According to a new report published by Allied Market Research, titled, "monoisopropanolamine (MIPA) market by end-use industry and region: global opportunity analysis and industry forecast, 2021–2030," The global monoisopropanolamine (MIPA) market was valued at $82.2 million in 2020, and is projected to reach $140.8 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
Monoisopropanolamine also known as isopropanolamine is an organic compound that is used as an acidic herbicide neutralizer, pH regulator, and reactive agent.
Rise in R&D activities has surged the potential applications of monoisopropanolamine in several end-use sectors. For instance, chemical industry uses monoisopropanolamine for solubilizing & neutralizing fatty acids and sulfonic acid-based surfactants. In addition, it is widely used during formulation of metal cleaning and metal working fluids. Water based metal working fluids are used during metal cutting and other processes. However, use of water-based fluids increases the risk of corrosion. In order to overcome this problem, combination of MIPA and wetting agent can be added to boric acid formulations (a type of metal working fluid), which in turn reduces the corrosion of metal. All these factors collectively drive the demand of the global market.
However, prolonged exposure of monoisopropanolamine leads to health related issues such as skin and throat irritation. Several cases of dermatitis have been registered among the workforce dealing with monoisopropanolamine. These factors restrain the demand for monoisopropanolamine among various end-use industries. Also, several environmental agencies such as the U.S. Environmental Protection Agency (U.S. EPA), Central Pollution Control Board (CPCB), European Union (EU), and others, have laid down acts and regulations for handling and use of monoisopropanolamine, which is anticipated to hamper the market growth.
Conversely, monoisopropanolamine is used in agricultural spray products such as herbicides, algaecides, fungicides, and pesticides. This factor is anticipated to offer new opportunities in the global monoisopropanolamine (MIPA) market. Other applications of MIPA include production of intermediate atrazine (type of herbicide) and intermediate glyphosate (type of herbicide) is another considerable factor predicted to offer new opportunities during the forecast period. Emergence of drug-resistant pathogenic bacteria has increased the risk of bacterial diseases in crops. This in turn has pushed the demand for development of antibiotic surrogates that are used to stop the spread of bacterial infection in cultivated crops. Racemic and chiral carbazole derivative are recent development in agrochemical sector that contains MIPA and are used to stop the spread and growth of drug-resistant pathogenic bacteria.
The monoisopropanolamine (MIPA) market is segmented on the basis of end-use industry and region. By end-use industry, the market is segregated into chemical industry, personal care, agrochemical, pharmaceuticals, metal working, and others. The chemical end-use industry dominated the global market in terms of revenue in 2020, with over one-third of the total share. Use of monoisopropanolamine for neutralizing fatty acid chemical compounds and sulfonic acid-based surfactants is the key market trend. In addition, MIPA based chemical compounds improve color & heat stability and improve oil solubility as compared with ethanolamine. This in turn has surged the use of MIPA in chemical industry for production of buffer and alkaline chemicals.
Region-wise, the monoisopropanolamine (MIPA) market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific monoisopropanolamine (MIPA) market size is projected to grow at the highest CAGR during the forecast period and accounted for 54.4% monoisopropanolamine (MIPA) market share in 2020.
The rising agriculture, metal working, personal care, and chemical manufacturing sector have enhanced the performance of monoisopropanolamine in the Asia-Pacific region. China's metalworking sector is increasing rapidly which has forced the monoisopropanolamine manufacturers to produce high-quality monoisopropanolamine in the region. Moreover, the personal care & cosmetics industry in India has witnessed a rapid surge in demand where monoisopropanolamine is widely used in manufacturing various cosmetic products.
Key players operating in the global monoisopropanolamine (MIPA) market include Aceto, Alkyl Amines Chemicals Limited, Anhui Sinotech Industrial Co., Ltd, Arkema S.A., BASF SE, Eastman Chemical Company, Hangzhou Lingrui Chemical Co., Ltd, Hongbaoli Group Co., Ltd, Lanxess, Muby Chemicals, Orion Chem Pvt. Ltd., OQ SAOC, Sasol, The Dow Chemical Company, and Zhejiang Xinhua Chemical Co.
The global monoisopropanolamine (MIPA) market report provides in-depth competitive analysis as well as profiles of these major players.
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The monoisopropanolamine (MIPA) market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on chemical manufacturing, metalworking, cosmetics, and other end-use sectors. For instance, according to a report published by the American Chemistry Council (ACC), the U.S. chemical output fell by 3.6% in 2020 after a 0.1% dip in 2019. Furthermore, to control the surge of novel coronavirus cases, there is a drastic shift of investments from other sectors toward healthcare.
Also, several monoisopropanolamine manufacturing companies have either shut down or shrank their operations, due to the risk of infection among the workforce. This has temporarily hampered the production rate of the monoisopropanolamine (MIPA) market. In addition, the falling income of customers has led contraction in the demand for cosmetic products where monoisopropanolamine is widely used as an intermediate in producing various cosmetics & beauty care products. Furthermore, the industry has faced various problems related to transportation, the non-availability of a skilled workforce, and reduced export/import orders amid the COVID-19 period. This has led the monoisopropanolamine (MIPA) market to witness a downfall in demand.
However, the emerging applications of monoisopropanolamine for synthesis of various drugs in the pharmaceutical sector may lead the monoisopropanolamine (MIPA) market to recover post COVID-19 scenario. For instance, according to an article published by the Business Standard, the second wave of COVID has pushed the growth of the Indian pharmaceutical industry to 59% in April 2020. Furthermore, increasing applications of monoisopropanolamine in agrochemical sector for manufacturing various herbicides may lead the monoisopropanolamine (MIPA) market to witness a significant growth in demand. For instance, according to an economic survey conducted by the Indian Ministry of Finance, the agriculture and allied activities in India clocked a growth of 3.4% during 2020-21. In addition to this, as the restrictions imposed due to lockdowns are being lifted, the monoisopropanolamine manufacturing sector is expected to recover soon, owing to an increase in demand for personal care & cosmetics, agrochemicals, and chemical intermediates in both developed and developing economies.
Key findings of the study
- The personal care end-use industry is anticipated to register the highest CAGR of 6.2% during the forecast period.
- Asia-Pacific garnered the highest share of 54.4% in 2020, in terms of revenue, growing at a CAGR of 6.3%.