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The global amines market size was valued at USD 8.96 billion in 2021. The market is projected to grow from USD 9.36 billion in 2022 to USD 12.41 billion by 2029, exhibiting a CAGR of 4.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 3.37% in 2020 as compared to 2019.
These are organic compounds formed by substituting hydrogen atoms in an ammonia molecule with an alkyl/aryl group. They can be found in proteins, vitamins, alkaloids, and hormones in nature. Fatty acids are widely used to make fatty amines. The fatty nitrile is formed by a reaction between the fatty acid and ammonia at high temperatures and in the presence of a metal oxide catalyst, which is commonly referred to as the nitrile process. Hydrogenation with several reagents, most often Raney nickel, cobalt, or copper chromite catalysts, yields the fatty amine.
Unavailability of Labor and Travel Restrictions Caused Halt in Agricultural Business
Since World War II, the COVID-19 pandemic has posed the world's largest humanitarian problem. The virus has spread widely, and the number of cases is increasing every day while governments try to contain it. The COVID-19-induced lockdown, on the other hand, came at a financial cost and had a cascade effect across society. The lockdown caused a severe economic shock. It brought the economy to a halt by forcing businesses in all sectors to shut down completely. Despite the fact that agricultural activities were exempt, the agriculture value chain was severely disrupted in the early stages of the lockdown. This factor has a significant negative impact on the global economy. In several country sections, the coronavirus epidemic has sparked a significant reverse migration from urban to rural areas. Many countries, particularly those with labor-intensive industries experiencing labor shortages due to restrictions on people's migration across borders and lockdowns. For instance, in a number of European nations, newly implemented travel prohibitions inside the European Union and the closing of the Schengen Area have drastically limited the available workforce for the fruit and vegetable business.
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Use of Fatty Amines to Bolster Market Development
Fatty amines can be made by hydrogenating fatty nitriles, which are formed when two molecules of water are removed from a reaction between fatty acids, triglycerides, or fatty esters, and ammonia at high temperatures in the presence of alumina, silica gel, or iron-based catalysts, and others. They are commonly employed in agrochemicals, chemical processing, personal care, oilfield chemicals, and others. The majority are used in the agriculture sector. The increase in worldwide demand for nutritious and high-quality food and the restricted quantity of arable land can be attributed to the expansion of this industry.
They are widely used as emulsifiers in various applications, including agrochemicals, chemical processing, personal care, and home products. In addition, the increased need for personal care and cosmetic goods is expected to boost fatty amine consumption.
Increasing Demand for Ethanolamine to Propel Market Growth
Monoethanolamine (MEA), diethanolamine (DEA), and triethanolamine (TEA) are the three primary ethanolamines. MEA is primarily used in the captive production of ethyleneamines and imines and in personal care and detergents. Herbicides are the DEA's most popular product, followed by detergents and personal care products and refining/gas treatment. Detergents and personal care products consume the most TEA, followed by engineering/metalworking and concrete production. Increasing demand for ethanolamine from various end-use sectors is surging the demand. Additionally, increasing demand for oleochemicals is surging the product demand.
High Demand for Fatty Amines from End-Use Sectors to Foster Growth
Cosmetics, mining, agriculture, and medicines are among the industries that use fatty amines and chemical compounds derived from them. Amine salts are used as lubricants, corrosion inhibitors, and flotation agents. Fabric softeners are one of the key markets for quaternary fatty amines. Preparing organoclays for use as drilling muds, paint thickeners, and lubricants is another important use for dialkyl dimethyl quaternary alkyl benzyl dimethyl ammonium salts. Betaines, also known as specialty quaternaries, are utilized in cleaning products, shampoos, conditioners, foaming agents, and wetting agents in the personal care sector. This factor is expected to act as a driving factor of the amines market growth.
Hazardous Nature of Amines May Hamper Market Growth
Aliphatic amines are hazardous by nature if not handled properly during shipping; hence, their danger lessens the threat of imports. The movement of these substances necessitates the use of specialized trucks, which limits the distances over which they may be transported. Imports are uncompetitive due to the high cost of freight. Attributed to the high shipping costs and the hazardous nature of the chemical, substantial inventory levels are not possible. This factor is expected to hamper the market growth.
Ethanolamines to Hold Prime Share Attributed to High Demand
The market is segmented into ethanolamines, alkylamines, fatty & specialty amines, and ethyleneamines as per product. Ethanolamines held the prime share in the market attributed to the high demand for methyl ethanolamine and dimethyl ethanolamine from the personal care industry. However, the fatty amines segment is expected to grow significantly with a high CAGR owing to the increasing adoption of plant-based products and oleochemicals.
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Pesticides Segment to Hold Key Share Owing to Better Performance
The market is segmented into pesticides, surfactants, personal care, pharmaceuticals, and others. Attributed to the high demand, the pesticides segment held the largest share in the market. By the conclusion of the projection period, the surfactant segment is predicted to grow significantly owing to higher growth rate. Personal care and others segments are expected to witness growth.
Asia Pacific Amines Market Size, 2021 (USD Billion)
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In 2021, Asia Pacific grew at a CAGR of 4.9% that will lead the global market and is expected to continue its dominance throughout the forecast period. Due to the high production of chemicals and ample manufacturing base in China and India, the region is likely to show high growth.
Europe is expected to exhibit rational growth due to its high demand for oleochemicals, fatty amines, and derivatives. Moreover, growing demand from the personal care sector is likely to foster the market growth.
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The market in North America closely follows Europe and is expected to develop considerably. The increased need for pesticides and crop protection chemicals to curb various diseases is swelling growth in North America. A high manufacturing base of end-user industries is likely to foster regional growth. The Rest of the World is expected to grow considerably due to the growing demand for personal care products and pharmaceuticals.
Mergers & Acquisitions of Companies is Expected Strengthen their Global Presence
With the presence of many global key players, the market is consolidated in nature. BASF, Huntsman, Eastman, Clariant, and Dow Chemicals are the key manufacturers.
Industry players are engaged in numerous strategic alliances to promote brand and sales. For instance, with a new tertiary amines factory in Gresik, Indonesia, Global Amines Company (GAC) joint venture of Clariant and Wilmar International is committing to future expansion.
An Infographic Representation of Amines Market
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The market research report includes a complete global amines industry analysis as well as discussion of the key variables that have contributed to the market's recent rise. In addition, the study provides market insights and covers key industry developments from major firms.
This study examines the industry's newest market dynamics and opportunities as well as historical data and revenue growth estimates at the global, regional, and national levels.
Value (USD Billion), Volume (Kilo Tons)
By Product, Application, and Region
Fortune Business Insights says that the global market size was USD 8.96 billion in 2021 and is expected to reach USD 12.41 billion by 2029.
In 2021, the Asia Pacific market size stood at USD 3.3 billion.
The market will grow at a CAGR of 4.1% during the forecast period (2022-2029).
The pesticides segment is expected to be the leading segment in the market during the forecast period.
Growing demand from end-user industries is expected to drive the market.
BASF, Huntsman, Eastman, Clariant, and Dow Chemical Company are the major players in the market.
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