Factors such as the soaring demand for surfactants and surging sale of agrochemicals will stimulate the ethanolamines market growth at a 5.0% CAGR during the forecast period (2020–2030). At this rate, the value of the market will increase from $2,933.5 million in 2019 to $5,079.0 million by 2030. The compound is used as a surfactant in personal care products due to its ability to remove grease, stains, and dirt. Apart from this, the chemical serves as a suitable emulsifying agent in bath washes, soaps, and shampoos.
The compound is also used in high volumes for the production of agrochemicals. Diethanolamine (DEA) is primarily used in the production of a herbicide known as glyphosate, to prevent unwanted vegetation at farmlands. The consumption of glyphosate is surging in the countries of Asia-Pacific (APAC), North America, and Latin America on account of the soaring demand for agricultural produce. Besides, the growing awareness amongst farmers about the advantages of using such herbicides will fuel the demand for ethanolamines in the coming years.
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Geographically, the APAC region consumed the highest volume of ethanolamines in the past, driven by China. In 2019, China imported 168.4 kilotons of the chemical from manufacturers in Saudi Arabia and Thailand. Moreover, the region is also expected to utilize the highest quantity of the compound in the coming years. This can be ascribed to the increasing demand for ethanolamines in end-user industries in Vietnam, India, and Thailand.
To cater to the escalating demand, chemical companies, such as Oriental Union Chemical Corporation, BASF SE, The Dow Chemical Company, Saudi Kayan Petrochemical Company, Huntsman Corporation, Sadara Petrochemicals, Akzo Nobel NV, and INEOS Group Holdings S.A., are focusing on expanding their production capacities. For example, in July 2019, INEOS Group Holdings S.A. announced a new plant for producing ethyl oxide and derivatives in Houston, U.S. Likewise, BASF SE, in September 2019, announced the expansion plan for its ethylene oxide and derivative complex in Antwerp, Belgium.
Thus, the growing consumption of personal care products and agrochemicals will augment the demand for ethanolamines in the foreseeable future.
Read more: https://www.psmarketresearch.com/market-analysis/ethanolamine-market
