Amines Market To Reach $30.74 Billion By 2030 | CAGR 5.1%

Amines Market Growth & Trends

The global amines market size is anticipated to reach USD 30.74 billion by 2030 and is projected to expand at a CAGR of 5.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly attributed to surging demand for the product as a surfactant and also for utilization in agricultural crop protection chemicals. The growing need for food security due to the increasing global population is expected to drive the market for crop protection chemicals, which, in turn, drives the market growth for the product.

Ethanolamine, in the form of triethanolamine and monoethanolamine, is mainly used as a cleaning agent. It is also used as a corrosion inhibitor in machining fluids, lubricants, and cooling systems for automotive, industrial, and marine applications. Rising health awareness and an inclination toward preventive maintenance are expected to propel demand for ethanolamine as a cleaning agent and corrosion inhibitor.

The product is used in gas treatment, which takes into consideration amine gas treatment, which uses an aqueous solution of different amines to dissolve and remove hydrogen sulfide and carbon dioxide from the refinery.

Natural gas, when extracted from its primary sources, typically has numerous undesirable compounds mixed in it, thus making the gas unusable for a multitude of application areas. These compounds majorly include hydrogen sulfide (H2S) and carbon dioxide (CO2). Amines are used in the treatment of natural gas to remove such impurities/undesirable products. Some of the commonly used products in the process of gas treatment include monoethanolamine (MEA), diethanolamine (DEA), and methyl diethanolamine (MDEA), among others.

Numerous technologies have been introduced in the market concerning amines. For instance, Croda Polymers & Coatings introduced novel technologies to develop bio-based amine-functional building blocks for use in coatings and adhesives. Further, BASF announced the building of a production plant for specialty amines in Nanjing Chemical Park, China, which was commercialized for production by late 2015.

Raw materials and energy are the two most significant elements in the cost structure of the product manufacturing process. On average, raw materials constitute 22% of the cost structure in amines production, closely followed by energy, which accounts for 21%. Labor and overhead costs constitute 16% and 13%, respectively. Other costs include transport, distribution, and depreciation, accounting for 28%.

The market is highly fragmented owing to the presence of numerous local and global players. Key companies operating in this market are BASF SE, AkzoNobel, The Dow Chemicals Company, Clariant, etc.

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Amines Market Report Highlights

• Ethanolamine dominated the market with a revenue share of 52.2% in 2023 owing to its numerous applications, such as surfactants, corrosion inhibitors, textile processing, gas treatment, and personal care products.

• Surfactants application dominated the market with a revenue share of 27.5% in 2023 owing to its widespread utilization across industries such as in personal care and household cleaning.

• Asia Pacific dominated the global market with a revenue share of 45.6% in 2023 owing to the rising public awareness regarding health and hygiene, in addition to the adoption of higher standards of cleaning and disinfection, which is expected to be the prime driver for cleaners or disinfecting formulations in the region.

• The North America market is expected to exhibit a rise in the demand for disinfectants over the forecast period owing to increasing awareness regarding personal hygiene in households post COVID-19.

Amines Market Segmentation

Grand View Research has segmented the global amines market based on product, application, and region:

Amines Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Ethanolamine

• Fatty Amines

• Alkyl Amines

• Others

Amines Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Crop Protection

• Surfactants

• Water Treatment

• Personal Care

• Gas Treatment

• Others

Amines Region Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Amines Market

• Arkema S.A.

• Akzo Nobel N.V.

• BASF SE

• SABIC

• The Dow Chemical Company

• Huntsman Corporation

• Mitsubishi Gas Chemical Company

• Taminco Corporation

• Celanese Corporation

• Solvay S.A.

• INEOS Group

• Lanxess Corporation

• LyondellBasell Industries Holdings B.V.