New York, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global amine catalyst market size is projected to expand at ~ 5 % CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 25 billion by the end of 2035, up from a revenue of ~USD 15 billion in the year 2022. The market growth is attributed to the increasing application of amine catalysts in various end-use industries, such as automotive. Amine catalysts are used as coatings on leather used in automotive seat covers because they can provide UV and high temperature protection.
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As a result, rising vehicle production across the globe is estimated to boost market growth, fueled by increasing demand for automobiles and other commercial vehicles. According to the International Energy Agency (IEA), car sales in the year 2019 were 25 million in China, 17 million in the United States, 4 million in India, 17 million in the European Union, 4 million in Japan, and 4 million in Europe, and reached 21 million units in the rest of the world. Moreover, increasing sales of electric vehicles across the globe are expected to spur the demand for lightweight elastomers, driving market growth. According to the IEA report, the share of total electric vehicle sales in total vehicle sales has risen from 4.11% in the year 2020 to 8.57% in the year 2021. Such factors are expected to boost the growth of the market.
Global Amine Catalyst Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The coating segment to garner the highest growth
- Market in North America to grow at a highest rate
Spiking Demand for Cars Across the World to Boost Market Growth
Rising automotive demand is expected to drive the global amine catalyst market during the forecast period. It is estimated that globally, more than 55 million cars were sold in 2021, an increase of about 4% compared to 2020. Amine catalyst market are important part of automotive production. Amine catalysts are used to control and/or balance both the gelling reaction and the gassing or foaming reaction that causes foaming. Amine catalysts are a class of organic compounds derived from ammonia (NH3) by replacing one or more hydrogen atoms with alkyl groups (molecular chains containing carbon and hydrogen). Dimethylcyclohexylamine [(CH3)2NC6H11]. Amines are primary, secondary, or tertiary, depending on whether one, two, or three of the hydrogen atoms in the ammonia have been replaced. Most amines are basic and can readily combine with acids to form salts, some of which are useful as delayed-action catalysts. The catalytic activity of tertiary amines depends on their structure and basicity. All tertiary amines have a very distinctive and strong ammonia-like odor. Amine catalysts are used to control and/or balance both the gelling reaction and the gassing or foaming reaction that causes foaming. Several organometallic compounds or salts can be used as catalysts in the production of polyurethanes, but many polyurethane manufacturers use either tertiary aliphatic amines or alkanolamines. Hence, owing to its wide usage in the automotive industry, the global amine catalyst market is estimated to grow over the forecast period.
Global Amine Catalyst Market: Regional Overview
The global amine catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Healthcare Expenditure to Drive Asia Pacific Market Growth
The amine catalyst market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the fact that the Asia Pacific region is a manufacturing hub for chemicals, consumer electronics, and auto parts. China, India, and Japan combined are the largest consumers of automobiles. It surpassed 25 million vehicles sold in China in the year 2019, according to an IEA report. The market growth in this region is mainly owing to the presence of a strong network of automakers in the region, the increasing number of vehicles, and the growing demand for driving assistance features from vehicle users. For instance, by the year 2025, nearly 70% of all new cars sold in China will be intelligent and equipped with advanced driver assistance features. Sixty percent of the world's population lives in the Asia-Pacific region. The growing population in Asia-Pacific is increasing the demand for effective mobility. The region has a reputation for being home to some of the world's most valuable automakers. The automotive industry, which includes not only automobile manufacturing but also the spare parts market, generates huge sales of commercial vehicles in the region owing to its high production volume. Hence, this is expected to significantly increase regional market growth as amine catalyst is widely used in the automotive industry.
High Demand for Passenger and Commercial Vehicles to Drive Market Growth in the North American Region
The amine catalyst market in the North American region is estimated to garner the highest CAGR by the end of 2035. The regional growth can majorly be attributed to the high demand for passenger and commercial vehicles, which has increased sales of electric vehicles in the region. Moreover, the growing construction sector in the region is estimated to further boost market growth. The market growth is further attributed to the presence of a strong transportation network in the region and the increasing penetration of electric vehicles. For instance, in the year 2019, there were more than 150 million commercial vehicles in use in the United States. Additionally, the region has a large industrial sector requiring heavy haulage, encouraging market participants to decide to expand their operations to develop more fuel-efficient transportation options. The availability of supportive policies by regulatory authorities to support the market is expected to also contribute to market growth in the region. In addition, expanding automotive industries in the region and increasing commercialization of automotive products are expected to drive regional market growth during the forecast period.
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Amine Catalyst, Segmentation by Application
- Foam
- Adhesive & Sealant
- Coating
- Elastomer
- Others
The coatings segment is expected to have the largest share over the forecast period of these five segments. The growth of the segment can be accredited to the use of amine-based coatings, which is increasing in various industries across the world. In the year 2021, the global coatings industry was valued at around USD 160 billion. Amine coatings impart various desirable benefits to the material, including heat resistance, moisture resistance, UV resistance, and chemical resistance. Owing to these advantages, manufacturers are using amine-based coatings, which is expected to boost the growth of the segment.
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Amine Catalyst ,Segmentation by End User
- Automotive
- Consumer Electronics
- Construction
- Industrial
- Others
Amongst these five segments, the automotive segment is anticipated to hold a significant share over the forecast period. Segmental growth is owing to the increasing demand for and sales of different types of vehicles around the globe. In addition, the demand for and production of light vehicles are also increasing significantly worldwide. In the year 2020, worldwide production of light commercial vehicles exceeded 17 million units. In addition, the weight of an LCV, or light commercial vehicle, is 3.5-7 tons. Light trucks, pickups, minivans, and other vehicles within the above weight range fall under LCV. These trucks can be used to carefully pack and deliver a variety of items, such as fruits, vegetables, home appliances, market loads, and beverages. These vehicles are highly fuel efficient and have excellent payload or cargo towing capabilities, thanks to the use of amine catalysts.
Amine Catalyst, Segmentation by Type
- Reactive
- Non-Reactive
Few of the well-known market leaders in the global amine catalyst market that are profiled by Research Nester are Evonik Industries AG, BASF SE, Covestro AG, Huntsman International LLC, Kao Corporation, Momentive Inc., Elé Corporation, Avient Corporation, Linde plc., and other key market players.
Recent Development in the Global Amine Catalyst Market
- Linde plc announced an extended agreement with Celanese Corporation, a global chemical and specialty materials company. Under the agreement, Linde will supply the company with carbon dioxide in addition to oxygen, nitrogen and carbon monoxide.
- Avient Corporation introduces Edgetek Toughened PPA formulations that can provide high thermal performance, low moisture absorption, and excellent impact resistance.
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