Ethanolamines Market - High Demand in Personal Care Products Key to Market Growth By 2024

The highly fragmented ethanolamines market is characterized by an even higher degree of competition among players owing to the low profit margin. The presence of well-educated buyers and a large number of suppliers makes the ethanolamines market increasingly lucrative for vendors. Nevertheless, the global market is likely to register a rather modest growth rate over the course of the forecast period, both in terms of volume and revenue.

Transparency Market Research indicates that while the growing usage of ethanolamines in a wide range of applications is estimated to give the global market the boost it requires, the volatility in raw material prices is predicted to restrict the market growth at a 4.1% CAGR from 2016 to 2024. In 2015, the global opportunity in the ethanolamines market stood at US$2.8 bn, which is set to cross US$4 bn by the end of the forecast period.

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Escalating Demand for Surfactants from Personal Care Products Market

Ethanolamines find usage in a number of applications, such as chemical intermediates, gas treatment, surfactants, herbicides, cement, and other minor uses such as wood preservatives, textiles, and metal working fluids.

In 2015, surfactants emerged as the leading application segment of the ethanolamines market. Ethanolamines are used to produce surface active agents used in detergents and personal care products. Surfactants produced from ethanolamines are used in heavy-duty laundry detergents, industrial cleaners, cosmetics, and other foam-based personal care products. Herbicides are estimated to form the fastest growing application segment of the global ethanolamines market during the forecast period owing to the increased production of glyphosates.

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China, India, and U.S. Emerge as Leading Consumers and Revenue Generators

The global market for ethanolamines has been geographically segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In 2015, Asia Pacific and North America accounted for a share of approximately 70% in the ethanolamines market, boosted by the increasing demand for ethanolamines in surfactants and herbicides applications.

China has been the key contributor in the ethanolamines market in Asia Pacific driven by the growth of detergents and the personal care markets. These markets have been accelerated by rapid economic development and rising per capita income in the country. The rising production of herbicides in China is also predicted to considerably propel the demand for ethanolamines in the next few years. A number of countries in Southeast Asia and ASEAN are projected to record promising growth during the forecast period due to the surging demand for ethanolamines in major application segments.

A steady growth in the production of glyphosate-based herbicides has significantly driven the demand for ethanolamines in North America in 2015. The presence of major herbicide manufacturers in the U.S. has enabled herbicides to be the largest application segment of the North America ethanolamines market. The U.S. has been a key consumer of ethanolamines in the region.

Some of the prominent vendors in the global ethanolamines market are The Dow Chemical Company, LyondellBasell Industries N.V., Sintez OKA LLC, INEOS Group Ltd., SABIC, BASF-YPC Company Limited, China Petroleum & Chemical Corporation, Jiaxing Jinyan Chemical Co. Ltd., Huntsman Corporation, Thai Ethanolamines Co. Ltd., and Akzo Nobel N.V.

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