Wilmington, Delaware , Sept. 20, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Amines Market by Type (Primary Amines, Secondary Amines and Tertiary Amines), and Application (Agriculture, Cleaning, Gas Treatement, Personal Care, Petroleum, Waste Treatment, Pharmaceuticals, Paints and Coatings and Others): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the amines market was valued at $21.4 billion in 2023, and is estimated to reach $35.7 billion by 2030, growing at a CAGR of 7.7% from 2024 to 2030.
Prime determinants of amines market growth
The global amines market is experiencing growth due to several factors such as increase in demand for pharmaceuticals, growth in the agrochemical industry, and rise in the utilization of wastewater. However, volatile raw material prices and concerns related to the environment hinder the market growth. Moreover, the development of bio-based amines will provide opportunities for amines market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $21.4 billion |
| Market Size in 2033 | $35.7 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 340 |
| Segments Covered | Type, Application, and Region |
| Drivers | Increase in demand for pharmaceuticals Growth in the agrochemicals industry Rise in use in water treatment |
| Opportunity | Development of bio-based amines Expansion in emerging markets Innovations in specialty amines |
| Restraint | Volatile raw material prices Environmental and regulatory concerns Competition from bio-based alternatives |
The primary amines segment is expected to dominate the market during the forecast period
Based on type, the primary amines segment is expected to dominate the market due to their versatility across multiple industries. They serve as crucial intermediates in the synthesis of various chemicals, including pharmaceuticals, pesticides, and surfactants. Their reactivity makes them indispensable in organic synthesis and manufacturing processes, contributing significantly to the production of diverse consumer products. In addition, primary amines are preferred in many applications due to their relatively straightforward synthesis routes and lower costs compared to secondary and tertiary amines, thus driving their widespread adoption and dominance in the amines market.
The pharmaceutical segment is expected to dominate the market during the forecast period
Based on application, the pharmaceutical sector is a dominant segment in the amines market due to the essential role amines play in drug synthesis. Amines serve as key building blocks in the production of a wide array of pharmaceutical compounds, including antibiotics, antidepressants, and antihistamines. Their ability to modify drug properties, such as solubility and bioavailability, enhances drug efficacy and safety. With the ever-growing demand for innovative medicines and healthcare solutions globally, the pharmaceutical industry drives significant demand for amines, solidifying its dominance in the amines market.
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The Asia-Pacific segment dominated the market in 2023
Asia-Pacific currently dominates the amines market. The region's rapid industrialization and urbanization have led to robust demand across diverse industries such as pharmaceuticals, agriculture, personal care, and manufacturing. Moreover, countries like China and India boast large-scale chemical production facilities and serve as major manufacturing hubs, driving substantial consumption of amines for various applications. In addition, favorable government policies, investments in infrastructure, and a growing middle class contribute to sustained growth demand for consumer goods, further fueling the amines market. Asia-Pacific's strategic position as a global economic powerhouse solidifies its dominance in the amines market, making it a pivotal region for production and consumption.
Leading Market Players: -
- Evonik Industries
- BASF SE
- Solvay
- AkzoNobel
- Dow Inc.
- Shell Chemicals
- Eastman Chemical Company
- Huntsman Corporation
- Arkema
- Balaji Amines
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The report provides a detailed analysis of these key players in the amines market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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