Ethanolamines Market To Value over $5,000.0 Million by 2030
The major reasons behind the growth of the ethanolamines market are the increasing usage of agrochemicals and rising demand for surfactants. This is why the revenue generated by the sale of these chemical compounds will increase from $2,933.5 million in 2019 at a 5.0% CAGR during 2020–2030, to $5,079.0 Million by 2030. It is a derivative of ethane, which works as an amine (containing the NH2 functional group) as well as an alcohol (containing the functional group OH).
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The growing demand for surfactants is a major factor driving the demand for ethanolamines. The emulsifying agents and surfactants used in the production of shampoos, laundry detergents, and soaps are often made from ethanolamines. With an increase in the disposable income of people living in developing countries, as a result of economic growth, the demand for such personal care product is rising, which is leading to a surging consumption of the chemical compounds.
Another major reason the ethanolamines market is progressing is the growing adoption of agrochemicals. Glyphosate, which is popular among the agrarian community for its herbicidal properties, is made from DEA. Across the world, especially in Asia-Pacific (APAC), Middle East and Africa (MEA), and North America, the population is booming at a significant rate. This is leading to an increasing demand for agricultural produce, including cereals, grains, fruits, vegetables, pulses, and legumes, as well as the important cash crops. In order to fulfil these demands, farmers in these regions are increasingly using glyphosate, as a herbicide.
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.
