The global amines market has been flourishing recently as the demand for these grows across industries. The growing investments in the development of pharmaceuticals for treating various conditions have given the amines market a massive boost. According to Fairfield Market Research, the rapid growth of the personal care industry is also expected to positively impact the global market. Amines are extensively in the chemical industry as catalysts, solvents, chemical intermediates, stabilizers, and feed additives. Thus, as their end-use industries such as agrochemicals, polymers, pharmaceuticals, dyes, water treatment, and foundry chemicals expand they will show higher consumption of amines throughout the forecast period of 2021 and 2025.
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Swelling Tide of Personal Care and Grooming Products Boosts Amines Consumption
In recent years, the demand for personal care products for grooming has witnessed a remarkable rise. Both women and men have taken a keen interest in personal grooming, which has significantly raised the demand for fatty amines. These are widely used for the production of conditioning agents, foam boosters, surfactants, or emulsifiers in personal care products. The rising trend of skincare amongst all age groups is expected to create lucrative grounds for the growth of amines, which are extensively used in the production of lotions and creams.
Pharmaceutical Consumption of Amines Continues to be Bullish
The global amines market will also receive an impetus from the burgeoning pharmaceutical industry. The pharmaceutical industry uses amines as solvents deployed as extraction agents or as reaction agents. Growing investments in drug development and discovery are also expected to support market growth as amines find application as catalysts in drug production. A popular application of amines is seen in the production of Demerol and morphine. Additionally, an anaesthetic drug, novocaine also uses amines for synthesis. Improving diagnostics and the high prevalence of chronic conditions are expected to push the amines market in the upward direction, predicts research report.
Industrial Growth Across Asia Pacific Makes Region Key Consumer of Amines
The growth of sectors such as agrochemical, polymers, and pharmaceuticals across Asia Pacific has given the amines market excellent opportunity. Analysts anticipate that India and China will lead this demand as manufacturing activities across sectors continues. As both of these countries are predominantly agrarian, they will see a spike in the consumption of herbicides and fungicides. Growing pressure on the economies to improve yield will push farmers to adopt modern techniques, further boosting the market.
The outbreak of COVID-19 has also created a high demand for cleaning agents, which are made using amines. As the demand for sanitisers and disinfectants continues to swell, the global amines market will show promise of a steady growth rate during the forecast period.
Some of the key players in the global amines market are Evonik, BASF, Nouryon, and Huntsman. Players are focussing on increasing their capacities to cater to the growing demand from the pharmaceutical industry. For instance, BASF declared its plans to make a 20% expansion of its alkylethanolamines (AEOA) capacity at its Verbund Site, Germany. This will give BASF a strong position in the market as the demand for AEOA grows in water and gas treatment applications.
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