Fatty Amines Market CAGR Projected to Grow at 3.3% through 2027
Fatty Amines Market Revenue Growth Driven by Growing Demand for Agro-Chemicals
Demand for agricultural products viz. a viz. agro-chemicals is on a rise due to constantly growing population. In addition, the cultivable land across the region is also reducing. In order to support the ever increasing agri-product demand, the agro-chemicals industry is focusing on chemicals/fertilizers boosting the crop yield. Agro-chemicals are used to protect crops from pests, insects and various types of fungi. Agro-chemicals comprise pesticides, biocides and insecticides.
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Fatty amines find major applications as ingredients in agro-chemicals along with other amines. This has resulted in a rise in demand for fatty amines. As the demand for agri-products and agro-chemicals will continue to increase, it will continue to drive the demand for fatty amines across the globe.
Limited Investment from the Mining Sector to Hinder Market Revenue Growth
The outlook for mining sector remains uncertain, and capital investment by miners remains low. The dramatic drop of commodity prices in recent years has curtailed incentive for the investment in the mining sector. Declining capital expenditure by mining companies is adversely impacting demand for fatty amines, resulting in weaker sales in the region.
In most of the Latin American Counties such as Brazil, Mexico, Colombia, Peru, Chile and El Salvador the economic activities are significantly affected due to downturn of mining industry, further the socio-economical affected du
The economic growth in Chile and Peru was held back due to natural disasters and mining sector strikes, especially the growth in Chile is deeply hindered due to the strike in the Escondido mine.
In March 2017, the El Salvador government imposed a nationwide ban on metal mining due to rising environmental concern and deteriorating water sources
The global fatty amines market is segmented on the basis of product type, end use and geography.
By product type, global fatty amines market is segmented into primary fatty amines, secondary fatty amines and tertiary fatty amines. Among these segments, tertiary fatty amines segment accounted for approximately 39.8% of global value market share in 2017. Furthermore, it is expected to dominate the global fatty amines market throughout the forecast period, exhibiting a value CAGR of 3.0% throughout the forecast period. The primary fatty amines segment accounted for over 30.5% of the market value share in 2017 and is expected to increase at a comparatively high CAGR of 3.3%, during the forecast period, owing to its increasing consumption in water treatment chemicals and paints & coatings industry as additives to protect the paints from getting tainted while in storage.
The secondary fatty amines segment accounted for approximately 29.8% of the global value market share in 2017, and is expected to gain its market share and account for 30.6% of the global fatty amines market by 2027.
On the basis of end use, the global fatty amines market is segmented into water treatment, agro-chemicals, oilfield chemicals, textile industry, personal care and others (used in personal care, mining, fabric softener, paints & coatings). Among the aforementioned segments, water treatment is expected to dominate the global fatty amines market with over 24.7% market revenue share throughout the forecast period. Growing paints & coatings industry, coupled with increasing automobile production in China, Malaysia, Indonesia and Mexico is expected to further propel the demand for fatty amines in the asphalt additives application segment. The scope of applications for fatty amines in others segment is expected to expand in the future too, due to market expansion and innovation in techniques.
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On the bases of region, Asia Pacific excluding Japan (APEJ) dominated the global fatty amines market in 2017, in terms of revenue, accounting for more than 33.1% of the revenue share. However, North America and Eastern Europe are foreseen to witness relatively high CAGRs of 2.6% and 2.8%, respectively.
Key players considered in the global fatty amines market include AkzoNobel N.V., Evonik Industries AG, Kao Corporation, Clariant AG, Arkema S.A., Solvay S.A., E.I. du Pont de Nemours & Co., Albemarle Corporation, Procter & Gamble Company, Lonza Group Ltd.
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