Amines Market - Industry Analysis, Market - Forecast(2024 - 2030)

Amines Market Overview

Amines Market is projected to grow at a CAGR of 7.8% during 2024-2030 and is expected to reach USD $23.5 billion by 2030. Amines are broadly defined as a functional group made up of a nitrogen atom with a lone pair in organic chemistry. Amines are derived from ammonia where one or more of the hydrogen atoms are replaced with alkyl or aryl groups. In organic chemistry, the most forms of amines are alkyl amines, like trimethylamines, and arylamines, like aniline which is the most common aryl or aromatic amine. While it is often used extensively in organic chemistry, there are inorganic amines as well, a common example being monochloramine. Amines are the primary building blocks of daily lives, being used in almost every aspect, like pharmaceuticals, textiles, personal care and cosmetics, and agriculture. The amines used in daily lives are most commonly biogenic amines which are essential for natural metabolic and physiological functions. 

The development of advanced analytical techniques enables more precise characterization and quantification of amines in various matrices, driving quality control and regulatory compliance in industries like cosmetics and pharmaceuticals. A growing trend in amines involves the development of environmentally friendly synthesis methods and processes. Companies are investing in research to minimize waste, energy consumption, and hazardous by-products in amine production.

Companies are increasingly adopting sustainable practices in amine production, including using renewable feedstocks, reducing energy consumption, and implementing waste minimization strategies. This trend aligns with corporate sustainability goals and enhances brand reputation. The report covers various segmentations of the Amines Market and analyze the Market landscape, drivers, and challenges.

COVID-19 Impact

During the COVID-19 Pandemic, many markets and industries experienced a decline in their business. This is primarily due to the lockdown protocols mandated by the various governments globally. The supply chain was heavily disrupted and production facilities were non-functional. Many End-Use Industries of Amines, such as the Paints and Coatings, the Personal Care and Cosmetic, Textile, and so on, were at a loss during the COVID-19 Pandemic. According to the International Trade Centre (ITC), the Textile and Apparel Sector saw an 11% drop in Consumer demand in 2020 globally while the Italian Textile Machinery Manufacturers Association reported that there was a 44% decrease in sales of Textile machinery overseas. A similar trend followed for the other Industries as well. However, the pharmaceutical industry saw an increase in demand during the Pandemic. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the Pharmaceutical Industry in North America saw a growth of 3.3% in 2020 while Europe saw a growth of 3.9%. Amines are one of the essential feedstock’s for Pharmaceuticals, so even though there was a decline in the other end-use Industries for Amines, the demand for Amines increased on the side of Pharmaceuticals. The Pandemic proved to be a turbulent time for the Amines market however, the situation is improving globally, and many countries are now relieving lockdown protocols. As a result, the Amines Market is forecasted to witness increased growth in 2024-2030.

Report Coverage

The report: “Amines Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Amines Market.

By Type: Ethanolamines (Monoethanolamines, Diethanolamines, Triethanolamines, Others), Alkylamines (Methyl Amines, Ethyl Amines, Propyl Amines, Others), Fatty Amines, Specialty Amines (Polyamines, Asymmetrical Secondary Amines, Alkylalcoholamines, Others), Ethyleneamines (Ethylenediamine, Diethylenetriamine, Tetraethylenepentamine, Piperazine, Others), Aromatic Amines, Others.

By Function: Solvents, Corrosion Inhibitors, Catalysts, Surfactants, Others.

By Application: Water Treatment, Gas Treatment, Cleaning Products, Adhesives, Paints, Polymers and Resins, Agrochemicals, Petrochemical, Cosmetics, Rubber, Others.

By End-Use Industry: Agriculture Industry, Paints & Coatings, Pharmaceutical Industry, Oil & Gas Industry, Textile Industry, Automotive Industry, Personal Care and Cosmetics, Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

• The Asia-Pacific region holds the largest share in the amines market primarily due to the growth and dominance of the Agriculture and Personal Care Industry. This is especially true for China and India where the quality of life and their disposable income has increased substantially. According to the Department of Agriculture and Farmers Welfare, the total food grain production in the country was estimated to be 329.68 million tons during 2022-23, which is higher by 14.07 million tonnes than the production of foodgrains of 315.61 million tonnes achieved during 2021-22.
• Ethanolamines are a versatile form of amines that possesses the properties of both primary alcohol and a primary amine.
• Amines are primarily used as solvents for fats and oils and are used in conjunction with fatty acids to form emulsions.
• The increase in demand and the growth of the Pharmaceutical Industry proves to be a driver for the Amines Market.    

Amines Market Segment Analysis – By Type

Ethanolamines hold the largest share of 38% in the type segmentation in 2023. Ethanolamines are amines that form a bond with ethanol. It is unique in characteristics such that it possesses properties of both primary alcohol and a primary amine. Some common sub-segments of ethanolamines are triethanolamines and diethanolamines. Ethanolamines are used as raw materials for a variety of products such as detergents, pharmaceuticals, agrochemicals, and chemical intermediates. It is also commonly used as a solvent, corrosion inhibitor, and surfactant. Its diverse nature also makes it useful in regulating pH in cosmetics. Other common types of Amines are alkylamines also known as aliphatic amines, these amines commonly substitute one of the hydrogen atoms with an alkyl group. Some examples are methylamine, ethylamine, and propylamine, where they replace one, two, and three hydrogen atoms from ammonia respectively. There are also fatty amines, where the amine is connected to a hydrocarbon chain, aromatic amines, where the amine is connected to one or more aryl groups, and specialty amines.

