How is Mushrooming Usage of Agrochemicals Adding Fuel to Global Ethanolamines Market Fire?

Valued at $2,933.5 million in 2019, the global ethanolamines market is predicted to attain a revenue of $5,079.0 million in 2030. According to the forecast of P&S Intelligence, a market research firm based in India, the market will progress at a CAGR of 5.0% between 2020 and 2030. The mushrooming sales of agrochemicals and the growing requirement for surfactants are the major factors driving the growth of the market across the globe. 

 

The compound is heavily used as an emulsifying ingredient and surfactant in various personal care products such as shampoos, laundry detergents, and soaps because of its ability to effectively remove grease, stains, and dirt. The rising disposable income of the people living in the developing nations is positively impacting the sales of personal care products, which is subsequently pushing up the demand for ethanolamines. Additionally, the development of more and more personal care products is boosting the requirement for ethanolamines. 

 

Another key factor driving the growth of the ethanolamines market is the ballooning demand for agrochemicals across the globe. Diethanolamine (DEA) is widely used for producing glyphosate, which is mainly used as a herbicide for preventing the growth of unwanted vegetation in farmlands. Because of the increasing agricultural activities in North America, Latin America, and Asia-Pacific (APAC), the usage of glyphosate is rising rapidly in these regions. This is, in turn, propelling the sales of ethanolamines in these regions.

 

Globally, APAC held the largest share in the ethanolamines market in 2019, and the trend is likely to continue during the forecast period. This is majorly attributed to the high-volume consumption of the compound in China. In 2019, the country imported nearly a quarter of its requirement, amounting to 168.4 kilotons, primarily from manufacturers in Thailand and Saudi Arabia.

In addition, a rapid surge in the demand from the end-use industries in regional developing countries, including India, Thailand, and Vietnam, is further propelling the consumption of the compound. With the growth of the end-use sectors in the region, the usage of the chemical is likely to increase, thereby driving the ethanolamines market in the region.

The ethanolamines market is consolidated in nature, with the presence of numerous giant players, such as Oriental Union Chemical Corporation, The Dow Chemical Company, BASF SE, Sadara Petrochemicals, Saudi Kayan Petrochemical Company, Akzo Nobel NV, Huntsman Corporation, and INEOS Group Holdings S.A.