July 21, 2024

Rising Demand For Agrochemicals Is Likelyto Accelerate Growth Of The Global Amines Market

The global Amines Market is estimated to be valued at Us$ 15.62 Bn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

 

The amines market comprises alkylamines, fatty amines, specialty amines, and ethanolamines. These amines find applications in various end-use industries such as agrochemicals, chemicals & petrochemicals, personal care, pharmaceuticals, rubber processing, water treatment, and others. Amines provide benefits such as acid gas removal, metal corrosion inhibition, dispersant and surfactant properties, biocidal properties, and others. Hence, they are extensively used across various end-use applications.

 

Market key trends:

 

The amines market is projected to witness significant growth owing to the increasing demand for agrochemicals. Amines such as ethanolamines and polyalkylene polyamines find wide application in the manufacturing of agrochemicals including fungicides, herbicides, and others. According to data by Food and Agriculture Organization of the United Nations, the usage of agrochemicals has increased over the past few decades due to the rising demand for food globally. The growth in agrochemical consumption is projected to positively influence the demand for amines over the forecast period.

 

Porter’s Analysis

 

Threat of new entrants: The threat of new entrants is low due to the presence of established players and requirement of high capital to set up new production facilities.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of substitutes and differentiated products offered by manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers for raw materials in the market.

Threat of new substitutes: The threat of substitutes is low as amines have limited substitutes and are widely used.

Competitive rivalry: High due to the presence of numerous established players competing on the basis of product quality and pricing.

 

Key Takeaways

 

The Global Amines Market Demand is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from end-use industries such as agriculture, personal care, cleaning products, water treatment, etc. North America dominated the amines market in 2023. Growth in the pharmaceutical industry, increasing demand for agrochemicals, and presence of major manufacturers are driving the amines market in the region.

The amines market in Asia Pacific is expected to witness the fastest growth during the forecast period. Rapid industrialization, growing population, rising disposable incomes are fuelling the demand for amines in the regional construction, personal care, agriculture, and other end-use industries. China represents a major market for amines in Asia Pacific.

Key players operating in the amines market are 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. Key players are focusing on strategic partnerships and expansions to strengthen their geographic footprint and product portfolio.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it