In a recent market study publication by Transparency Market Research (TMR), “Amines Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2013 – 2019”, the global amines market is expected to observe expansion at 3.5% CAGR from 2013 to 2019. If the figures hold true, the market will have a valuation of US$13.45 billion in 2019 increasing from US$10.57 billion in 2012.TMR states, by volume, the market will display a CAGR of 3.1% between 2013 and 2019 and will reach 4,501.3 kilo tons by 2019. In 2012, the global amines market stood at 3,635.3 kilo tons by volume.Amines are chemical intermediaries that are used for formulations in areas such as agriculture, paints and coatings, surfactants, construction, among others which account as the major factors driving the global amines market. Use of amines in the chemicals sector for crop protection, in a recent development, is a vital growth factor for the market.
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Expanding construction activities worldwide hold promising opportunities for the global paints and coatings market, which is indirectly aiding the amines industry. Paints and coatings sector accounts as a vital end user for the amines industry, hence will contribute to the positive growth of the overall amines market. However, fluctuating raw material prices and environmental regulations in place due to health hazards caused by overuse of amines may hinder the growth of this market in coming years. Moreover, water treatment and personal care are expected to exhibit surging demand for amines, adds the TMR report. Amongst the various products studied in the report, ethanolamine accounted for almost 50% demand for amines in 2012. Owing to its versatility and vast applications across industries, the demand for ethanolamine will increase substantially through the forecast period. Fatty amines, however, due to their rising applications in personal care will witness fastest growth in coming years.
Application-wise, in 2012, the crop protection chemicals segment led the global amines market. Exploding population worldwide, mainly in emerging nations has increased demand for higher crop output, which in turn has driven demand for amines due to their effectiveness against agricultural pests. According to the report, the surfactants segment will account for substantial demand for amines in coming years, due to the foaming ability of amines in surfactants.
Geography-wise, in 2012, North America represented the largest market for amines followed by Asia Pacific. Escalating growth of the surfactant industry is credited with the growth of the regional markets for amines. Further, as reported in the study, Asia Pacific is expected to witness the highest growth in the global amines market due to increasing use of crop protection chemicals for higher crop yield.
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The amines industry in the region is estimated to observe expansion at 3.5% CAGR from 2013 to 2019.On the competitive landscape, the amines market is highly fragmented due to the presence of several small and medium scale vendors at the regional and global level. Some major companies in the market are Dow Chemical Company, Huntsman Corporation, Rhodia, and AkzoNobel N.V.