The global Amines market is growing, due to the high growth from end-user industries and huge developments in the developing economies across the globe. The amines have several applications in different industries including agricultural, personal care and petroleum; therefore a high demand for amines is projected during the forecast period. Among the various types of amines, the ethanolamines segment held the largest share in the global amines market in 2015, and it was followed by alkylamines, fatty amines, ethyleneamines, and specialty amines, in terms of volume and value. The specialty amines segment is projected to witness the highest growth in the global amines market during 2016-2022. Similarly, among the various applications, the personal care segment accounted for the largest consumption of amines in 2015. The agriculture application segment is projected to be the second fastest growing segment after the ‘other’ segment.
The developing economies of Asia-Pacific and Latin America, such as India, China and Brazil, and new amines grades in the market would offer ample opportunities for the growth of the amines market. The key manufacturers of amines may expand their geographical presence as well as their product portfolio in emerging economies to exploit the revenue generation opportunities in these countries. However, the stringent environment regulations in the European Union and North America are expected to hinder the growth of the global amines market to some extent. Moreover, the availability and cost of specialized raw materials, and limited market opportunities in the developed economies of North America and Europe are the key challenges for the manufacturers of amines.
Geographically, Asia-Pacific held the largest share in the global amines market in 2015, owing to the high demand from agricultural and personal care industries. China dominated the Asia-Pacific amines market in 2015, and it is anticipated to retain its dominance during 2016 – 2022. The presence of large number of players in the Chinese amines market and increasing investment for the development of amines by major manufacturers are the key drivers for the growth of the amines market in the country.
News Courtesy: P&S Market Research