Amines market, Revenue Analysis, Pest, Region & Country Forecast Till 2030
Market Research Future (MRFR) is of the view that the Amines Market is projected to be worth USD 24 Billion by 2030, registering a CAGR of 7.35% during the forecast period (2022 - 2030) We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Main Drivers and Key Challenges
Since the COVID-19
outbreak, essential industries such as FMCG, agriculture and pharmaceuticals
have become even more reliant on the chemical sector. Thus, despite the lockdown
to curb the spread of the pandemic, many of the manufacturing plants have been
opening gradually across the world. Although, SARS-CoV-2 has led to a drop in
productivity as well as demand, disruption in supply chains, lower supply of
raw materials, there could be a simultaneous rise in demand for amines among
various other sectors, including household and personal health products, as
personal hygiene becomes the prime focus.
Automation is
increasingly being used to avoid putting the workforce across manufacturing
plants at risk of contracting the novel coronavirus. Many of the leading
companies have also been adopting predictive maintenance technologies such as
AI and IoT for efficient operations and lower risk of virus spread. Many of the
companies in the amine market are receiving financial aid from the government,
along with extended range of credit, reduced tax burden along with help to
strengthen the supply chain. Further, the amines market analysis also gets significant boost from the
escalating use in the production of agro-chemicals and asphalt-additives. The
rapid surge in water as well as wastewater treatment chemicals industry could
lead to higher demand for fatty amines.
Many of the key amines
manufacturers are grabbing the opportunity in the market by acquiring smaller
sized firms. Also, the efforts to solidify their distribution channels,
technological developments, and launch of new innovations can boost the target
product’s demand across verticals like mining, paints & coatings, fabric
and detergents over the coming years.
Market Segmentation
The amines industry
can be considered for type and application.
The types of amines in
the global market include alkyl amines, ethyleneamine, specialty amines,
ethanol amines and fatty amines. The demand for alkylamine and fatty amines is
quite strong among end-users as they are extensively used to produce froth
flotation agents, have high resistance to corrosion and cackling and also act
as additives and emulsifiers.
Paint & coatings,
water treatment, personal care, cleaning products, petroleum, pharmaceuticals,
agriculture, and more are the key application areas of amines. The fast expanding
personal care industry as a result of the growing consumer spending on
lifestyle and luxury goods has resulted in immense market traction around the
globe.
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Regional Insight
The amines market
analysis can be regionally divided with respect to Asia Pacific/APAC, Latin
America, Europe, MEA/the Middle East & Africa and North America.
APAC currently owners
over one-third of the worldwide market and can remain in the lead throughout
the evaluation period. The APAC market is expanding on the back of the rising
use of amines in the manufacturing process of agrochemicals chemicals. Amines
are in great demand especially in China, thanks to the fast growth of
industrialization, rapidly advancing chemical industry, and the considerably
spending on infrastructure upgradation. India is not far behind, as the country
is continuously investing on the development of the agricultural sector,
wherein amines find widespread use as crop growth enhancers.
The swiftly growing
industries like energy, manufacturing, FMCG and construction in Germany could
benefit the European market. Europe further solidifies its global position
backed by the high concentration of well-known chemical manufacturers such as
BASF SE that have expansive product portfolios.
The MEA market is
presumed to observe moderate growth, with the top boosting parameters being the
high sales of personal care products, thriving construction sector, expanding
middle-class population and the high demand from the agriculture industry.
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Renowned Firms
Balaji Amines (India),
Daicel Chemical Industries Ltd (Japan), Alkyl Amines & Chemicals Ltd
(India), Huntsman Corporation (US), Lonza Corporation (US), Evonik Industries
(Germany), Luxi Chemical Co., Ltd (China), Hexion Inc (The US), BASF SE
(Germany), Volant-Chem Corp. (China), AkzoNobel N.V. (Netherland), Corbion (The
Netherlands), DowDuPont (US), NOF Corporation (Japan), Koei Chemical Company
Limited (Japan), are the renowned firms highlighted in the market study.
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