Ethanolamines Market Size

Global Ethanolamines Market Overview

Ethanolamines Market Size was valued at USD 2.3 billion in 2023. The ethanolamines industry is projected to grow from USD 2.42 Billion in 2024 to USD 3.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.34% during the forecast period (2024 - 2032).Increased use of the product as a feedstock in the production of detergents, polishes, and pharmaceuticals, as well as increased demand from end-use sectors such as herbicides, detergents, and textiles are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ethanolamines Market Trends

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  Increase in building and construction is fuelling market growth

  
  

Building and construction operations are regarded as the pillars of a country's progress and contribute significantly to the market CAGR for Ethanolamines growth. According to Volvo CE, the construction sector has seen a growth in the production and manufacturing of construction materials across numerous regions since the fourth quarter of 2020. In 2020, South America saw a 12% increase, Asia 39%, Europe 20%, and China 28%. All of these reasons raised demand for construction materials such as concrete, steel, cement, paints, and other building materials around the world.

Ethanolamines are often utilized as performance enhancers and cement grinding aids to minimize total energy consumption during the cement manufacturing process, as well as to improve cement quality. Similarly, Ethanoalamines offer corrosion prevention capabilities as well as higher mechanical and compressive strength, making them appropriate for the manufacturing of protective coatings, steel, and concrete. This, in turn, increased demand for the use of Ethanolamine, which is necessary for the production of various construction materials, resulting in market growth in the next years.

Additionally, ethanolamine is also found in agricultural chemicals like insecticides and herbicides. The primary benefit of employing Ethanolamine is that it improves a pesticide's capacity to dissolve in water. Similarly, Diethanolamine is one of the key raw chemicals necessary during the synthesis of glyphosate, which aids in the production of high-quality herbicides. According to "Statistics Times" data, China is the top contributor to the agricultural economy, accounting for 19.49% of total agricultural output, followed by India at 7.39%. Furthermore, when released into aquatic habitats, ethanolamines can pollute the water by increasing the chemical oxygen requirement and total nitrogen count. As a result, the significant danger of environmental degradation and health risks associated with the long-term usage of Ethanolamines may limit market revenue.

Ethanolamines Market Segment Insights

Ethanolamines Product Insights

The ethanolamines market segmentation, based on product includes monoethanoamines, diethanolamines and triethanolamines. Triethanolamine (TEA) held a significant share in the Ethanolamines Market in 2022 and is estimated to increase at a CAGR of 4% between 2022 and 2032, owing to rising demand for TEA in cosmetics and skincare products such as sunscreens, cleansers, lotions, serums, shaving gels, and cream. In comparison to Monoethanolamine (MEA) and Diethanolamine (DEA), the usage of TEA in skincare products has a number of advantages. Some of the advantages that TEA has over other types of ethanolamine are that it helps balance the PH of the products, gives aesthetic benefits, helps thicken the product formula, and helps stable the emulsions, which makes the overall products last longer.

Figure1: Ethanolamines Market, by Product, 2022&2032(USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ethanolamines Application Insights

The ethanolamines market segmentation, based on application, includes detergents, chemical intermediates, herbicides, metal cleaning & herbicides. The chemical category held a significant share in ethanolamines is employed as surfactants, corrosion inhibitors, medicines, and neutralizing agents. They are employed as raw ingredients or as additives in a variety of chemical industry applications, including cleaning and degreasing agents, emulsifiers, corrosion inhibitors, hydraulic fluids, and so on. They serve as emulsifiers in the petroleum sector, assisting in the separation of water from oil. They're also utilized to make detergents, shampoos, cosmetics, and medications.

Ethanolamines Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific region held the largest share in the Ethanolamines Market in 2021, up to 30%, owing to rising demand for Ethanolamines in the fragrance, cosmetics, and personal care industries.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: ETHANOLAMINES MARKET SHARE BY REGION 2022 (%) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s ethanolamines market accounts for the second-largest market share due to the increased usage of herbicides and agrochemicals in the area. Further, the German ethanolamines market held the largest market share, and the UK ethanolamines market was the fastest-growing market in the European region.

The North America Ethanolamines Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the considerable demand from end-use industries such as personal care, detergent, and herbicides within the region. Moreover, China’s ethanolamines market held the largest market share, and the Indian ethanolamines market was the fastest-growing market in the North American region.

