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.”
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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.
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.”
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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)
Ethanolamines Market - Application Analysis
- Surfactants
- Chemical Intermediates
- Herbicides
- Gas Treatment
- Cement
- Others (Textiles, Wood Preservatives, Metal Working Fluid, etc.)
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