Wilmington, Delaware, United States, April 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global morpholine market stood at US$ 3.9 billion in 2022 and the global market is projected to reach US$ 6.7 billion by 2031. The global industry is anticipated to expand at a CAGR of 6.2% between 2023 and 2031.
The market value of morpholine is also increasing due to increasing demand from the pharmaceutical industry. Morpholine is extensively used in the pharmaceutical industry as a building block for the synthesis of various drugs, such as antibiotics, anticoagulants, and antidepressants. The growing demand for these drugs is expected to fuel the demand for morpholine.
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Morpholine is used as an intermediate in the production of various agrochemicals, such as herbicides, fungicides, and insecticides. With the growing demand for these chemicals due to the increasing need for food production, the demand for morpholine is anticipated to increase in the near future.
The increasing demand from the water treatment industry is another factor fueling the market growth. Morpholine is used as a corrosion inhibitor in water treatment plants, where it helps to prevent corrosion of metal pipes and equipment. With the growing demand for clean and safe water, the demand for morpholine in the water treatment industry is expected to increase in the forthcoming years.
In addition, the rising demand from personal care industry is one of the major factors that is anticipated to augment the market share in future. Morpholine is used as a solvent and emulsifying agent in the production of various personal care products, such as lotions, shampoos, and conditioners.
With the growing demand for oil and gas, the demand for morpholine in oil and gas industry is expected to increase over the forecast period. In addition, with the development of advanced technologies, the production of morpholine has become more efficient and cost-effective, which is expected to accelerate the market growth over the analysis period.
Key Findings of the Market Report
- By manufacturing method, diethanolamine is likely to be most preferred, expected to expand at a significant rate.
- The advantages of the diethanolamine method, including its efficiency, cost-effectiveness, high yield, and environmental friendliness, are expected to drive its adoption globally.
- Based on the application, the rubber additives segment is anticipated to constitute a significant share during the forecast period.
- The growth of the rubber processing industry, and an increasing demand for sustainable rubber additives are expected to boost growth.
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Global Morpholine Market: Growth Drivers
- The global morpholine market is projected to expand at a steady pace from 2023 to 2031 due to the increasing demand for bio-based chemicals.
- Another factor that is projected to augment the market growth includes the growing demand for morpholine derivatives.
- Additionally, the ongoing research and development activities in the Morpholine technology is a major factor that is anticipated to fuel the market prospects in the near future.
Global Morpholine Market: Regional Landscape
- North America is expected to dominate the morpholine market during the forecast period.
- The regional market is witnessing a rise, owing to a rising demand for the substance in the optical industry, and strong presence of market players in the region.
- Factors such as favorable governmental regulations, as well as the rise in demand for industrial coatings, are bolstering market statistics in the region.
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Global Morpholine Market: Key Players
Some key market players in the global Morpholine market are:
- Huntsman Corporation
- BASF
- Nippon Nyukazai
- Balaji Amines
- APL
- Anhui Haoyuan
- FUYUAN
- Sinochem
- Others
Competitive Landscape
Prominent players in the Morpholine industry are taking advantage of the rapidly increasing demand for Morpholine. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, BASF SE announced the expansion of its production capacity for morpholine at its Ludwigshafen site in Germany. The company aims to meet the growing demand for chemical in various industries such as pharmaceuticals, agrochemicals, and water treatment.
- In 2020, Huntsman Corporation announced the acquisition of CVC Thermoset Specialties, a leading supplier of epoxy resins, curing agents, and other specialty materials used in construction, electronics, and composites industries. The acquisition is expected to strengthen Huntsman's position in the morpholine market.
Global Morpholine Market: Segmentation
Manufacturing Method
- Diethanolamine Method
- Diethylene Glycol Method
Application
- Rubber Additives
- Pharmaceutical Chemicals
- Corrosion Inhibitors
- Optical Brighteners
- Chemical Polishing Agents
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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