The global ethanolamine market size is expected to make substantial gains in the forthcoming years owing to the increasing demand for ethanolamine from the construction industry, observes Fortune Business Insights™ in its report, titled “Ethanolamine Market, 2022-2030”.
Ethanolamine is a chemical compound that can be used as a cleansing agent in personal care and cosmetics products. In such type of products, ethanolamine may prove beneficial in getting rid of the dirt and oil on skin by dissolving grease and other ingredients. There has been an increasing demand for ethanolamine from the construction sector as this chemical compound can be used in the activities such as plumbing, bricklaying, and others. Further, ethanolamine can also be utilized in the process of flooring, insulation, tiles, glass, and other construction works. Thus, this is an important factor contributing to the growth of this market. However, the strict rules and regulations enforced by the government for the usage of ethanolamine in cosmetics are projected to restrict the growth of this market.
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COVID-19 Impact:
The COVID-19 pandemic has severely affected the chemicals and materials industry worldwide. This pandemic has also adversely impacted the production and distribution of ethanolamine due to the increasing lockdown restrictions across the world, posing challenges for the manufacturers in this market.
Market Segmentation:
On the basis of type, this market is divided into monoethanolamine, diethanolamine, and triethanolamine. Based on application, the market is classified into detergents, chemical intermediates, metal cleaning, cement, gas treatment, textiles, construction, pharmaceuticals, and others. By geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Covered in the Ethanolamine Market Report:
- BASF
- CNPC
- Dow
- Huntsman
- INEOS
- Akzo Nobel
Highlights/Summary:
The report provides a bird’s eye-view analysis of the industry trends and outlook, as well as supplies a meticulous study of all market segments. In addition, the report contains an in-depth assessment of the market drivers and challenges and also offers an exhaustive evaluation of the regional dynamics and competitive landscape of the market.
Drivers/Restraints:
Increasing Demand for Ethanolamine from the Pharmaceuticals Industry to Fuel the Market
Ethanolamine can be used as a pH adjuster and buffering agent in the pharmaceuticals industry owing to its properties such as colorless, skin toxicant, and sclerosing agent. Further, ethanolamine can also be used as a cleaning agent in numerous cosmetics such as oils, and others, but with certain limitations. This is a crucial factor driving the growth of this market.
Regional Insights:
Rising Demand for Ethanolamine from the US to Propel the North America Market Growth
North America region is projected to dominate in the ethanolamine market share on account of the rising utilization of ethanolamine from the countries such as the US.
Asia Pacific region is anticipated to grow rapidly in this market due to the rising demand for ethanolamine from the end-user industries.
Europe is projected to grow steadily in this market owing to the surging demand for ethanolamine from the construction and pharmaceuticals industries.
Competitive Landscape:
Rising Production of Ethanolamine by Key Players to Intensify Competition
The prominent companies in the ethanolamine market are focusing on the increasing production of ethanolamine across several regions owing to its high demand from numerous end-user industries. This has resulted in the increasing competition among key companies which will help them to expand their business horizons and widen their business offerings.
Industry Development:
May 2017: Akzo Nobel’s ethanolamine operations at Stenungsund, Sweden with nameplate manufacturing capacity of 1000000 tons per year were back online followed by planned maintenance.
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