According to the latest report by IMARC Group, titled “Amines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global amines market size reached a value of US$ 18.56 Billion in 2021. Amines are nitrogen-containing organic compounds that are produced by substituting hydrogen atoms in ammonia molecules with alkyl or aryl groups. When ammonia reacts with organic groups or oxygen atoms, they are replaced with hydrogen, thereby forming amines. They are characterized by their colorless nature and low volatility. These chemicals act as catalysts or chemical intermediaries that can accelerate chemical reactions in numerous end-use industries. Apart from this, they are also used for removing carbon dioxide (CO2) from natural gas, formulating crop protection chemicals, and manufacturing pharmaceuticals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Amines Market Trends:
The global market is majorly driven by the continual developments in the agriculture industry. This can be attributed to the rising adoption of crop protection chemicals and pesticides among farmers. In line with this, the increasing awareness regarding the importance of using personal care products among the masses is propelling the market. Moreover, the rapid utilization of amines as a solvent in medicinal and anesthetic drugs is providing an impetus to the market growth. Apart from this, the escalating product demand in various applications of construction and residential sectors is creating a positive market outlook. Some of the other factors contributing to the market include rapid urbanization and industrialization, the growing prevalence of chronic diseases, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is to reach US$ 25.01 Billion by 2027, exhibiting a CAGR of 5.05% during 2022-2027.
- Based on the product, the market has been segmented into Ethanolamines, Fatty Amines, Alkylamines, and others.
- On the basis of the function, the market has been categorized into solvent, chelating agent, corrosion inhibitor, bleach activators, surfactants, and others.
- Based on the application, the market has been classified into agriculture, gas treatment, petroleum, water treatment, personal care, paints and coatings, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Akzo Nobel N.V., Arkema S.A., BASF SE, Celanese Corporation, Dow Inc., DuPont de Nemours Inc., Huntsman Corporation, Lanxess AG, LyondellBasell Industries N.V., Mitsubishi Gas Chemical Company Inc., SABIC, and Solvay S.A.
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