The major reasons behind the growth of the ethanolamines market are the increasing usage of agrochemicals and rising demand for surfactants. This is why the revenue generated by the sale of these chemical compounds will increase from $2,933.5 million in 2019 at a 5% CAGR during 2020–2030, to $5,079.0 Million by 2030. It is a derivative of ethane, which works as an amine (containing the NH2 functional group) as well as an alcohol (containing the functional group OH).
Based on type, the ethanolamines market is categorized into monoethanolamine (MEA), diethanolamine (DEA), and triethanolamine (TEA), among which the DEA category garnered the highest sales revenue in 2019. This is ascribed to the heavy consumption of this compound during the production of soaps, detergents, and glyphosate and in refineries, for treating natural gas and crude oil. In addition, with the growing demand for surfactants and herbicides, the DEA category will keep growing in the market. Around the world, the awareness about the usage of herbicides is surging, and governments are also offering their support.
Surfactants, herbicides, gas treatment, chemicals, and cement are the various divisions under the application segment of the market. Among these, the surfactant division is projected to hold the largest share in the ethanolamines market till 2030, owing to the important role of surfactants in gel-type cleaners, industrial detergents, body lotions, shaving creams, soap bars, and shampoos. The reason surfactants are being increasingly synthesized from ethanolamines is the latter’s foam forming ability on reacting with lauryl sulfate and emulsifying properties. Additionally, the consumption of ethanolamine-containing surfactants is also rising in the production of fatty-acid amides.
The growing demand for surfactants is a major factor driving the demand for ethanolamines. The emulsifying agents and surfactants used in the production of shampoos, laundry detergents, and soaps are often made from ethanolamines. With an increase in the disposable income of people living in developing countries, as a result of economic growth, the demand for such personal care product is rising, which is leading to a surging consumption of the chemical compounds.
Another major reason the ethanolamines market is progressing is the growing adoption of agrochemicals. Glyphosate, which is popular among the agrarian community for its herbicidal properties, is made from DEA. Across the world, especially in Asia-Pacific (APAC), Middle East and Africa (MEA), and North America, the population is booming at a significant rate. This is leading to an increasing demand for agricultural produce, including cereals, grains, fruits, vegetables, pulses, and legumes, as well as the important cash crops. In order to fulfil these demands, farmers in these regions are increasingly using glyphosate, as a herbicide.
The largest share in the ethanolamines market is held by APAC, and it will keep generating the highest demand for these chemicals till 2030. This is because China consumes this chemical in heavy volumes, importing 168.4 kilotons of the compound, which accounted for around one-fourth of the total amount consumed in the country, in 2019, from Saudi Arabia and Thailand. In addition, the end-use industries in China, along with Vietnam and India, are growing, thereby resulting in a constantly rising requirement for ethanolamines.
Therefore, with the demand for herbicides and various personal care products, such as soaps, laundry detergents, and shampoos rising, so will the revenue generated in the market for ethanolamines.