by Amines are organic compounds having basic properties. They are widely used in agriculture, personal care, epoxy hardeners and as intermediates in the manufacturing of dyes, drugs, pesticides, rubber chemicals etc. due to their wide applications across industries.
The global Amines Market is estimated to be valued at US$ 15.62 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend witnessed in the amines market is increasing demand for ethylene amines. Ethyleneamines are versatile intermediate chemicals used in the manufacture of various chemical products like surfactants, chelating agents, corrosion inhibitors, lubricants, oil field chemicals, epoxy curing agents, polyamides, rubber chemicals etc. Growth in end use industries such as automotive, construction, agriculture, personal care is driving the demand for ethyleneamines subsequently pushing the growth of the overall amines market.
SWOT Analysis
Strength: The amines market has stable demand from end-use industries such as agrochemicals, pharmaceuticals, rubber processing, water treatment and personal care. Amines find wide applications due to their chemical and physical properties.
Weakness: Strict environmental regulations regarding the production and use of amines can hamper market growth. High manufacturing costs also act as a weakness.
Opportunity: Increasing demand for amines from the rapidly growing automotive industry and construction industry offers opportunities for market expansion. Rising agriculture industry in developing nations also opens up opportunities.
Threats: Availability of substitutes and volatile raw material costs are threats faced by amines producers. Fluctuations in crude oil prices directly impact raw material prices.
Key Takeaways
The global Amines Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from agrochemical and personal care industries. The growing agriculture sector in Asia Pacific and South America is boosting the consumption of amines in agrochemicals.
Regional analysis – Asia Pacific region dominates the global amines market and is estimated to grow at the fastest rate during the forecast period. Expanding automotive, construction, and personal care industries in China and India are driving the growth of the amines market in the Asia Pacific. North America and Western Europe are other major consumers of amines.
Key players operating in the amines market are Arkema SA, AkzoNobel N.V., Alkyl Amines Chemicals Ltd., BASF SE, BASF-YPC Company Limited, The Dow Chemical Company, Huntsman Corporation, and Mitsubishi Gas Chemical Company Inc. Arkema and BASF collectively account for over 35% of the global amines production capacity. The market is consolidated with top five players accounting for more than 50% share. Key players are focused on expanding their production capacities to cater to growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
