Jersey City, New Jersey, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Amines Market” By Type (Ethanol Amines, Fatty Amines, Alkylamines), By Application (Crop Protection, Gas treatment, Personal Care, Water Treatment), and By Geography. According to Verified Market Research, the Global Amines Market size was valued at USD 18251.30 Million in 2020 and is projected to reach USD 27027 Million by 2028, growing at a CAGR of 5.14% from 2021 to 2028.
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Browse in-depth TOC on “Amines Market”
202 - Pages
126 – Tables
37 – Figures
Global Amines Market Overview
The growth of the market is mainly attributed to the growing demand for amines in agrochemicals. Increasing use of agricultural chemicals in crop protection to prevent infection from fungal diseases and soil-borne pests. The demand for agrochemicals is further driven by the growing global population resulting in higher demand for agricultural yield to satisfy rising hunger. Another potential application is for the amines are pharmaceuticals. The growing pharmaceutical sector is expected to increase the demand for the amines for manufacturing drugs or medication used to treat various illnesses.
The growing prevalence of chronic medical conditions is promoting the use of the amines for the development of novel drugs. Increasing accidental injuries have resulted in an increase in the number of surgeries, which, is likely to drive the demand for anesthetic drugs and thus, amines are gaining higher demand. Expanding application areas are favoring the market growth however, raising awareness about the harmful effects of using chemical-based products has resulted in a shift towards the consumption of bio-based products from traditional chemical-based products. This is expected to hamper the market growth.
Also, fluctuating prices of the raw materials, which are mainly derived from petroleum or its derivatives are hindering the market growth. Nevertheless, the growing demand for the amines in the personal care products such as foundation, face cream, hair care products, and cosmetics product range is acting as a window of growth for the Amines Market. In addition to this, the rapid growth of the water and wastewater treatment chemicals sector is also expected to fuel the demand.
Key Developments in Amines Market
- Nouryon inaugurated a new demonstration plant in Stenungsund, Sweden to expand production of ethylene amines and its derivatives.
- BASF invests in second tert-Butylamine (tBA) plant in Nanjing, China. This expansion will increase company’s global annual production capacity of tBA by more than 30%.
The major players in the market are BASF SE, Clariant, Huntsman Corporation, Dow, SABIC, Nouryon, OQ Chemicals, Tosoh Corporation, and MITSUBISHI GAS CHEMICAL COMPANY, INC. (MGC).
Verified Market Research has segmented the Global Amines Market On the basis of Type, Application, and Geography.
- Amines Market, By Type
- Ethanol Amines
- Fatty Amines
- Alkylamines
- Others
- Amines Market, By Application
- Crop Protection
- Gas treatment
- Personal Care
- Water Treatment
- Others
- Amines Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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