The global amines market is doing well and is projected to surpass a valuation of USD 20.8 billion by 2025, with a 3.6% CAGR during the forecast period of 2019 to 2025. Market Research Future (MRFR), in their detailed discussion on the market, revealed prospects like the growing demand from end users like agriculture, petroleum, pharmaceuticals, and others as major traction providers.
However, its environmental impact may go against its market growth. Also, the price fluctuation of the raw materials can hold back the market from having a smooth growth in the coming years.
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The global market for amines can be segmented on the basis of type and application. This segmentation has helped in a proper understanding of various factors that are playing a decisive role in fixing the revenue for the market. Detailed knowledge of these will help in a better market assessment.
By type, the global report discussing various facets of the amines market has been segmented into alkyl amines, specialty amines, fatty amines, ethyleneamine, and ethanolamines. The fatty amines are getting substantial traction from several sectors.
By application, the global report on the amines market can be segmented into cleaning products, agriculture, water treatment, petroleum, personal care, pharmaceuticals, paint & coatings, and others. The pharmaceuticals sector and agriculture are expected to boost the global intake of the amines market. In the petroleum sector, growing exploration activities are expected to boost the global market for amines.
In the Asia Pacific region, various agrarian societies are making significant progress in revamping their setup to ensure a rise in production. This is spurring the intake of the amines. China is leading the regional market. The region is witnessing a surge in amine intake in several end user industries like agriculture, pharmaceutical, oil exploration, and others. India is also increasing its contribution by raising its production standard and meeting various needs for infrastructural developments.
In South America, the production will get a boost from various countries like Brazil, Mexico, and others. These countries will increase the intake to boost several end user industries. In North America, the market will receive strong support from the solvent industry where the growth is high for the amines market. In the Middle East & Africa, the market will be sluggish, but it will find percolation opportunities in several sectors in countries like Egypt, Qatar, Kuwait, Saudi Arabia, and others.
In Europe, the growth will be halted by various stringent government regulations to contain progress. The region is quite active in restricting the use of components that are not eco-friendly.
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Several companies in the amines market are expected to launch changes to establish their presence in the market, along with a boost to the global market. These companies are BASF SE (Germany), Hexion Inc (The US), Huntsman Corporation (US), AkzoNobel N.V. (Netherland), DowDuPont (US), NOF Corporation. (Japan), Corbion (The Netherlands), Alkyl Amines & Chemicals Ltd (India), Lonza Corporation (US), Balaji Amines (India), Evonik Industries (Germany), Volant-Chem Corp. (China), Daicel Chemical Industries Ltd (Japan), Koei Chemical Company Limited (Japan), and Luxi Chemical Co., Ltd (China). As strong strategic moves, these companies will now use mergers, acquisitions, collaborations, better investment in the research and development sector, increasing innovations, various product launching, and others are expected to make changes in the market. MRFR takes a good view of the changes these companies made recently to gauge how the market can proceed from its present scenario.