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Ethanolamines Market Overview
The Ethanolamines market size is forecast to reach US$3.8 billion by 2027 after growing at a CAGR of 4.2 % during the forecast
period 2022-2027. In general, Ethanolamines are organic compounds that are
produced by the reaction between ammonia and ethylene oxide. They are used for
a wide range of applications such as Surfactants, Cement Grinding, Herbicides,
Gas Treatment by removal of hydrogen sulphide and carbon dioxide, Chemical
Intermediates, and others. Ethanolamines are also used as a sclerosing agent in the healthcare and pharmaceutical industry in order to treat conditions like
esophageal varices, and hemorrhoids. An increase in demand for ethanolamines
from the agricultural and construction industry acts as major driver for the
market. On the other hand, Ethanolamine comprises of amino and alcohol
functional groups that can potentially cause water problems and pollution by
increasing the chemical oxygen demand (COD) and total nitrogen when it is
released in aquatic environments. Hence, environmental and health hazards
associated with the use of Ethanolamines may act as a major constraint for the
market.
COVID-19 Impact
There is no doubt that the COVID-19 lockdown has
impacted the Ethanolamines Market. Strict lockdowns all over the world
interrupted the entire supply and trade of raw materials, which in turn,
resulted in slow developments, and manufacturing from the Cosmetics & Personal
Care industry. However, a slow recovery in new cosmetics, and skincare
production has been witnessed across many countries around the world since
2020. According to recent research published on The Business Line, India
reported a growth of around 20% on annual retail sales of cosmetics and other
personal care products during the fourth quarter of 2020 and is expected to
grow in the upcoming years.
In this way, a slow and steady increase in
production activities from Cosmetics & Personal Care industry will increase
the demand for Ethanolamines required for the production of these cosmetics and
skincare products. This will eventually lead to a slow and steady recovery of
the market in the upcoming years.
Report Coverage
The report: “Ethanolamines
Market – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis
of the following segments of the Ethanolamines
Industry.
By Type: Monoethanolamine (MEA), Diethanolamine (DEA),
Triethanolamine (TEA).
By
Application:
Surfactants, Cement Grinding, Herbicides, Gas Treatment, Chemical
Intermediates, Metal Cleaning, Others.
By End-Use
Industry: Personal
Care & Home Care, Construction, Agriculture, Oil and Gas, Chemical,
Pharmaceuticals, Textile, Others.
By
Geography: North
America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, and
the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the
Rest of Asia-Pacific), South America (Brazil, Argentina, and the Rest of South
America), the Rest of the World (the Middle East, and Africa)
Key Takeaways
- Cosmetics & Personal Care segment is expected to see the fastest growth, especially during the forecast period, owing to the rise in fashion standards across the world. Since Ethanolamines are widely used as surfactants, in cosmetics and personal care products, an increase in demand for Ethanolamines from this industry is most likely to drive the market growth over the forecast period.
- Ethanolamines don’t impart strong odor, help maintain the PH of a product, and can easily dissolve grease and blend with other important ingredients to remove dirt and oil from skin, this makes it ideal for the production of fragrances, cleaning, cosmetic, and personal care products.
- Ethanolamines are actively used in the healthcare industry as a sclerosing agent in order to treat conditions like esophageal varices and hemorrhoids. They are also used for the effective removal of hydrogen sulfide and carbon dioxide which makes them ideal for gas treatment and purification application.
- The Asia Pacific is expected to account for the largest share in the Ethanolamines Market, owing to the rising demand for construction materials, cosmetic products, fragrances, and more applications that require the use of ethanolamines.
Figure: Asia-Pacific Ethanolamines Market Revenue, 2021-2027 (US$ Billion)
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Ethanolamines Market Segment Analysis – By Type
Triethanolamine (TEA) held a significant share in
the Ethanolamines Market in 2021 and is expected to grow at a CAGR of 4% between
2022 and 2027, owing to the increasing demand for TEA for cosmetics and skincare
products like sunscreens, cleansers, lotions, serums, shaving gels and cream.
The use of TEA on skincare products offers a number of benefits in comparison to
Monoethanolamine (MEA), and Diethanolamine (DEA). Some of the advantages that
TEA offers over other types of ethanolamine include, it helps balance the PH
of the products, provides aesthetic benefits, helps thicken the product
formula, and helps stabilize the emulsions which make the overall products
last longer. Hence, all of these factors are most likely to boost market
growth.
