The rapid growth of the pharmaceutical industry and the increasing use of high-quality cosmetic and personal care products are likely to raise amines’ market share.
Press Release – updated: Oct 15, 2020 05:00 EDT
SELBYVILLE, Del., October 15, 2020 (Newswire.com) – Based on Global Market Insights Inc.’s report, the Amines market was estimated at $16.24 billion in 2019 and is slated to surpass $28 billion by 2026, registering a CAGR of 8.4% from 2020 to 2026. The report provides a detailed analysis of the wavering industry trends, key winning strategies, market estimations and size, competitive scenarios, top investment avenues, and drivers & opportunities.
Increasing the use of highly efficient crop protection chemicals in agriculture in developing countries of the world where agriculture is one of the primary occupations of people is expected to raise the amines market demand. Increasing the use of amines in manufacturing inks and dyes is likely to raise its demand from the textile industry. Rising awareness regarding cleanliness and personal hygiene may raise the demand for detergents and fabric softeners, which contain amines.
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The alkylamines industry is expected to reach USD 2 billion by 2026, owing to its increasing applications in the manufacture of pesticides, solvents, rubber processing chemicals, feed additives. Increasing efforts by major alkylamine manufacturers to expand their existing manufacturing capacity to meet the increasing demand from gas treatment and oil refining industries are expected to further propel the amines market growth.
The amines market through gas treatment application is expected to grow at a CAGR of 7.4% throughout the assessment period. Increasing applications of the product in petroleum and gas treatment is likely to foster market growth. The increasing oil and gas activities across the world is likely to raise the product demand. The property of amines to act as a corrosion inhibitor promotes its use in the oil refining industry where oil pipes are frequently exposed to air.
The amines market through bleach activators function is expected to reach USD 2.25 billion by 2026. Increasing the use of amines in manufacturing chemicals and paints & coatings is likely to raise its demand as a solvent. Increasing demand for fabric softeners and detergents is expected to promote the use of amines as bleach activators.
The surfactant function segment is expected to reach USD 9.10 billion by 2026, growing at a CAGR of 8.8% throughout the forecast period. The excellent surfactant and foaming properties of amines are expected to raise its demand from the cosmetics and personal care industry.
Some major findings of the amines market report include:
- The demand for amines and its derivatives is rising owing to the increasing consumption of antibiotics and analgesics.
- Increasing the use of modern agricultural techniques may raise the demand for amines from agrochemical production.
- Changing consumer preference towards the possession of cars with vibrant colors and different aesthetic effects is likely to raise the demand for amines from automotive paint and coatings.
- The paint and coatings application segment is expected to grow at a CAGR of 7.8% between 2020 and 2026.
- The spread of viral and bacterial infections is likely to raise the demand for the product from the pharmaceutical sector.
- Ease of availability of raw materials and low production cost, coupled with low toxicity, is likely to raise the demand for fatty amines
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The European region is expected to reach USD 5 billion by 2026, owing to the increasing awareness among people regarding personal health and hygiene amongst the spread of infectious diseases like COVID-19. The increasing use of high-quality makeup products in an attempt to look more presentable and the rapid growth of the personal care industry is expected to further contribute to amines market share. The increasing number of construction and renovation activities in the region may raise the demand for architectural paint & coatings.
Industry players are engaged in inorganic growth strategies, such as mergers and acquisitions and partnerships with regional distributors, to expand their business and strengthen their footprint in the amines market. Manufacturers are heavily investing in capacity expansions to expand their client reach and meet the increasing consumer demands in the market.
Some of the major players in the amines industry include BASF SE, Alkyl Amines & Chemicals Ltd, Huntsman Corporation, Evonik Industries, Hexion Inc., Balaji Amines, AkzoNobel N.V., DowDuPont, Daicel Chemical Industries Ltd, Corbion, Volant-Chem Corp., Lonza Corporation, Koei Chemical Company Limited, NOF Corporation and Luxi Chemical Co., Ltd.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Source: Global Market Insights Inc.