Market Research Future (MRFR) is of the view that the amines market 2020 can accrue a strong valuation of USD 24 billion by 2030-end. MRFR also confirms that the global market is projected to advance at a rate of 7.35% from 2022-2030. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Main Drivers and Key Challenges
Since the COVID-19 outbreak, essential industries such as FMCG, agriculture and pharmaceuticals have become even more reliant on the chemical sector. Thus, despite the lockdown to curb the spread of the pandemic, many of the manufacturing plants have been opening gradually across the world. Although, SARS-CoV-2 has led to a drop in productivity as well as demand, disruption in supply chains, lower supply of raw materials, there could be a simultaneous rise in demand for amines among various other sectors, including household and personal health products, as personal hygiene becomes the prime focus.
Automation is increasingly being used to avoid putting the workforce across manufacturing plants at risk of contracting the novel coronavirus. Many of the leading companies have also been adopting predictive maintenance technologies such as AI and IoT for efficient operations and lower risk of virus spread. Many of the companies in the amine market are receiving financial aid from the government, along with extended range of credit, reduced tax burden along with help to strengthen the supply chain. Further, the amines market also gets significant boost from the escalating use in the production of agro-chemicals and asphalt-additives. The rapid surge in water as well as wastewater treatment chemicals industry could lead to higher demand for fatty amines.
Many of the key amines manufacturers are grabbing the opportunity in the market by acquiring smaller sized firms. Also, the efforts to solidify their distribution channels, technological developments, and launch of new innovations can boost the target product’s demand across verticals like mining, paints & coatings, fabric and detergents over the coming years.
To illustrate, in August 2020, Levity Crop Science used amine nitrogen to develop Lono, a crops growth booster that facilitates better fruit load along with reduced quality issues. The product mainly caters to the agriculture sector.
Market Segmentation
The amines industry can be considered for type and application.
The types of amines in the global market include alkyl amines, ethyleneamine, specialty amines, ethanol amines and fatty amines. The demand for alkylamine and fatty amines is quite strong among end-users as they are extensively used to produce froth flotation agents, have high resistance to corrosion and cackling and also act as additives and emulsifiers.
Paint & coatings, water treatment, personal care, cleaning products, petroleum, pharmaceuticals, agriculture, and more are the key application areas of amines. The fast expanding personal care industry as a result of the growing consumer spending on lifestyle and luxury goods has resulted in immense market traction around the globe.
Regional Insight
The amines market can be regionally divided with respect to Asia Pacific/APAC, Latin America, Europe, MEA/the Middle East & Africa and North America.
APAC currently owners over one-third of the worldwide market and can remain in the lead throughout the evaluation period. The APAC market is expanding on the back of the rising use of amines in the manufacturing process of agrochemicals chemicals. Amines are in great demand especially in China, thanks to the fast growth of industrialization, rapidly advancing chemical industry, and the considerably spending on infrastructure upgradation. India is not far behind, as the country is continuously investing on the development of the agricultural sector, wherein amines find widespread use as crop growth enhancers.
The swiftly growing industries like energy, manufacturing, FMCG and construction in Germany could benefit the European market. Europe further solidifies its global position backed by the high concentration of well-known chemical manufacturers such as BASF SE that have expansive product portfolios.
The MEA market is presumed to observe moderate growth, with the top boosting parameters being the high sales of personal care products, thriving construction sector, expanding middle-class population and the high demand from the agriculture industry.
Renowned Firms
Balaji Amines (India), Daicel Chemical Industries Ltd (Japan), Alkyl Amines & Chemicals Ltd (India), Huntsman Corporation (US), Lonza Corporation (US), Evonik Industries (Germany), Luxi Chemical Co., Ltd (China), Hexion Inc (The US), BASF SE (Germany), Volant-Chem Corp. (China), AkzoNobel N.V. (Netherland), Corbion (The Netherlands), DowDuPont (US), NOF Corporation (Japan), Koei Chemical Company Limited (Japan), are the renowned firms highlighted in the market study.
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