Polyetheramine Market Growing Rapidly in Asia-Pacific (APAC)
In 2015, the
global sales of polyetheramine generated a revenue of $660.4 million, and these are predicted
to progress at a 10.5% CAGR during the forecast period (2016–2022). The polyetheramine market is being driven by the widening application area of the chemical and
growing demand for it from Asia-Pacific (APAC) countries. Polyetheramines are
chemicals with a basic amino group (NH2) attached to a polyether
chain, most often of ethylene oxide and propylene oxide or even both these
together.
On the basis of
application, the polyetheramine market is categorized into epoxy
coatings, polyurea, composites, fuel additives, adhesives and sealants, and
others. In 2015, the epoxy coatings application consumed the chemical in the
largest amount and also contributed the highest revenue to the market.
Polyetheramine is used as a curing agent in epoxy coatings, to which the
chemical imparts flexibility, toughness, hydrophilicity, and hydrophobicity,
depending on the use.
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Apart from epoxy
coatings, the use of the chemical in other products and applications is also
continuously growing. For instance, the demand for polyurea and fuel additives,
both of which have polyetheramine as a constituent, is growing across the
world. Polyurea is used to make spandex fiber, which is used for athletes’
clothing, whereas fuel additives enhance the performance of fuels, such as
gasoline and diesel. Among the emerging applications of the chemical are
demulsifiers in oil fields and cement additives.
Around the world,
APAC led the polyetheramine market in 2015 in terms of sales volume as
well as revenue, and the region is expected to retain its position during the
forecast period. This is attributed to the growth of regional countries’
economy, individuals’ spending power, infrastructure developments, and foreign
direct investments. For instance, the manufacturing and chemicals industries in
China are projected to witness remarkable growth during the forecast period
with global companies shifting their manufacturing plants from Europe and North
America.
The reason behind
key polyetheramine market players taking such steps is that APAC offers them
raw material and skilled labor at lower costs compared to other regions along
with vast opportunities for investment. Furthermore, India too is experiencing
an industrial boom, which, combined with its huge consumer base, would further
the growth of the market in the APAC region. A similar scenario is expected in
other regional nations, including Malaysia, Indonesia, South Korea, and Vietnam.
Apart from APAC,
the Middle Eastern region is also expected to offer polyetheramine market
players lucrative growth opportunities. The demand for resin, fuel additives,
paints, composites, epoxy coatings, adhesives and sealants is growing in the
region because of economic prosperity, expanding infrastructure sector, and
rising disposable income of the populace. Further, technological advancements
are expected to create better polyether amines, and their benefits would, in
turn, drive their demand among end users across the APAC and Middle Eastern
regions.
Key polyetheramine
market players have already begun taking stock of the situation and
accordingly come up with strategies to make the most of it. For example, in
June 2016, BASF SE bought Chemetall, the surface treatment business of Albemarle,
for $3.2 billion. The company also inaugurated a new automotive coating
manufacturing plant in Bangpoo, Thailand in June 2016 and a concrete admixture
plant in Kharagpur, India in May 2016 to expand its footprint in the APAC
region.
Thus, with the growth
of end-use industries in the APAC region, the demand for polyetheramine would
increase further.
