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Amines Market Expected to Behold a CAGR of 3.1% through 2013-2019
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Expanding construction activities worldwide hold promising opportunities for the global paints and coatings market, which is indirectly aiding the amines industry. Paints and coatings sector accounts as a vital end user for the amines industry, hence will contribute to the positive growth of the overall amines market. However, fluctuating raw material prices and environmental regulations in place due to health hazards caused by overuse of amines may hinder the growth of this market in coming years. Moreover, water treatment and personal care are expected to exhibit surging demand for amines, adds the TMR report. Amongst the various products studied in the report, ethanolamine accounted for almost 50% demand for amines in 2012. Owing to its versatility and vast applications across industries, the demand for ethanolamine will increase substantially through the forecast period. Fatty amines, however, due to their rising applications in personal care will witness fastest growth in coming years.
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Application-wise, in 2012, the crop protection chemicals segment led the global amines market. Exploding population worldwide, mainly in emerging nations has increased demand for higher crop output, which in turn has driven demand for amines due to their effectiveness against agricultural pests. According to the report, the surfactants segment will account for substantial demand for amines in coming years, due to the foaming ability of amines in surfactants. Geography-wise, in 2012, North America represented the largest market for amines followed by Asia Pacific. Escalating growth of the surfactant industry is credited with the growth of the regional markets for amines. Further, as reported in the study, Asia Pacific is expected to witness the highest growth in the global amines market due to increasing use of crop protection chemicals for higher crop yield. The amines industry in the region is estimated to observe expansion at 3.5% CAGR from 2013 to 2019.On the competitive landscape, the amines market is highly fragmented due to the presence of several small and medium scale vendors at the regional and global level. Some major companies in the market are Dow Chemical Company, Huntsman Corporation, Rhodia, and AkzoNobel N.V.
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