Press release
Morpholine Market Trends, Key Drivers, Opportunities, Leading Players And Forecast To 2033
Morpholine Market Trends
According to The Business Research Company's, The morpholine market size has grown strongly in recent years. It will grow from $3.74 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to industrial applications, chemical manufacturing, boiler water treatment, pharmaceutical industry, rubber industry.
The morpholine market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to corrosion protection, growing end-user industries, expanding water treatment sector, emerging applications, global economic growth, stringent environmental regulations. Major trends in the forecast period include increased research and development, technological advancements, increasing demand in water treatment, expanding use in pharmaceutical manufacturing, stringent environmental regulations.
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Market Drivers and Trends:
The rise in demand for rubber is expected to propel the growth of the morpholine market going forward. Rubber is a versatile and elastic material derived from the latex sap of certain plants or synthesized through chemical processes. Morpholine finds several essential uses in the rubber industry due to its chemical properties and ability to enhance various rubber production and performance aspects. It is used as an accelerator and scorch retarder and can promote the cross-linking of rubber molecules during vulcanization. For instance, in September 2022, according to Apple Rubber Products Inc, a US-based company that specializes in the design and manufacturing of custom rubber seals, the global demand for rubber would rise by 2.8% in 2023 and then expand by 2.4% annually on average from 2023 to 2031. Therefore, the rise in demand for rubber is expected to propel the growth of the morpholine market.
Increasing demand for morpholine in the construction industry is expected to propel the growth of the morpholine market going forward. Construction combines various elements to create a structure for a specific location, using a detailed design and plan. Morpholine, a versatile chemical compound, plays an increasingly crucial role in various industries, and its significance extends to the realm of construction activities, from enhancing the durability of construction materials to contributing to the efficiency of specialized processes. For instance, according to the US Census Bureau, a US-based provider of quality data about its people and economy, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, an increasing demand for construction activities drives the morpholine market.
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Major Key Players of the Market:
Major companies operating in the morpholine market report are BASF SE, Saudi Arabia's Basic Industries Corporation, Thermo Fisher Scientific Inc., Sinochem Group Co. Ltd., Huntsman Corporation, Nouryon Chemicals Holding B.V., Sigma-Aldrich Corporation, LGC Standards Ltd., Nippon Nyukazai Co. Ltd., Coventya Group, Spectrum Chemical Mfg. Corp., (APL) Amines And Plasticizers Ltd., MP Biomedicals, Balaji Amines Ltd., Anhui Haoyuan Chemical Industry Group Co. Ltd., Xiamen AmoyChem Co. Ltd., Alpha Chemika, Chemtex Speciality Ltd., Tokyo Chemical Industry Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., A.B. Enterprises, Meru Chem Pvt. Ltd., Zhengzhou Fuyuan Chemical Industry Co. Ltd., Carbosynth Ltd., Ataman Kimya A.S.
Morpholine Market 2024 Key Insights:
• The morpholine market is expected to grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rubber Industry's Demand Surge Ignites Morpholine Market Expansion
• Morpholine Market Thrives on the Back of Construction Demand
• North America was the largest region in the morpholine market in 2023
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