Austin, July 24, 2024 (GLOBE NEWSWIRE) -- The Ethanolamine Market Size is projected to reach USD 5.82 Billion by 2032 and grow at a CAGR of 5.70% over the forecast period of 2024-2032.
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Growing consumer demand for metal protection applications such as glyphosate herbicides and corrosion inhibitors drives Ethanolamine Market growth.
The need to preserve resources and assets is driving the increasing need for metal protection solutions. Glyphosate herbicides are crucial for weed control in agriculture, they protect crop productivity and provide food security. On the other side, corrosion inhibitors are required in several industries to maintain metal structures, reduce maintenance costs, and extend the life of assets.
Furthermore, demand for vital chemicals like ethanolamines rises as industries all over the place raise up output to meet growing consumer demands. Ethanolamines play crucial functions in the textile industry, aiding the dyeing and finishing processes as well as driving the cleaning industry through the creation of surfactants.
Companies are developing ethanolamine-based products with improved performance characteristics, such as enhanced biodegradability and lower toxicity, to meet evolving market demands and regulatory requirements.
For instance, in 2023, Sumitomo Chemical has started building a pilot plant and this project funded by the NEDO* Green Innovation (GI) Fund is the development of this technology. By the first half of 2025, the Company hopes to have finished building the pilot facility at the Sodegaura location of its Chiba Works in Japan. It produced propylene directly from ethanol and provided an environment-friendly product.
The strong American economy has stimulated growth in ethanolamine-consuming industries like oil and gas, personal care, and detergents. The importance of ethanolamines in water and air filtration has become more apparent due to growing environmental concerns. A further important factor is the nation's huge herbicide-dependent agricultural economy.
Ethanolamine Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.76 billion |
| Market Size by 2032 | USD 5.82 billion |
| CAGR | 5.70% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Major players listed in the Ethanolamine Market Report are, Huntsman Corporation LLC, BASF SE, Dow Chemical Corporation, SABIC, Akzo Nobel N.V., Kanto Kagaku, Jay Dinesh Chemicals, Nouryon, INEOS, OUCC, and Others.
Segmentation Analysis
By Type
- Monoethanolamine
- Triethanolamine
- Diethanolamine
In 2023, monoethanolamine type held the largest market share of more than 39.19% in the ethanolamine industry. Triethanolamine held the second largest market share in the ethanolamines market in 2023 and is estimated to increase at a CAGR of 4% owing to rising demand for triethanolamine in cosmetics and skincare products such as sunscreens, cleansers, lotions, serums, shaving gels, and cream.
By Application
- Detergents
- Ethyleneamines
- Herbicides Intermediate
- Metal Cleaning
- Textile
- Gas Purification
- Others
In the application segment detergents segment held the largest market share of around 32.22% in 2023. Ethanolamines are becoming more popular in the detergent market owing of their ability to improve cleaning products and their adaptability. Moreover, due to its superior surfactant qualities, ethanolamines monoethanolamine, diethanolamine, and triethanolamine are essential components in many detergent formulas. These features lower surface tension and enhance the removal of grease, oil, and grime. Additionally, they are essential for stabilizing formulations and preserving ideal pH levels, which guarantee the efficacy and durability of products. These substances are also essential for industrial cleaning applications, which meet the demand for strong cleaning agents. These factors increase the detergent application demand in the ethanolamine market.
Regional Landscape:
Asia Pacific dominated the ethanolamine market in 2023 with the highest market share around 42.88%. Numerous manufacturing facilities that create a wide range of cleaning goods for both domestic and international markets are located in countries like China, Japan, and India. The governments are making significant investments in infrastructure and industrial development, which grow the expansion of several industries, including manufacturing. Creating new industrial parks, enhancing transit systems, and offering financial incentives for business growth are some of these approaches. These advancements raise industrial activity, which in turn raises the need for industrial cleaning products to keep these facilities in good working order.
Recent Developments
- In November 2023, BASF and SINOPEC expanded their production in chemical plants. This expansion helped the company to produce high-quality chemicals such as ethanolamines, propionic acid, and many more.
- In December 2023, LyondellBasell Texas, was acquired by INEOS for a sum of USD 700. The motive of this expansion is to increase its presence in the U.S. market.
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Key Takeaways:
- Monoethanolamine holds the largest market share due to its versatility and cost-effectiveness.
- The Asia Pacific region holds the largest market share due to increase the usage of product in the various industry.
- The ethanolamine market is growing due to factors including industrial growth, expanding oil & gas activities, surging personal care product demand, and agricultural expansion.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Ethanolamine Market Segmentation, By Type
8. Ethanolamine Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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