High Need for Agricultural Chemicals to Fuel Amines Market Expansion. By 2033, Amine Market to Generate US$ 65.8 Billion | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Expansion in Asia-Pacific region: The Asia-Pacific region, especially China, is expected to see significant growth in the amines market due to increasing industrialization and urbanization in the region. The amines market is driven by increasing demand for amines in various end-use industries such as surfactants, agrochemicals, oil and gas, water treatment, and personal care and homecare products
DUBAI, United Arab Emirates, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global amines market, valued at US$ 31.9 Bn in 2023, is expected to rise at a CAGR of 7.5% between 2023 and 2033. By 2033, the amines market is projected to generate US$ 65.8 billion.
Technical advancements in amine manufacturing have boosted its use in commercial and consumer applications, which is a major market driver. The use of amines in new industrial applications, such as water treatment, is anticipated to spread to other industrial sectors.
The chemical has many uses now as a result of ongoing research and development, which is another driver boosting the market. The market has excellent prospects for expansion as a result of the rising usage of new applications.
However, the use of amines causes human health issues such as skin diseases, which is a market limitation. One of the main uses of the market is the use of amines in personal care products, which is restricted by strict regulatory laws.
The market for amines is predicted to be restrained by the increased use of bio-based chemicals and products in agriculture.
Pharmaceutical Industry Luring Market Opportunities
The pharmaceutical industry's growing need for amines to manufacture painkillers is predicted to present the amines market with tremendous growth potential. Growing numbers of elderly people and the prevalence of numerous chronic diseases are driving growing demand for healthcare services. As a result, the market for amines is expanding due to the expansion of the pharmaceutical industry.
It is anticipated that the growing personal care market, where amines are used to make cosmetics, toiletries, skincare, hair care, and fragrances, will present profitable business opportunities. The purchasing power of consumers for personal care and hygiene products is rising as a result of lifestyle changes.
Regional Outlook
The region that produces the most amines and consumes the most in Europe. Europe currently has the biggest market share as a result. However, the Asia-Pacific region is anticipated to have the highest development potential for the market due to the rising demand and significant investments made there by industry players.
Aromatic amines in the product type segment of the amines market are to grow at a CAGR of 7.8% during the forecast period.
MDI segment of the amines market in the end use segment to expand at a CAGR of 7.4% from 2033 to 2033.
U.S. market for amines to grow at a CAGR of 7.6% and reach US$ 13.9 Bn by 2033.
U.K. amines market to expand at a CAGR of 5.5% and achieve US$ 1.4 Bn by 2033.
The Chinese market for amines may advance at a CAGR of 9.3% and reach US$ 23.9 Bn by 2033
By 2033, the Japan amines market might thrive at a CAGR of 7.1% and hit US$ 2.5 Bn.
South Korea market for amines may advance at a CAGR of 6.4% and attain US$ 3.0 Bn by 2033.
Competitive Landscape
The main tactics used by market participants to expand their market share by pooling resources and expertise are partnerships and collaborations.
BASF, Clariant, Invista, Mitsubishi Gas Chemical Company, Celanese Corporation, Daicel Chemical Industries Ltd., Dow Chemicals, Ineos, Sinopec, and Taminco are a few of the major businesses highlighted in the study.
Recent Development
Expansion
A new speciality amines plant will be launched by BASF at its location in Nanjing Chemical Industry Park in China, the company stated in September 2017. The new multi-product facility has an annual production capacity of 21,000 metric tonnes.
At the BASF Verbund plant in Ludwigshafen, BASF stated in April 2019 that it would boost the production capacity of alkylethanolamines (AEOA) by 20%.
Launch
A new speciality amines plant will be launched by BASF at its location in Nanjing Chemical Industry Park in China, the company stated in September 2017. The new multi-product facility has an annual production capacity of 21,000 metric tonnes.
At the BASF Verbund plant in Ludwigshafen, BASF stated in April 2019 that it would boost the production capacity of alkylethanolamines (AEOA) by 20%.
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