Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Amines are intermediates chemical compound that is used in the manufacturing of other chemical products. It is produced by alkylation of alcohols or reduction of nitriles. They are categorized into primary amines, secondary amines, tertiary amines, and cyclic amines. Amines are widely used in the production of herbicide formulations, cement and concrete, corrosion inhibitors, chelating agents, and petroleum products.
The global amines market is projected to reach around US$ 17,675.1 million by the end of 2027, in terms of revenue, growing at CAGR of 3.5% during the forecast period (2020-2027).
High demand for agricultural chemicals such as herbicides and pesticides is expected to augment the market growth of amines. Ethanolamine and ethylenediamine are widely used in the production of agricultural chemicals. The growing need for crop protection and high yield crops in order to meet the rising demand for food due to the increasing population is expected to foster the market growth of the amines.
Figure 1. Global Amines Market Share (%) in terms of Value, By Region, in 2019
North America region dominated the global amines market in 2019, accounting for 34.3% share in terms of value, followed by Asia Pacific and Europe, respectively.
The growing use of bio-based products for agriculture chemicals and products is expected to act as a restraining factor for the market of amines.
Amines Market Report Coverage
||Market Size in 2019:
||US$ 13,405.9 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 17,675.1 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
- By Product Type: Ethanolamine, alkyl amines, fatty amines and Others
- By Application: Crop protection chemicals, water treatment, personal care, surfactants, and others
Arkema SA, AkzoNobel N.V., Alkyl Amines Chemicals Ltd., BASF SE, BASF-YPC Company Limited, The Dow Chemical Company, Huntsman Corporation, and Mitsubishi Gas Chemical Company Inc.
- High demand for agricultural chemicals such as herbicides and pesticides
- Growing demand for surfactants from various applications such as agricultural formulations, fabric softeners, biocides, detergents, and emulsifiers
|Restraints & Challenges:
- The growing use of bio-based products for agrochemicals
Growing demand for amines from the pharmaceutical industry for manufacturing of pain killers is expected to offer immense growth opportunities for the market of amines. Morphine and Demerol are mainly used as analgesics. Growing geriatric populations coupled with the rising prevalence of the various chronic disease is fueling demand for healthcare needs. Thus, the growth of the pharmaceutical industry is escalating the market growth of amines.
The rise in the personal care industry where amines are used in the manufacturing of toiletries, skincare, hair care, cosmetics, and fragrances products are projected to offer lucrative market opportunities. Change in lifestyle is increasing the spending power of consumers on personal care and hygiene products. Moreover, the emergence of online channels is further increasing the sale of personal care products, thereby augmenting the market growth of amines.
Figure 2. Global Amines Market– Opportunity Analysis
Alkylamines and fatty amines are gaining traction in the market due to growing demand for the production of corrosion anti-cackling agents, inhibitors, emulsifiers, froth flotation agents, and additives are expected to fuel market growth. Increasing demand for cleaners and detergents is also expected to foster the market growth of amines. Thus, the growing popularity of alkylamines and fatty amines are propelling the market growth of the amines.
Figure 3. Global Amines Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the crop protection chemicals segment has accounted the largest market share of 27.7% in terms of value, followed by surfactants and others segment respectively.
Global Amines Market - Impact of Coronavirus (Covid-19) Pandemic
Many countries across the globe resorted to lockdowns to flatten the curve of the infection. The lockdowns have resulted in shutting of businesses and ceasing of almost all economic activities. According to International Monetary Fund, the global economy is expected to contract sharply by -3.0% in 2020, which is much worse than 2008-09 financial crisis. The virus will impact major producers of agrochemicals, and the entire ecosystem of agrochemicals including raw materials suppliers, formulators, distributors, and retailers. This is expected to impact demand of amines during the pandemic. According to Coherent Market Insights, amines market is expected to grow at a lower CAGR between 2020 and 2021.
- Arkema SA
- AkzoNobel N.V.
- Alkyl Amines Chemicals Ltd.
- BASF SE
- BASF-YPC Company Limited
- The Dow Chemical Company
- Huntsman Corporation
- Mitsubishi Gas Chemical Company Inc.
Few Recent Developments
- In September 2017, BASF has announced a plan to open a new specialty amines plant at its site in Nanjing Chemical Industry Park in China. The new multi-product plant can manufacture 21,000 metric tons per year.
- In April 2019, BASF has announced to increase the production capacity of Alkylethanolamines (AEOA) by 20 percent at the BASF Verbund site in Ludwigshafen.