The top five companies in the global
ethanolamines market – The Dow Chemical Company, INEOS
Group Ltd., SABIC, LyondellBasell Industries N.V., and Huntsman
Corporation – together accounted for a share of close to 48% in
2015. Transparency Market Research (TMR) finds that this highly
fragmented market presents an increasing number of opportunities for
players.
Once the battle against high initial capital investment is won,
companies in the ethanolamines market can benefit from a large number
of suppliers of ammonia and ethylene oxide, low threat of
substitutes, and a well-educated consumer base.
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“An increasing number of companies has been focused on R&D as
well as innovation as a key strategy in the ethanolamines market,”
the author of the study has observed. “Companies have been striving
for increased market penetration by forming partnerships,
collaborations, joint ventures, and mergers and acquisitions, thereby
rendering them with more and improved resources for research and
development.”
Considering the rising focus on reducing the environmental footprint,
vendors are likely to divert resources to satisfy the sustainability
criteria, the analyst states. Looking to benefit from this leading
trend, Akzo Nobel invested US$10 mn in a new R&D center in
Strongsville, Ohio in December 2015. The facility is aimed at
producing innovative and environmental friendly products.
Surging
Demand for Herbicides a Leading Growth Driver
Ethanolamines are one of the significant components used in the
production of herbicides. The growing demand for and production of
glyphosate – the largest consumed variety of herbicides – has
considerably fueled the global ethanolamines market, finds TMR. “The
increasing cultivation of genetically modified crops and the rising
popularity of no-till farming has spurred the demand for glyphosate,”
a TMR analyst states. “Produced in over 20 countries around the
world and used in over 130 countries, the demand for glyphosate is
set to increase over the forecast period. This in turn will boost the
global ethanolamines market.”
The ethanolamines market has also received impetus from the
surfactants market, especially in the developing regions of Asia
Pacific, Latin America, and the Middle East and Africa.
On the flip side, the volatility in raw material prices threatens to
hamper the growth of the ethanolamines market. The growing demand for
gas sweetening agents, on the other hand, presents lucrative options
for players in the ethanolamines market.
Agriculture-centric
APAC Countries Witnessing Increased Demand for Ethanolamines
The global ethanolamines market will expand at a rather modest growth
rate over the forecast period, in terms of volume and value, TMR
predicts. In 2015, the opportunity in the ethanolamines market was
worth US$2.8 bn and this is projected to surpass US$4 bn by 2024 at a
4.1% CAGR therein. By volume, the demand is estimated to increase at
a 3.7% CAGR. Among the key product categories, diethanolamines and
triethanolamines led the overall ethanolamines market by volume. In
terms of application, surfactants were the leading contributor in
2015 and herbicides are projected to expand at the fastest pace in
the coming years.
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Geographically, Asia Pacific leads the global ethanolamines market
and will retain its position through 2024. “The growth of the
agriculture sector in the region is anticipated to attribute to the
expansion of the APAC ethanolamines market,” the analyst states.
“In addition, the rising demand for detergents and other foaming
agents is expected to spur the demand for ethanolamines in Asia
Pacific in the years to come.”
This review is based on the findings of a TMR report titled
“Ethanolamines Market: Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024.”
Ethanolamines
Market – Product Segment Analysis
- Monoethanolamines (MEA)
- Diethanolamines (DEA)
- Triethanolamines (TEA)
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