Ethanolamines Key Market Players& Competitive Insights

Leading market players are investing heavily in R&D in order to expand their product lines, which will help the ethanolamines market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, ethanolamine industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the ethanolamines industry to benefit clients and increase the market sector. In recent years, the ethanolamines industry has offered some of the most significant advantages to medicine. Major players in the ethanolamines market, including SABIC (Saudi Arabia), Jiaxing Jinyan Chemical Co. Ltd. (China) and China Petroleum & Chemical Corporation (China) and others, are attempting to increase market demand by investing in R&D operations.

Sinopec, or China Petroleum & Chemical Corporation, is a Chinese oil and gas company headquartered in Beijing. It is listed in Hong Kong and also trades in Shanghai. Sinopec Limited's parent company, Sinopec Group, is the world's largest oil refining, gas, and petrochemical conglomerate, located in Beijing's Chaoyang District. Sinopec's operations include oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibres, chemical fertilizers, and other chemical products; storage and pipeline transportation of crude oil and natural gas; and import, export, and import/export agency business of crude oil, natural gas, refined oil products, petrochemicals, and other chemicals. It also creates ethanol and a variety of biofuels, including biodiesel and green jet fuel, from waste vegetable oil.

INEOS Group Limited is a British multinational chemicals corporation based in London. It is the world's fourth largest chemical corporation as of 2021. Ineos is organized into around 20 separate business divisions, each with its own board and operating almost entirely autonomously, but founder Sir Jim Ratcliffe and his friends occasionally sit on their boards. Ineos is an abbreviation for INspec Ethylene Oxide and Specialities, the company's prior name. It also contains one Latin word and two Greek terms. "Ineo" means "new beginning" in Latin, "Eos" is the Greek goddess of dawn, and "neos" means "something new and innovative" in Greek. Ineos claims that its name reflects the "dawn of something new and innovative" in addition to being an acronym. In July 2019, INEOS Group Holdings S.A announced the new ethylene oxide and derivatives production plant in Houston, U.S. The new plant, which will produce 520,000 tons of ethylene oxide, is expected to be operational by 2023. This will allow the company to address a fast-growing ethylene oxide market, as well as its own requirements.

Key Companies in the ethanolamines market include

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  BASF SE (Germany)

  
  


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  Dow Chemical Corporation (U.S.)

  
  


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  Akzo Nobel N.V.(the Netherlands)

  
  


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  Huntsman Corporation LLC (U.S.)

  
  


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  Sintez OKA Group of Companies (Russia)

  
  


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  INEOS (UK.)

  
  


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  SABIC (Saudi Arabia)

  
  


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  Jiaxing Jinyan Chemical Co Ltd.

  
  

Ethanolamines Industry Developments

In March 2022, BASF is expanding its alkyl ethanolamine capacity to 140,000 metric tons per year by constructing a new factory for alkyl ethanolamines at its Antwerp site.

In September 2021, Huntsman announced the increase of its Petfurdo, Hungary facility's capacity for polyurethane catalysts and speciality amino acids. The multimillion-dollar investment project is expected to be completed by mid-2023. Huntsman anticipates that the brownfield site will increase capacity while also providing better flexibility and new technologies to the polyurethane, coatings, metals, and electronics industries.

In Feb 2022, PetroChina Jilin Petrochemical Company's reform and upgrading project has commenced. The Jilin project is an important part of CNPC's efforts to accomplish its objectives and nurture significant growth in its petrochemical and refinery activities. As CNPC's first chemical plant powered entirely by green energy, it employs cutting-edge environmental conservation and energy-saving technology for green supply chain management. The project calls for the construction of 21 new facilities, including an ethylene factory, as well as the rehabilitation and closure of nine existing facilities. The project will benefit CNPC's petrochemical and refinery activities, as well as the expansion of the local petrochemical industrial chain and the revitalization of Northeast China.

Ethanolamines Market Segmentation

Ethanolamines Market Product Outlook

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  Monoethanolamines

  
  


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  Diethanolamines

  
  


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  Triethanolamines

  
  

Ethanolamines Market Application Outlook

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  Detergents

  
  


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  Chemical Intermediates

  
  


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  Herbicides

  
  


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  Metal Cleaning & Herbicides

  
  

Ethanolamines Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America