COVID-19 Impact on Amines Market to be Moderate as Demand for Agro-Chemicals Soars

Amines Market is projected to be worth USD 24 Billion by 2030, registering a CAGR of 7.35% during the forecast period (2022 - 2030).

Amines comprise of varied group of chemical intermediates which contain at least one nitrogen atom bonded to hydrogen atoms or to alkyl or aryl groups. Amines ae used across diverse industry verticals and the global amines market expands largely in line with global economic activity. As per the analysis of Market Research Future (MRFR), the global amines market is poised to exhibit steady growth over the forecast period of 2022 - 2030.

Improvement of consumer earning will be followed by increased vehicle ownership which would necessitate the use of amines in rubber applications and lubricants which will further augment the growth of the global amines market.

The developing countries present significant growth opportunities to the global amines market. As consumers in the developing countries gain more purchasing power, they are more likely to spend on superior personal care products and invest in luxury items. Amines are vital components of personal care products such as detergents, soaps, shampoos and other cleaning products. Moreover, expansion of spending capabilities will also lead to spending on products which have higher price point such as higher quality cleansers, creams, and lotions which make extensive use of amines.

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The pesticides market presents strong prospects for the global amines market. Amine is used in agricultural chemicals and increased incidence of pesticide-resistant weeds is anticipated to support the growth of the global amines market. farmers are more likely to increase the use of amines to curb weed growth and increase agricultural yields.

Global amines market demand will be driven by accelerating economic activities on a global scale, manufacturing, and higher consumer spending purveyed by rise in disposable income which would result in additional consumption of amines-oriented applications. However, surge in the usage of bio-based products in agricultural practices is likely to boost the growth of the global amines market. Moreover, health risks associated with the usage of amines is also estimated to be a major bottleneck to the growth of the market.

Segmentation
The global amines market has been segmented based on product type and application.

By product, the global amines market has been segmented into Ethyleneamine, Alkyl Amines, Fatty Amines, Specialty Amines, and Ethanol Amines. The Ethanol amines segment is leading the global market and is followed by alkyl amines, fatty amines and specialty amines. Ethanol amines is extensively used as a cleaning agent and corrosion inhibitor while e fatty amines find application in personal products.

By application, the global amines market has been segmented into Water Treatment, Cleaning products, Agriculture, Personal Care, Petroleum, Paint & Coatings, Pharmaceuticals and others.

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Regional Analysis
By region, the global amines market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

APAC is expected to domineer the global amines market both in terms of value as well as volume. Rapid industrialization purveyed by the availability of relatively cheap labor and ease of operations has induced high demand for amines across various industry verticals. Moreover, growing disposable income in the emerging economies of the region is expected to result in heightened demand for amines market end use products which will further drive the market growth in the region. Furthermore, increased application of amines in agriculture is also favoring the growth of the market.

North America market will be driven by persistent demand for amines from the well-established personal care products industry. The Europe and Row markets is anticipated to account for relatively lesser share of the global amines market.

Competitive Landscape
Hexion Inc (The US), Huntsman Corporation (US), BASF SE (Germany), DowDuPont (US), AkzoNobel N.V. (Netherland), Alkyl Amines & Chemicals Ltd (India), NOF Corporation. (Japan), Corbion (The Netherlands), Evonik Industries (Germany), Lonza Corporation (US), Balaji Amines (India), and Volant-Chem Corp. (China), Koei Chemical Company Limited (Japan), Daicel Chemical Industries Ltd (Japan), Luxi Chemical Co., Ltd (China).

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