Amines play a key role in many end-use industries, including methylene diphenyl isocyanate (MDI) and polyurethane, pharmaceuticals, plastics, polymers, and rubber, which is expected to drive the market.
DUBAI, UAE / ACCESSWIRE / March 2, 2021 / FMI states in its recent study on the amines-market that the market will record an impressive CAGR through 2031. Demand for amines is anticipated to continue surging particularly due to the increased industrial development.
"introduction of new and innovative products, solutions and technologies for end-use industries, is the key strategy adopted by market players. Besides this, some of the leading companies are planning to the expansion of their production capacities..." says the FMI analyst.
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Amines Market - Important Highlights
- Aromatic amines are expected to remain a dominant commodity form due to their use in the manufacture of MDI and polyurethane.
- According to the end-use industry, MDI is expected to remain dominant due to its use in the manufacture of polyurethane.
- The paint and coating industry is anticipated to show high market demand for amines.
- During the forecast era, the FMI expected East Asia to remain one of the most profitable markets.
Amines Market - Drivers
- Amines are increasingly used in the paint and coating industry as an additive or preservative to protect paints and coatings from spoilage for a prolonged period and are driving the growth of the market.
- Significant growth in the manufacturing sector has been observed over the last few years and the trend is expected to remain the same over the projected period which is boosting the market growth.
- The demand from the pharmaceuticals industry across several countries is anticipated to increase the market demand for amines.
- Favorable government policies and investments will generate the growth of the market.
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Amines Market - Restraints
- The volatility of raw material prices is anticipated to hamper the growth of the market.
- Strict government restrictions are also expected to reduce the growth of the global amines industry over the projected period.
COVID-19 Impact on Amines Market
The amines market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. Border closures, quarantines, and the supply chain of the market and trade disruptions, especially in countries hard hit by the virus was noticed all around the world. this has led to reduced demand from several industries which hindered the growth of the amines market. However, the industry is likely to experience a turnaround as the economies of several nations start stabilizing.
Competitive Landscape
The amines market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. However, it is important to note that some of the leading players are planning to raise the cost of their goods. For eg, Evonik Industries AG increased the price of fatty amines, derivatives, in 2017.
Some of the leading companies operating in the market are BASF SE. Evonik Industries AG, Lonza, Akzo Nobel N.V, Arkema Group, Celanese Corporation, Clariant, Daicel Corporation, Dow Chemical Company
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About the Study
The study offers readers a comprehensive assessment of the amines market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Aromatic Amines, Fatty Amines, Specialty Amines, Aliphatic Amines, Amine Derivatives), end-use (MDI, Pharmaceuticals, Agrochemicals, Paints, Coatings, Dyes & Inks, Plastic, Polymer & Rubber, Water Treatment) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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SOURCE: Future Market Insights