Monoethanolamine Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

"The Business Research Company recently released a comprehensive report on the Global Monoethanolamine Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The monoethanolamine size has grown strongly in recent years. It will grow from $3.04 billion in 2023 to $3.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to expansion in the construction industry, growth in oil and gas refining, rise in use as corrosion inhibitors, growing demand in herbicides and pesticides, growth in the production of ethanol-based chemicals.

The monoethanolamine market size is expected to see strong growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing demand in agrochemicals, increasing use in surfactants for detergents, rising adoption in gas sweetening processes, growth in the textile industry, increased use in personal care products. Major trends in the forecast period include expanding applications in cement grinding aids, demand for water treatment solutions, increasing applications in metalworking fluids, advancements in chemical manufacturing processes, advancements in gas treatment and purification technologies.

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Market Drivers and Trends:

The rising application in the pharmaceutical industry is expected to propel the growth of the monoethanolamine market going forward. The pharmaceutical industry is a sector that focuses on the research, development, manufacturing, and marketing of drugs and medications to improve health and treat diseases. The pharmaceutical industry is rising due to increasing demand for advanced treatments and medications, the growing prevalence of chronic diseases, and ongoing innovations in drug development. Monoethanolamine is required in the pharmaceutical industry as a key ingredient in synthesizing various drugs, serving as a building block for producing active pharmaceutical ingredients and formulations. For instance, in December 2022, according to a report published by Statistics Canada, a Canada-based government agency, sales in the personal and household goods subsector rose by 2.8% for the third consecutive month in October 2022, reaching $11.6 billion. This growth was primarily driven by a 3.9% increase in the pharmaceuticals and pharmacy supplies industry, reaching $6.4 billion, which is the highest level since January 2022. Therefore, the rising application in the pharmaceutical industry is driving the growth of the monoethanolamine market.

Major companies operating in the monoethanolamine market are adopting a strategic partnership approach to extend their product portfolio of amines. Strategic partnerships are collaborative agreements between organizations that combine resources, expertise, or capabilities to achieve mutual business goals and competitive advantages. For instance, in February 2024, BASF SE, a Germany-based manufacturer of monoethanolamine products, partnered with OQEMA AG, a Germany-based chemical distributor company. As a result of the partnership, OQEMA will leverage its extensive distribution and sales network along with its deep understanding of the UK market. BASF, in turn, will provide high-quality, competitively priced products at scale, enhancing the combined market presence.

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Major Key Players of the Market:

BASF SE, Dow Chemical Company, SABIC (Saudi Basic Industries Corporation), Sasol Limited, Lotte Chemical Corporation, INEOS Group, Akzo Nobel N.V., Eastman Chemical Co., Huntsman International LLC, Lubrizol Corporation, Petronas Chemicals Group Berhad, Nouryon, Nippon Shokubai Co. Ltd., HELM AG, Zhejiang Jianye Chemical Co. Ltd., Miwon Commercial Co. Ltd., Alkyl Amines Chemicals Ltd., Amines & Plasticizers Ltd., Colonial Chemical Solutions Inc., Enaspol GmbH, Jiahua Chemicals Inc., Mitsui Chemicals Inc

Monoethanolamine Market 2024 Key Insights:

• The monoethanolamine market size is expected to see strong growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Demand In The Pharmaceutical Industry Fuels Growth Of The Monoethanolamine Market
• Strategic Partnership Between BASF And OQEMA Expands Monoethanolamine Market Reach In The UK
• Asia-Pacific was the largest region in the monoethanolamine market in 2023

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