The household and industrial cleaners segment accounted for more than 18% of the market share in 2020 and is estimated to grow significantly during the forecast period. Ethanolamines are used as a feedstock in the production of detergents, emulsifiers, polishes, corrosion inhibitors, and others. The growing population, rapid urbanization, and rising consumer awareness regarding hygiene are some of the major factors driving the market for the household and industrial cleaners segment. In January 2019, the global FMCG manufacturer Unilever acquired the Laundress Company, involved in manufacturing detergent, fabric care, and home cleaning products, to strengthen its global presence and enhance its portfolio. Thus the growing collaborations and expansion among major end-users are supporting the market growth for ethanolamines. The construction industry is also estimated to hold a significant share during the forecast period. Growing foreign investments in the construction industry are also supporting market growth. According to the data published by FDI India, Indian real estate attracted approximately US$5 billion in institutional investments in 2020, and they also mentioned that Institutional real estate investments in India increased by 21% in the first quarter (2021) to US$922 million.

Ethanol Amines Market Segment Analysis – By Geography

Asia Pacific region held a significant share in the Ethanol Amines market in 2020, up to 36%, owing to the rapid growth in agriculture, personal care, industrial cleaners, and construction in the region. The presence of developing nations such as India and China is driving the market growth in the region. Abundant raw material sources and the availability of a workforce also support the regional demand. The presence of leading personal care manufacturing companies such as LOreal SA., The Procter & Gamble., Beiersdorf AG., Avon Products Inc., Unilever PLC., and others are supporting the regional growth during the forecast period. The growing FDI in the Asia Pacific region is driving market growth. According to the 2021 World Investment Report published by UNCTAD, FDI inflows into China increased by 6% in 2020, to USD 149 billion, up from USD 141 billion in 2019. 

Ethanol Amines Market Drivers

Growing demand from cleaning products industry 

Ethanolamines are used as common ingredients in cleaning products such as floor and tile cleaners, as well as laundry detergents. Ethanolamines help to remove dirt, grease, and stains. Diethanolamines are used in industrial cleaning products, such as engine degreasers and industrial strength detergents, due to their ability to break down oil and grease. The growing population along with the growing demand for cleaning products such as detergents, tile cleaners, disinfectants, dishwashers, and others is driving the market for ethanolamines. According to the statics published by the Euro monitor International, the global laundry detergent market was valued at US$120 billion in 2019. The rapid growth in the manufacturing and chemical processing sectors in the Asia Pacific region is driving the demand for industrial cleaners which is further driving the demand for ethanolamines. According to the Department for Promotion of Industry and Internal Trade (DPIIT), cumulative FDI inflows in the manufacturing subsectors amounted to US$ 100.35 billion between April 2000 and June 2021. 

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Ethanol Amines Market Challenges

Health Hazard related to Ethanol Amines

Ethanolamines cause many health-related diseases such as skin irritation, eyes irritation when body parts have direct contact with ethanolamines. They also irritate the nose, throat and cause coughing, wheezing, and shortness of breath. However, stringent regulations regarding the use of DEA in personal care products and cosmetics will hamper the market growth during the forecast period. The European Commission prohibits diethanolamine (DEA) in cosmetics, to reduce contamination from carcinogenic nitrosamines. The International Agency for Research on Cancer classifies that DEA compounds react with nitrites in cosmetics to form nitrosamines. The Danish Environmental Protection Agency also stated that cocamide DEA is hazardous to the environment because of its acute toxicity to aquatic organisms. These are some of the major challenges hampering the market growth during the forecast period.

Ethanol Amines Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Ethanol Amines market. Major players in the Ethanol Amines market include

INEOS Oxide Ltd.

Huntsman Corporation

China Petroleum & Chemical Corporation

Thai Ethanolamines Co., Ltd

Sinopec Shanghai GaoQiao Petrochemical Corporation

Akzo Nobel

Shijiazhuang Haisen Chemical Co., Ltd

Alkyl Amines Chemicals Ltd.

Air Products and Chemicals Inc.

Daicel Chemical Industries Ltd

Celanese Corporation

Other Companies

Recent Developments

In August 2021, BASF and SINOPEC announced they will further expand their Verbund site operated by BASF-YPC Co., Ltd. a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants including propionic acid, propionic aldehyde, ethyleneamines, ethanolamines, and purified ethylene oxide. They also mentioned the expanded and new plants are planned to come on stream in 2023.

Key Takeaways

The Asia Pacific is expected to register the highest CAGR of 5.6% during the forecast period (2021-2026). Rapid urbanization, emerging economies, and the growing manufacturing sector are the major factors driving the market growth.

The triethanolamine segment is expected to hold a major market share during the forecast period 2022-2027.

The increasing market for personal care and the growing importance of ethanolamines among end -users are the key factors driving the Ethanol Amines market.

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