Ethanolamines Market Segment Analysis – By Application
The Surfactants held the largest share in the
Ethanolamines Market in 2021 and is expected to grow at a CAGR of 4.4% between
2022 and 2027. This is mainly to the increase in demand for surfactants for the
production of cosmetics, and personal care products, owing to an increase in
awareness regarding personal grooming across the world. For instance, according
to a study published on Fashion Network, skincare and sun care products
produced an average annual growth of 5.6% in 2020. Since Ethanolamines are
widely used in surfactants and offer properties for stabilizing formulations
and emulsions, it plays a major role during the production of cosmetics, and
skincare products. This will most likely lead to market growth in the
upcoming years.
Ethanolamines Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the
Ethanolamines Market in 2021 up to 30%, owing to the increasing demand for
Ethanolamines from the fragrance, cosmetics, and personal care sectors.
According to a recent study published in the Economic Times the average annual
revenue of the Indian Perfume Industry is around INR 3000 crore ($408 million) and is expected to grow by approx. 17% in the next three years by 2024. Likewise,
a recent study published on the Vogue Business stated that China’s perfume
consumption has been growing rapidly in recent years and reached up to $
1.76 billion during the fourth quarter of 2020.
Furthermore, Ethanolamines are commonly used in
cosmetics and personal care products such as moisturizing creams and lotions,
lipsticks, bar soaps, shampoos, and perfumes since they give integral fresh
odor, along with providing properties for stabilizing formulations and
emulsions. According to a recent study published on World’s Top Exports,
Asia-Pacific countries bought the highest amount of imported beauty, cosmetics, and personal care products during 2020 with acquisitions costing around $37.2
billion which indicates 57.9% of the global total.
Hence, increase demand for cosmetics and personal care products also increases the demand for Ethanolamines required during their production, thus, resulting in the growth of the Ethanolamines Market in the upcoming years.
Ethanolamines Market Drivers
An increase in building and construction activities is most likely to increase demand for the product
Building and Construction activities are considered
to be the pillar of growth for a country and also play a major role in
increasing the overall global economy. For instance, according to Volvo CE, the
construction sector saw an increase in the production and manufacturing of
construction materials across multiple regions since the fourth quarter of
2020. South America saw an increase of 12%, Asia by 39%, Europe by 20%, and
China by 28% in 2020. All of these factors increased the demand for
construction materials like concrete, steel, cement, coatings, and other
construction materials across the globe.
Ethanolamines are commonly used as performance
enhancers and cement grinding aids, in order to reduce the overall energy
consumption during the cement production process, and it also helps in attaining
improved cement quality. Likewise, Ethanoalamines have corrosion inhibition
properties, better mechanical and compressive strength which makes them ideal
for the production of protective coatings, steel and concrete as well. This, in
turn, increased the demand for the use of Ethanolamine required for the production of
these construction materials, thus, leading to the growth of the market in the
upcoming years.
An increase in agricultural activities is most likely to increase demand for the product
Ethanolamine is also used in agrochemicals such as
pesticides, and herbicides. The major advantage of using Ethanolamine is that
it helps increase a pesticide’s ability to dissolve in water. Likewise,
Diethanolamine is used as one of the primary raw materials required during the
production of glyphosate that helps produce high-quality herbicides. Recent
insights from “Statistics Times” show that China is the leading contributor to
the agricultural economy with 19.49% of the total global agricultural output,
followed by India with 7.39%. Furthermore, other countries like the US, Brazil,
Indonesia, Mexico, and Sweden obtain 0.9%, 6.2%, 13.9%, 3.9%, and 50%
respectively of their GDP from the agricultural sector. An increase in
agricultural activities and production also increases the use of agrochemicals
that require Ethanolamines during their production, thus, resulting in the
growth of the Ethanolamines Market in the upcoming years.
Ethanolamines Market Challenges
Environmental problems and health hazards associated with the prolonged use of Ethanolamines can cause an obstruction to the market growth
The U.S. Department of Labor’s Occupational Safety
and Health Administration (OSHA) has established a Permissible Exposure Limit
(PEL) for ethanolamine at 3 ppm in the air and necessitates employers to
control workplace exposure below that PEL. Prolonged exposure to Ethanolamines
may cause severe irritation, burn the skin and eyes with possible eye damage,
irritate the nose, throat, and lungs resulting in coughing, wheezing, and
shortness of breath. Furthermore, Ethanolamines when released in aquatic
environments may cause water pollution by increasing the chemical oxygen
demand and total nitrogen count. Hence, the high risk of environmental pollution and
health hazard associated with the prolonged use of Ethanolamines may confine
the market growth.
Ethanolamines Market Landscape
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in this market. Ethanolamines top 10 companies include:
- BASF SE
- The Dow Chemical Corporation
- Akzo Nobel N.V.
- Huntsman Corporation LLC
- LyondellBasell Industries Holdings B.V.
- Sintez OKA Group of Companies
- INEOS
- SABIC
- Jiaxing Jinyan Chemical Co. Ltd.
- China Petroleum & Chemical Corporation