Global Amines Market is expected to reach USD 14.07 billion by 2020, according to a new study by Grand View Research, Inc. Growing application scope in paints & coatings, personal care products, crop protection, surfactants and water treatment is expected to play an important role in driving market growth over the next six years. Governments of China, India and Middle East have increased their expenditure on infrastructure improvement, which is expected to have a positive impact on amines demand in surfactant.
Ethanolamines were the largest product segment, accounting for more than 50% of market volume in 2013. Increased use of ethanolamine as a cleaning agent and corrosion inhibitor is expected to drive market growth in the near future. Fatty amines are expected to be the fastest growing product segment, growing at a CAGR of 3.7% from 2014 to 2020. Personal care products market growth is expected to drive fatty amines demand over the next six years.
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Further key findings from the study suggest:
- Global amines market was 3,663.6 kilo tons in 2013 and is expected to reach 4,607.3 kilo tons by 2020, growing at a CAGR of 3.3% from 2014 to 2020.
- Amines were majorly used in crop protection, accounting for more than 30% of market volume in 2013. Agriculture industry growth coupled with increased concerns towards yield improvement among farmers is expected to play an important role in driving amines demand in crop protection.
- North America was one of the largest amines market exceeding 30% of global demand in 2013. Personal care products market growth coupled with Mexico’s emergence as an automotive hub is expected to drive market growth in the near future.
- Asia Pacific is expected to witness the fastest growth, at a CAGR of 4.0% from 2014 to 2020. Growing agriculture industry in India and China coupled with automotive production growth in China, Malaysia and Indonesia is expected to have a positive impact on amines market. Governments of China and India have framed favorable FDI policies to promote investments, which are expected to open new market opportunities over the next six years.
- Amines market is highly fragmented on account of presence of numerous manufacturers globally. Key companies such as BASF have increased their production capacity of amines in China owing to industry growth in agriculture, automotive and personal care products.
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For the purpose of this study, Grand View Research has segmented the global amines market on the basis of product, application and region: