Increasing consumption of amines in pharmaceuticals is anticipated to drive the market during the assessment period, staring from 2021 to 2031. In a new study Future Market Insights (FMI) has forecast the market to US$ 27.86 Bn in 2021. Amines (R3N) are functional groups derived from ammonia which contain nitrogen atom with a lone pair. It is used in manufacturing of medicine, agrochemicals, and polymers. It also is used in water and gas treatment.
The rising demand for MDI among pharmaceutical industries is driving the global amines market. Moreover, increasing applications in agrochemicals, polymer & rubber, paints, coatings & dyes, cosmetics & personal care, and other end use industries is to drive sales in the coming years.
Geographically, East Asia is anticipated to remain the dominant. The rising demand from the region, especially China owing to presence of large number of manufacturers and end users will aid expansion.
The ongoing COVID-19 pandemic has impacted the global economy to a considerable extent causing severe loss to the industrial as well as to the commercial sector. This trend is observed to be true for the amines market growth, which is estimated to slightly dip down in the year 2020 and further is projected to get the desirable growth from first half of 2021.
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Key Takeaways of Amines Market Study
- The amines market is forecast to reach US$ 56.93 Bn by the end of 2031, rising at 7.4% CAGR during the forecast period
- The U.S. will continue exhibiting high demand, accounting for over 94% of sales in North America
- The U.K. too will emerge as a strong market, exhibiting above 5% Y-o-Y growth in 2021
- The demand from Germany and France is set to rise on account of increasing focus on water treatment
- Within East Asia, China and South Korea are expected to emerge as key markets, while Japan will continue exhibiting growth at a positive rate
“The rising demand from end-use industries such as, pharmaceuticals, agrochemicals and paints, coatings, and dyes is expected to fuel the demand for Amines. Market players, while aiming to capitalizing on existing opportunities, are focusing on strategic collaborations to gain competitive edge,” said by a FMI analyst.
Who is winning?
Some of the leading players are planning to expand their distribution and sales footprint in East Asia and South Asia. This shift in focus towards developing economies is steered by the on the back of easy availability of cost effective raw materials, availability of workforce at economic rate, and considerable relaxation in regulations for chemical industries and subsidies in other utilities.
Market Landscape: Competitive
The global amines market is considered as oligopolistic. In order to get competitive advantage in the market, manufacturers are focusing on long-term contracts with end users for maximizing profits and ensuring continuous revenue flow. Key market participants including BASF SE, Evonik Industries AG, Lonza, Akzo Nobel N.V, Arkema Group, Celanese Corporation, Clariant, Daicel Corporation, Dow Chemical Company, Huntsman International LLC, Eastman Chemical Company, INEOS, LyondellBasell Industries N.V., Mitsubishi Gas Chemical Company Inc., SABIC, Solvay, Tosoh Corporation, Indo Amines Limited, Balaji Amines, Amines & Plasticizers Limited, Alkyl Amines Chemicals Limited and RCF Limited are focusing on increasing their share in global market by entering into strategic acquisitions of medium players and collaboration with other market participants.
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Want to Know More?
Future Market Insights has published a market research report on the Amines market that contains global and Indian industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Amines market through three different segments- product type, end use and region. The Amines market report further provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market along with a detailed overview of the parent market.
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