Rockville, MD, Dec. 27, 2022 (GLOBE NEWSWIRE) -- The growth of the market for ethanolamines is projected to expand at a CAGR of around 4.1% during 2022 – 2032. The value of the methanolamine market increased at a CAGR of around 4.8% during 2017 – 2021. The increased demand for acid gas removal, such as Hydrogen sulfide from natural gas, olefins cracker output, and refinery streams, is driving up Monoethanolamine demand.
With the increased use of ethanolamines by end-use sectors including detergents, herbicides, and textiles, the market expansion is expected to be driven by increased demand in the agricultural sector. Ethanolamines are commonly exploited as a raw material in the production of solvents, polishes, and medications. Demand for building chemicals and protective coatings for metal shielding is anticipated to grow as the application is then used to a greater degree. Over upcoming years, anticipated growth in surfactant used in the United States and Western Europe is likely to drive the market expansion.
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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.
Market Segments Covered in Ethanolamines Market Analysis
By Product type
- Monoethanolamine (MEA)
- Diethanolamine (DEA)
- Triethanolamine (TEA)
By End-user Industry
- Agriculture
- Construction
- Personal Care
- Oil and Gas
- Metallurgy and Metalworking
- Textile
- Other End-user Industries
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Competitive Analysis:
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
Some of the recent developments in the Ethanolamines Market are:
- In Feb 2022, the restructuring and enhancement project of PetroChina Jilin Petrochemical Company has begun. The Jilin project is a key aspect of CNPC's efforts to meet its goals and foster strong growth in its petrochemical and refinery operations. It utilizes cutting-edge environment conservation and energy-saving technology for green supply chain management as CNPC's first chemical project totally powered by green energy. The project requires the building of 21 new facilities, including an ethylene plant, as well as the refurbishment and closure of nine existing facilities. The project will assist CNPC's petrochemical and refinery operations, and also the expansion of the local petrochemical industrial chain and the rejuvenation of Northeast China.
- In September 2021, Huntsman announced the capacity expansion of polyurethane catalysts and specialty amino acids at its Petfurdo, Hungary facility. By mid-2023, the multimillion-dollar investment project is likely to be finished. Huntsman expects the brownfield site to boost worldwide capacity and offer greater flexibility and new technologies to the polyurethane, coatings, metalworking, and electronics sectors.
Similarly, more recent developments related to companies in Ethanolamines Market services have been tracked by the team at Fact.MR, which are available in the full report.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Global Ethanolamines Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Ethanolamines Market by Product Type (Monoethanolamine, Diethanolamine, and Triethanolamine), by End-user (Agriculture, Construction, Personal Care, Oil and Gas, Metallurgy and Metalworking, Textile and Other End-user Industries), across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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