Rising agricultural activities due to expanding population in developing countries is bolstering usage of fatty amines, particularly in agrochemicals. This is due to the increasing number of mouths to feed in the future. As land under food cultivation increases, manufacturers are in a position to generate more profits in the agro-chemical sector.
DUBAI / ACCESSWIRE / June 29, 2020 / Future Market Insights The global fatty amines market is all set to surpass the US$ 2 Bn mark by the end of 2020, projects future market insights in its report. Market growth is being driven by widespread applications across a number of industries including water treatment, agro-chemicals and asphalt additives. Besides, proliferation of novel applications such as detergents, paints & coatings, fabric softener, and mining are also pulling up fatty amines market growth.
Fatty amines are largely consumed in the paints and coatings industry as additives to protect the paints from getting tainted while under storage. Based on such widespread usage, the fatty amines market is anticipated to continue generating high revenue in the coming future as well. However, the coronavirus pandemic is anticipated to induce a certain degree of stagnation in the market, attributed to restricted production cycles and diminishing output.
"Surging popularity of fatty amines as an important raw ingredients across end-use industries is motivating key market players to introduce novel formulations. Market players are leaving no stone unturned to accelerate research and development in this direction," says a prominent FMI analyst.
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Global Fatty Amines Market- Key Takeaways
- The global fatty amines market expanded moderately at a CAGR of 4.2% between 2015 and 2020.
- Tertiary fatty amines captured nearly half of the global fatty amines market, exhibiting a modest CAGR during the forecast period.
- Asia-Pacific excluding Japan dominated the global fatty amines market in terms of region. Rapidly expanding automobile production in China is attributed as the major reason for growth.
- However, North America and Western Europe emerged as high-ranking regions with CAGRs of 6.4% and 5.3% respectively.
Global Fatty Amines Market- Prominent Drivers
- Burgeoning demand for water treatment products wherein fatty amines are used as corrosion inhibitors, disinfectants and biocides is catapulting the fatty amines market to greater heights.
- Increased adoption in the construction industry attributed to good adhesive properties has accelerated its usage as an agent to bind asphalt and mineral aggregates.
Global Fatty Amines Market- Key Constraints
- Volatile raw material prices and uncertainties in the availability of fatty amines is hampering the expansion of the global fatty amines market.
- Governments world over have imposed strict guidelines regarding fatty amines usage due to claims of it having cancerous effects on human beings.
Anticipated Coronavirus Outbreak Impact
The coronavirus pandemic has led to a massive economic downturn across major end-use industries. The impact of the pandemic on the fatty amines market has varied as per the impact on its end-use industries. For instance, the agrochemical industry has been under doldrums, ranging from raw material supplies to availability of finished products. China is a major producer of active ingredients utilized in manufacturing agrochemicals as well as ready-made pesticides that are available across the world. Being the epicenter of the pandemic, the Chinese factories are anticipated to remain shut for an indefinite time period. Additionally, countries dependent on Chinese agrochemicals are also facing severe crunches as imports and exports have been curbed. The imposition of lockdowns have forced factory workers to go into self-isolation, leading to a shortage of labor. Based on these developments, the fatty amines market in the agrochemicals sector has witnessed a sharp decline.
Similarly, the construction industry has suffered significant losses due to the pandemic. Mandatory social distancing measures have compelled construction companies to urge its employees to remain indoors, as they are especially at a high risk of contracting the deadly virus through contact. Consequently, all activities have ceased, leading to a decline in the demand for fatty amines as asphalt additives. However, a silver lining exists for the cosmetics industry, wherein fatty amines are used as an important ingredient, driven by rising interest in sustainable chemicals in cosmetic products. Although first-quarter sales were weak in the wake of widespread store closures, vendors are reorienting their product portfolios to include hand sanitizers and offering free beauty services for frontline responders. Moreover, they have effectively leveraged online platforms to make their products accessible to customers, helping it stay afloat. These trends point towards a bright future for fatty amines in the cosmetics industry.
Explore the fatty amines market report with numerous illustrative figures, data tables and the table of contents. You can also find a detailed market segmentation at https://www.futuremarketinsights.com/askus/rep-gb-361
The global fatty amines market is characterized by the presence of the following market players: Lonza, Clariant AG, Sigma-Aldrich Corporation, Kao Corporation, CECA Arkema Group, Procter & Gamble Chemicals Company, Evonik Industries AG, AkzoNobel N.V, DuPont and Volant-Chem Group. Heavy investments in research & development to develop new products is proving beneficial to the abovementioned market players and offering them profitable opportunities in the future. Increasing volume of business attributed to the presence of a multitude of market players has enhanced market competitiveness, prompting increasing collaborations, product launches and expansion into new geographies to secure a foothold.
More about the Fatty Amines Market
FMI's research report on the fatty amines market provides an unbiased analysis on the key market dynamics such as the drivers, restraints and opportunities associated with the growth of the market. The analysis has been provided in detail based on two major segments: product type and application. By product type, the market is segmented into primary fatty amines, secondary fatty amines and tertiary fatty amines. On the basis of application, the market is divided into water treatment chemicals, agro-chemicals, oilfield chemicals, asphalt additives, anti-caking and others (personal care, mining, fabric softener, paints & coatings). All these segments are analyzed across the following geographies: North America, Western Europe, Eastern Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Latin America and Middle East & Africa (MEA).
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