Amines are an organic chemical compound that belongs to a nitrogen group. Amines are soluble in water and have an unpleasant smell. They are derivatives of ammonia and are also known as aniline which is a byproduct used in the production of pesticides, PU foam, and dyes. Amines are used in the production of crop protection products, catalyst, explosives, dyes, surfactant, and other chemical products.
Global amines market is estimated to account for around US$ 13,405.9 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 3.5% during the forecast period (2020-2027).
Growth in the paints and coatings industry as amines is used as an additive to prevent spoilage of paints is expected to augment the market growth of amines. Moreover, amines are used in preventing paints from algae and fungi which damage paints and coatings surface. Growth in the construction industry is a major factor fueling the market growth of the paints and coatings. Hence, growth in the paints and coatings industry is expected to augment the market growth.
Growing concerns over contaminated drinking water due to the rising prevalence of the waterborne disease is expected to serve profitable benefits to the market of amines. Amines are used in the water treatment application for making water drinkable and reuse. According to the World Health Organization, 3.4 million people, mostly children, die annually from water-related diseases. Hence, growing need for water treatment application due to the rising prevalence of the water-borne disease is expected to fuel the market growth of amines.
Strict environmental regulations associated with the use of amines as certain amines have carcinogenic effects on human health and are expected to restrict market growth. For instance, The Ohio Environmental Protection Agency (OH EPA) has banned quaternary amines to be used in water treatment due to its slow breakdown. Chloramines are more toxic than free chlorine and can adversely affect water bodies. Therefore, they are mentioned as a pollutant material by the OH EPA.
On the basis of region, North America region dominated the global amines market in 2019 with a 34.3% of market share in terms of value, followed by Asia Pacific and Europe respectively.
On the basis of product type, ethanolamine segment dominated the global amines market in 2019 with a 32.6% of market share in terms of value, followed by fatty amines and alkyl amines segment respectively.
The growing focus of the manufacturer to increase the production of amines to cater to growing demand is one of the current trends in the market. For instance, 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. Therefore, the growing interest of manufacturer to increase production capacities is expected to propel the market growth of amines.
Increasing focus of manufacturers in marketing specialties amines is a growing trend in the market. For instance, in August 2018, BASF and Gustav Grolman GmbH & Co. KG strengthened their exclusive collaboration in Europe in the marketing of amine-based curing agents for the professional processing of epoxy resins. Thus, the growing adoption of such strategic alliance among major manufacturer is expected to propel the market growth of amines.
Amines Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak is expected to have impact on employment and consumer spending. Customers are expected to spend less on premium & luxury cosmetic products which will lead decreasing demand for these products. This is expected to decrease the demand for amines from personal care industry. However, demand for essential products such as hand sanitizers, liquid hand soaps, shampoos, deodorants is expected to increase owing increasing awareness regarding personal hygiene. This is expected to drive demand for amines from these sectors.
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