Ethanolamines Market Is Expected to Grasp the Value of USD 6.21 Billion with Growing CAGR of 5% by 2032

 

Ethanolamines Market Overview:

According to reports, the ethanolamines market globally was valued at USD 3.31 billion in 2022 and is projected to attain a revenue of USD 6.21 billion by 2032. The market is anticipated to exhibit a high CAGR of 5% during the forecast period. A primary driver of the market's revenue growth is the increasing demand for herbicides in the agriculture sector. Herbicides, which are essential in preventing weed development and boosting agricultural yield, are predominantly manufactured using ethanolamines. The global demand for food has grown significantly, making herbicides a necessity for securing higher crop yields. This has resulted in a surge in the demand for ethanolamines in the agriculture sector, and it is expected to continue rising in the future. The demand for personal care products is another factor contributing to the market's revenue growth. Ethanolamines are used in various personal care products such as shampoos, soaps, and skincare products. The need for personal care products has increased due to a growing awareness of self-care and personal hygiene.

Ethanolamines Market Segments:

The quantitative units used in measuring the market's growth are revenue in USD billion. The report coverage includes revenue forecasts, company ranking, competitive landscape, growth factors, and trends. The segments covered in the report include Product Type Outlook, Application Outlook, and Regional Outlook.

One of the primary drivers of the market's revenue growth is the increasing demand for herbicides in the agriculture sector. Herbicides, which are essential in preventing weed development and boosting agricultural yield, are predominantly manufactured using ethanolamines. The global demand for food has grown significantly, making herbicides a necessity for securing higher crop yields. This has resulted in a surge in the demand for ethanolamines in the agriculture sector, and it is expected to continue rising in the future.

The demand for personal care products is another factor contributing to the market's revenue growth. Ethanolamines are used in various personal care products such as shampoos, soaps, and skincare products. The need for personal care products has increased due to a growing awareness of self-care and personal hygiene.

Overall, the ethanolamines market is projected to experience substantial growth in the forecast period due to factors such as rising demand for herbicides and personal care products, coupled with increasing awareness of self-care and personal hygiene.

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Ethanolamines Market: Strategic Developments

In 2021, BASF SE unveiled a novel technique for manufacturing ethanolamines that reduces energy consumption and eliminates waste. This development is expected to enhance the company's sustainability efforts and lower its environmental impact.

Dow Chemical Company announced the sale of its Acetone Derivatives business to ALTIVIA Ketones & Additives, LLC in 2020, which included the production of ethanolamines. This strategic move aimed to optimize Dow's portfolio and focus on its core businesses.

Huntsman Corporation announced the acquisition of Sasol's Maleic Anhydride Business in 2020, which produces ethanolamines. This acquisition aimed to expand Huntsman's product offerings in the amines market and strengthen its position in the global market.

SABIC increased its production capacity for ethanolamines by expanding its amines plant in the Netherlands in 2020. This expansion was intended to meet the rising demand for ethanolamines in industries such as agrochemicals and personal care.

Taiyo Nippon Sanso Corporation partnered with Praxair, Inc. in 2020 to establish a joint venture that produces and sells industrial gases, including ammonia, which is a key raw material used in the production of ethanolamines.

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Ethanolamines Market: Competitive landscape

The global ethanolamines market is characterized by a high level of consolidation, with a handful of major players dominating the industry. These leading companies are employing various strategies, such as mergers and acquisitions, strategic agreements and contracts, and developing and introducing more efficient products.

BASF SE, Dow Chemical Company, Huntsman Corporation, SABIC, INEOS, Taiyo Nippon Sanso Corporation, Shandong IRO Amine Industry Co. Ltd., China National Chemical Corporation, AkzoNobel N.V., and Mitsui Chemicals Inc. are some of the major players featured in the global ethanolamines market report.

BASF SE has recently developed an innovative approach to ethanolamine production, which is anticipated to enhance its sustainability and minimize its environmental impact. Similarly, in 2020, Dow Chemical Company sold its Acetone Derivatives business, including ethanolamine production, to focus on its core business.

Huntsman Corporation acquired Sasol's Maleic Anhydride Business in 2020 to expand its product offerings in the amines market and reinforce its position in the global market. SABIC also increased its production capacity for ethanolamines in 2020 by expanding its amines plant in the Netherlands to meet the growing demand for ethanolamines in various industries, including agrochemicals and personal care.

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