Benzyl Alcohol Market to Witness Exponential Growth by 2024
The global ethanolamines market is choc-o-bloc with players despite high upfront capital required. This is because of the massive opportunities for growth owing to limited risk of substitutes and a flurry of suppliers of ammonia and ethylene oxide. As a result the global ethanolamines market is not just fragmented but also highly competitive. Some of the key organizations holding a leading share in the market are The Dow Chemical Company, LyondellBasell Industries N.V., SABIC, INEOS Group Ltd., and Huntsman Corporation.
A noticeable trend in the global ethanolamines market is the thrust on research and development of better products leveraging latest technologies by nimble players. They are also seen banking upon partnerships and mergers and acquisitions. A report by Transparency Market Research on the market finds that it would rise at 4.1% CAGR over the forecast duration between 2016 and 2024. At this pace, the global ethanolamines market, valued at US$2.8 bn in 2015, is predicted to clock a value of US$4.0 bn by 2024-end.
Application-wise, the key segments of the global ethanolamines market are gas treatment, surfactants, herbicides, cement, and others. The others segment includes wood preservatives, textiles, and metal working. Of them, the segment of surfactant accounts for most of the demand in the global ethanolamines market. From a geographical standpoint, Asia Pacific holds a prominent share in the global ethanolamines market. The region is mainly powered by China where burgeoning detergents and personal care markets owing to rapid economic development have upped demand. Surging herbicides production in the region is also positively impacting the market.
Demand for Glyphosate Bodes Well for Global Ethanolamines Market
At the forefront of driving demand in the global ethanolamines market is the solid demand for glyphosate, the most consumed herbicides. This is because ethanolamines are one of the primary raw materials used in herbicide production. Adds the lead analyst of the TMR report, "Increasing cultivation of genetically mutated products and the growing uptake of no-till farming has generated substantial demand for glyphosate. Currently glyphosate is manufactured in 20 nations and used in 130 nations. Going forward their demand is set to rise even further. This is predicted to have a positive impact on the global ethanolamine market."
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Surging Surfactants Demand Positively Impacting Growth
Produced in more than 20 nations around the globe and utilized in than 130 nations, the demand for glyphosate is set to flourish in upcoming years. This is predicted to drive demand in the global ethanolamines market. Another factor stoking the global ethanolamines market is the rising surfactants market, especially in the developing Asia Pacific, Latin America, and the Middle East and Africa.
Posing a challenge to the global ethanolamines market, on the other hand, is the unstable raw material prices. Nevertheless, rising demand for gas sweetening agents has opened up new avenues of growth for players.
The review is based on the findings of a TMR report, titled, "Ethanolamines Market (Product – Monoethanolamines (MEA), Diethanolamines (DEA), Triethanolamines (TEA); Application – Surfactants, Chemical Intermediates, Herbicides, Gas Treatment, Cement) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024."
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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