Factors such as the soaring demand for surfactants and surging sale of agrochemicals will stimulate the ethanolamines market growth at a 5.0% CAGR during the forecast period (2020–2030). At this rate, the value of the market will increase from $2,933.5 million in 2019 to $5,079.0 million by 2030. The compound is used as a surfactant in personal care products due to its ability to remove grease, stains, and dirt. Apart from this, the chemical serves as a suitable emulsifying agent in bath washes, soaps, and shampoos.
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The compound is also used in high volumes for the production of agrochemicals. Diethanolamine (DEA) is primarily used in the production of a herbicide known as glyphosate, to prevent unwanted vegetation at farmlands. The consumption of glyphosate is surging in the countries of Asia-Pacific, North America, and Latin America (LATAM) on account of the soaring demand for agricultural produce. Besides, the growing awareness amongst farmers about the advantages of using such herbicides will fuel the demand for ethanolamines in the coming years.
The type segment of the ethanolamines market is categorized into monoethanolamine (MEA), DEA, and triethanolamine (TEA). Among these, the DEA category held the largest share in 2019, and it is expected to maintain its dominance in the forecast period, due to its high-volume application in soaps and detergents, treatment of refinery products, and production of glyphosate. Thus, the increasing production of herbicides and surfactants will fuel the market growth in the coming years.
On the other hand, the Rest of the World (RoW) ethanolamines market is expected to register the fastest growth during the forecast period. This can be attributed to the establishment of large manufacturing units in Saudi Arabia and Brazil. With the expansion of the industrial sector, the supply of products has increased considerably. Moreover, the plans of ethanolamine manufacturers to leverage the untapped potential of the industry in the region will support the market growth in the future.
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To cater to the escalating demand, chemical companies, such as Oriental Union Chemical Corporation, BASF SE, The Dow Chemical Company, Saudi Kayan Petrochemical Company, Huntsman Corporation, Sadara Petrochemicals, Akzo Nobel NV, and INEOS Group Holdings S.A., are focusing on expanding their production capacities. For example, in July 2019, INEOS Group Holdings S.A. announced a new plant for producing ethyl oxide and derivatives in Houston, U.S. Likewise, BASF SE, in September 2019, announced the expansion plan for its ethylene oxide and derivative complex in Antwerp, Belgium.
Market Size Breakdown by Segment
- Gas Treatment
- North America
- South Korea
- Rest of the World
- Saudi Arabia
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