North America Ethanolamine Market to Garner $1,224.2 Million, by 2025 at 5.6% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 28, 2018 /PRNewswire/ --
Increasing demand for ethanolamine among end user industries such as personal care and cleaning coupled with spiraling growth of the surfactants industry would drive the growth of the North America ethanolamine market
Allied Market Research published a report, titled, Ethanolamine Market by Product (Monoethanolamine, Diethanolamine, and Triethanolamine), Application (Cleaning, Gas Treatment, Water Treatment, Cosmetics, Lubricants, and Others), End User (Polyurethane, Personal Care, Chemical, Agrochemical, Rubber, Oil & Petrochemical, and Others): North America Opportunity Analysis and Industry Forecast, 2018-2025. The report provides a detailed analysis of the market trends, top winning strategies, market size & estimations, key market segments, drivers & opportunities, and competitive landscape. According to the report, the North America ethanolamine market generated $794.2 million in 2017 and is expected to reach $1,224.2 million by 2025, growing at a CAGR of 5.6% from 2018 to 2025.
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Rise in demand for ethanolamine in end user industries, such as personal care and cleaning and significant growth of the surfactants industry drive the growth of the North America ethanolamine market. However, fluctuating prices of raw materials would hinder the growth of the market. On the other hand, increasing use of ethanolamines as corrosion inhibitors and coolant supplements would create new opportunities for the market players in future.
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Monoethanolamine segment to remain dominant, triethanolamine segment to grow the fastest
Monoethanolamine segment accounted for nearly half of the total market share in 2017 and is expected to continue its dominance by 2025, owing to its high demand in various industries, especially in the surfactants industry. However, the triethanolamine segment is expected to grow at the fastest CAGR of 7.2% from 2018 to 2025 owing to growing utility in various industries such as cosmetics, cleaning, and others. The research also analyzes the diethanolamine segment.
Agrochemical segment to lead throughout the forecast period
Upsurge in demand for agricultural biologicals and herbicides has enabled the agrochemical segment to account for nearly one-fourth of the total market share in 2017. This segment is expected to remain dominant throughout the forecast period. In terms of growth rate, the chemical segment would register the fastest CAGR of 7.2% from 2018 to 2025, owing to rise in adoption of ethanolamines to manufacture chemicals such as ethylenimine. The report also analyzes several end users including polyurethane, personal care, rubber, oil & petrochemical, and others.
Cleaning application to remain dominant through 2025
The cleaning application segment contributed nearly half of the total market share in 2017. This segment is expected to remain dominant throughout the forecast period, owing to increasing use of ethanolamine in the surfactants and cleaning industries. However, the lubricants application segment would grow at the fastest CAGR of 6.5% from 2018 to 2025 due to increasing use of ethanolamines as corrosion inhibitors and coolant supplements. The research also explores applications including gas treatment, water treatment, cosmetics, and others.
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U.S. to remain dominant through 2025
U.S. contributed more than 90% of the total market share in 2017 and would remain dominant during the forecast period, owing to increase in production and application areas of ethanolamines in the country. However, Canada would grow at the fastest CAGR of 9.9% from 2018 to 2025, owing to growing utilization of ethanolamine in the chemical industry in the country. Mexico is expected to grow at a steady pace during the forecast period.
Frontrunners in the industry
The major market players analyzed in the report include BASF SE, INVISTA, Huntsman International LLC, Akzo Nobel N.V., Mitsubishi Gas Chemical Company, The Dow Chemical Company, Diacel Chemical Industries Ltd., SINOPEC, INEOS, and TAMINCO. They have adopted various strategies including collaborations, partnerships, expansions, mergers & acquisitions, joint ventures, and others to gain a strong foothold in the industry.
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