Ethanolamines Market Overview by 2024 : Akzo Nobel N.V., BASF-YPC Company Limited, China Petroleum & Chemical Corporation, Huntsman Corporation, INEOS Group
Agrochemicals are particularly helpful in protecting both human health as well as the environment by allowing the farmers to grow more crops per acre for longer periods and controlling the attack of pesticides on the crop.
Ocean View, DE -- (SBWire) -- 06/30/2020 --According to a recent study report, global ethanolamines market share is likely to cross USD 3.98 billion by the end of 2024. Global ethanolamines market share has witnessed a considerable increase over the years owing to the growing demand for agrochemicals, surfactants, strong infrastructural expansion in developing regions like APAC. Significant demand for natural gas is also a major factor pushing the requirement of ethanolamines worldwide.
Agrochemicals are particularly helpful in protecting both human health as well as the environment by allowing the farmers to grow more crops per acre for longer periods and controlling the attack of pesticides on the crop. With the increasing advancement in the agriculture industry to meet the high crop demand will support growth in ethanolamine market. In emerging countries like India, the agriculture sector is one of the fast-emerging, high-revenue generating sectors.
Growth in Gross Value Added by the agriculture in India stood at 2.1% during 2019-2020 and the food grain production recorded in the same year was 283.37 million tons.
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Another major factor that has supported the demand for the product includes the comparatively slow increase in the price of raw materials and the requirement of the product from various applications like paints and coatings, textiles, cosmetics, and additives.
Surfactants and herbicides both accounted for nearly USD 1.5 billion of the global industry share with a projected growth rate of nearly 4%. The product portrays strong usage in the treatment of gas, cement, and chemical intermediates. High demand for gas sweetening agents in regions like Latin America and the Middle East has amplified the need for gas treatment procedures.
A stringent regulatory landscape and health concerns due to ill-effects of the chemical on humans are some of the major threats that industry vendors face. Of late, companies have begun to spend more on R&D activities in order to bring about innovations that might help reduce the hazardous effects of the product.
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With respect to the type of the product, the market is segmented into Diethanolamines and Triethanolamine. Diethanolamines or DEA are primarily used to manufacture detergents and other textile specialties, cosmetics, wax, and as polish in agrochemicals such as petrol demulsifiers, soluble oil, coating emulsifiers and as corrosion inhibitors.
On the other hand, Triethanolamine is used as intermediates in bathroom products, surface-active agents, cutting oils, cement additives, corrosion inhibitors, film developing, and as a dispersant in dyes, rubber latex, shellac and casein and also as sequestering agents. With a wide application scope, TEA has showcased considerable demand over the years.
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