Ethanolamines Market Research Report: By Type (Monoethanolamine, Diethanolamine, Triethanolamine), Application (Herbicides, Surfactants, Chemicals, Gas Treatment, Cement) - Global Industry Analysis and Demand Forecast to 2030
New York, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ethanolamines Market Research Report: By Type, Application - Global Industry Analysis and Demand Forecast to 2030" - https://www.reportlinker.com/p05982480/?utm_source=GNW
According to a study conducted , the global ethanolamines market is expected to attain a revenue of $5,079.0 million by 2030, increasing from $2,933.5 million in 2019, progressing at a 5.0% CAGR during the forecast period (2020–2030). The market is registering growth due to the surging requirement for surfactants and rising sales of agrochemicals. When type is taken into consideration, the market is divided into triethanolamine, monoethanolamine, and diethanolamine (DEA), among which, the DEA division accounted for the largest share of the market, in terms of volume and volume, in 2019.
The division is further predicted to hold the largest share of the market during the forecast period as well, which can be ascribed to the extensive applications of DEA in the treatment of natural gas and refinery products, soaps and detergents, and production of glyphosate. In addition to this, the increasing production of surfactants and herbicides all across the globe is also leading to the high demand for DEA. Farmers all around the world are becoming aware regarding the benefits of herbicides, which, in turn, is resulting in the increased consumption of DEA.
On the basis of application, the ethanolamines market is categorized into cement, herbicides, surfactants, gas treatment, and chemicals. Out of these, the surfactants category dominated the market in 2019 and is further projected to account for the largest share of the market during the forecast period. This is because of the rising adoption of ethanolamines for producing industrial gel-type cleaners, body lotions, detergents, shaving creams, soap bars, and shampoos, as it has the ability to remove stains and dirt effectively.
Geographically, Asia-Pacific dominated the ethanolamines market in 2019 and is further projected to account for the major share of the market during the forecast period as well. This is attributed to the increasing investments that are made by large chemical manufacturers in nations including South Korea, Indonesia, and India and rising disposable income of people. Furthermore, the increasing focus on personal hygiene is also resulting in the high consumption for shampoos, laundry detergents, soaps, and other such products, which, in turn, is driving the growth of the market in the region.
The surging demand for surfactants is a key driving factor of the ethanolamines market. Ethanolamines are extensively utilized as an emulsifying agent and a surfactant in personal care products. A larger number of people are now able to afford products such as laundry detergents, shampoos, and soaps, owing to the increased disposable income. The personal income of people is further increasing due to the strong economic growth in various developing nations. Moreover, the growing availability of personal care products on different online platforms is also contributing to their rising adoption.
Another factor leading to the growth of the ethanolamines market is the surging demand for agrochemicals across the globe. DEA is utilized widely for the production of glyphosate that is majorly used as an herbicide for preventing unwanted vegetation at farmlands. The requirement for glyphosate is particularly high in Latin America, Asia-Pacific, and North America due to the rising need for catering to the demands for produce in the agricultural sector. Moreover, the rising awareness among farmers about the usage of herbicides is also leading to the growth of the market.
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