According to a new report published by Allied Market Research, titled,"Ethanolamine Market by Type, Application, and End-User: North America Opportunity Analysis and Industry Forecast, 2018 2025"the North America ethanolamine market was valued at $794 million in 2017, and is projected to reach $1,224 million by 2025, growing at a CAGR of 5.6% from 2018 to 2025. The monoethanolamine segment accounted for nearly half share of the North America ethanolamine market in terms of volume in 2017.
Ethanolamine is an organic chemical compound utilized in several applications such as acid gas purification, surfactants for soaps and detergents, and others. The North America ethanolamine market is driven by growth in demand from end-user industries such as personal care, cleansing, and oil & gas. In addition, boom in the surfactants industry is expected to boost the growth of the North America ethanolamine market. However, fluctuation in prices of raw materials, which are used to manufacture ethanolamine is expected to hamper the growth of the North America ethanolamine market. Conversely, promising growth of ethanolamine owing to increase in demand for gas-sweetening agents is projected to offer lucrative growth opportunities for the North America ethanolamine industry.
Based on type, the market is segmented into monoethanolamine, diethanolamine, and triethanolamine. Triethanolamine is the most lucrative segment in the North America ethanolamine market owing to the increase in demand for bio-surfactants, as triethanolamine is used in the manufacturing process of bio-surfactants in the U.S. and Canada.
Based on application, the market is divided into cleaning, gas treatment, water treatment, cosmetics, lubricants, and others. The lubricants segment is projected to be the most lucrative segment, owing to growth in the lubricants industry and rise in demand from automotive, construction, and industrial machinery industries. This is anticipated to boost the demand for ethanolamine during the forecast period.
Based on end-user industry, the market is categorized into polyurethane, personal care, chemical, agrochemical, oil & petrochemical, and others. The chemical segment is estimated to grow at the highest CAGR during the forecast period, owing to the promising prospects of the shale gas industry. This is anticipated to create lucrative growth opportunities for chemical manufacturers in North America, which is indirectly expected to boost the ethanolamine market.
The North America ethanolamine market is segmented based on type, application, end-user industry, and country. Based on type, it is categorized into monoethanolamine, diethanolamine, and triethanolamine. By application, the market is segmented into cleaning, gas treatment, water treatment, cosmetics, lubricants, and others. Based on end-user industry, the market is segmented into polyurethane, personal care, chemical, agrochemical, oil & petrochemical, and others. By country, the market is analyzed across the U.S., Canada, and Mexico.
Key Findings Of Ethanolamine Market:
The cleansing application segment accounted for nearly four-ninth share in the North America ethanolamine market in 2017.
The lubricant segment is anticipated to grow with the highest CAGR throughout the forecast period.
U.S. is anticipated to grow at the highest rate in the North America ethanolamine market during the forecast period.
The monoethanolamide market is anticipated to grow at a CAGR of 4.6% during the forecast period.
In 2018, U.S. is expected to be the highest revenue contributor owing to increase in oil & gas explorations and refineries. Ethanolamine is used in the removal of unwanted compounds from refinery and natural gas streams to make products safe for domestic or industrial usage. This eviction or removal of undesirable compounds requires gas treatment, where chemicals such as ethanolamine are used for treating gases is known as amine treatment.
The key players analyzed in this report are BASF SE, Huntsman International LLC, INVISTA, Mitsubishi Gas Chemical Company, Akzo Nobel N.V., Diacel Chemical Industries Ltd., The Dow Chemical Company, INEOS, SINOPEC, and TAMINCO.The other prominent players in the North America ethanolamine market include Brenntag, HELM AG, LyondellBasell Industries N.V., Sintez OKA LLC, and IDESA.