Owing to the rising demand for surfactants, the global ethanolamines market is predicted to grow from $2,933.5 million in 2019 to $5,079.0 million by 2030, at a 5.0% CAGR between 2020 and 2030. With the increase in the disposable income of people living in the Latin American and Asia-Pacific regions, coupled with the rising awareness among them about personal hygiene, the demand for detergents and soaps is rising.
The COVID-19 pandemic has slowed down the growth of the ethanolamines market, as the operations at downstream product manufacturing plants, especially in China, have stopped. Similarly, the market in Europe has also suffered, due to the curtailed output of ethanolamine-containing products from U.S. plants.
Ethanolamines Market Segmentation Analysis
In the years to come, the diethanolamine (DEA) category, on the basis of type, would grow with the highest CAGR in the ethanolamines market, of 6.2%, in terms of value. This would be a result of the wide usage of this compound as an ingredient in soaps and detergents and in treating natural gas and crude oil and producing glyphosate. In addition, the consumption of surfactants and herbicides is expected to increase in APAC and North America, where these products are also more expensive than in other regions.
The surfactants division, based on application, held the largest share in the ethanolamines market during 2015–2019, and the situation is predicted to remain unchanged throughout this decade. When used as a surfactant, ethanolamines display an emulsifying character, which is why their usage is increasing in the production of gel-type cleaners, industrial detergents, body lotions, shaving creams, soap bars, and shampoos.
Working Together Being Seen as Definitive Growth Strategy
In order to grow in the ethanolamines market, companies offering the compound and its derivatives are merging, partnering, and collaborating with or acquiring each other.
For instance, in November 2019, Baker Hughes signed an agreement with Sadara Chemical Company to receive feedstock chemicals from the latter company for its PlasChem Park, Saudi Arabia chemical plant. Under the agreement, Baker Hughes will receive propylene oxide and ethylene oxide (a key raw material for producing ethanolamines) over a 20-year period, via pipelines.
The key players functioning in the global market for ethanolamines are Nouryon, BASF SE, LyondellBasell Industries N.V., The Dow Chemical Company, INEOS Group Holdings S.A., Huntsman Corporation, Mitsui Chemicals Inc., KPX Green Chemical, Oriental Union Chemical Corporation, Nippon Shokubai Co. Ltd., PETRONAS, Oxiteno, Sadara Chemical Company, Sintez OKA, Saudi Kayan Petrochemical Company, Sasol Limited, and Sinopec Group.
Source: www.psmarketresearch.com
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