Amines Market Segment Analysis – By Function

Solvents hold the largest share of 35% in the function segment in 2023. Amines exhibit excellent solvent properties due to which they are extensively used as a solvent for fats and oils. Amines are used as solvents in combination with fatty acids, to form various types of emulsions such as lotions and creams. Their solvent functionality is also used in the manufacture of a variety of chemicals like agrochemicals and pharmacological drugs as well as emulsions. This is because Amines form excellent intermediates concerning those chemicals. Amine solvents are also considered to be the most developed form of carbon dioxide capture which helps reduce greenhouse gases in the environment. Due to this reason, Solvents holds the largest share in this segmentation. Amines are also commonly used as catalysts in various processes and are used as corrosion inhibitors and surfactants.

Amines Market Segment Analysis – By Application

Agrochemicals application holds the largest share of 30% in the Application segment in 2023. Amines serve as an essential feedstock for chemicals used in the Agriculture Industry. They are primarily used for crop protection in chemicals like pesticides, herbicides, insecticides, and so on. Other than crop protection, they are also used in fertilizers, emulsifiers, and other chemical processes. There is always growing demand for high-quality crops and produce which is why amines prove to be essential in maintaining the quality of products in the agriculture business. According to the Ministry of Chemicals and Fertilizers, India’s estimated production of Fertilizers until November 2022 was 28.1 million metric tonnes Other applications of amines include water treatment, gas treatment, polymers and resins, petrochemicals, and so on.

Amines Market Segment Analysis – By End-Use Industry

Agriculture Industry holds the largest share of 41% in the End-Use Industry segment in 2023. As mentioned above, agrochemicals see the most use of amines as it is used for a variety of applications like pesticides, fertilizers, emulsifiers, and chemical processes. The Pharmaceutical Industry is one of the fastest-growing industries when it comes to the demand for amines. This is because amines are used for a variety of uses such as the production of drugs as well as solutions and emulsions. Some popular drugs that are amine-based are amphetamine, tramadol, atenolol, norepinephrine, and so on. Other End-Use Industries include the paints & coatings industry, oil & gas industry, automotive industry, textile industry, personal care & cosmetics industry, and more.

Amines Market Segment Analysis – By Geography

Asia-Pacific region holds the largest share of 47% in the Amines Market in 2023. This is because of the growth of key industries in the Asia-Pacific region like the agriculture industry as well as the personal care and cosmetics industry. This is especially true for China and India where the quality of life and their disposable income has increased substantially. According to the Department of Agriculture and Farmers Welfare, the total food grain production in the country was estimated to be 329.68 million tons during 2022-23, which is higher by 14.07 million tonnes than the production of foodgrains of 315.61 million tonnes achieved during 2021-22. According to the International Trade Administration, China is expected to be the second-largest market in the world for personal care products, with projections of almost $80 billion by 2025. Due to the growth and dominance of these markets in the Asia-Pacific region, the Amines Market is most prominent in Asia-Pacific as well.
 

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Amines Market Drivers

The increase in quality and growth of the Pharmaceutical Industry:

There is an exponential growth in the Pharmaceutical Industry and there has never been a greater demand for medicine than now during the COVID-19 Pandemic. Amines are at the forefront when it comes to the development of drugs and the increase in demand for the Pharmaceutical Industry greatly boosts the need for Amines in the Pharmaceutical Market. According to the Government of India, the average R&D expenditure made by pharmaceutical companies in FY 2021–2022 was 7.5% of total revenue; Alembic Pharma, Lupin, Dr. Reddy’s Laboratories, and Glenmark all made higher R&D investments. This is one of the primary drivers for the Amines Market.

Amines Market Challenges

Harmful Effects of Amines and Amine-based Chemicals on health:

While various amines such as biogenic amines are helpful for the human body and prove to be essential, there are a variety of amines too that are hazardous to the humans. Some examples of these amines are triethylamine and N, N-dimethylethylamine, which are primarily used in epoxy, foundry, and polyurethane foam industries. These amines are known to cause glaucopsia, a disease that causes blurring of vision. Another toxic form of amines is Allyl Amines, which are used in vulcanizing rubber, in the synthesis of ion-exchange resins, and as an intermediate in pharmaceutical synthesis. Allyl Amines are known to cause liver and kidney damage and repeated exposure can sometimes adversely affect the nervous system as well. As such, these factors prove to be a challenge for the Amines Market.

Amines Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Amines top 10 companies include:

1. BASF SE
2. Arkema S.A.
3. Dow Chemical Company
4. Mitsubishi Gas Chemical Company, Inc.
5. Huntsman Corporation
6. Solvay Group
7. Tosoh Corporation
8. Nouryon
9. Saudi Basic Industries Corporation (SABIC)
10. Amines & Plasticizers Limited (APL)

Recent Developments

• On 31 August 2022, Clariant's Quats and Esterquats business, renowned for its Praepagen® and Genamin® brands, is acquired by Global Amines Company, leveraging Clariant's expertise in specialty chemicals and Wilmar's leadership in agribusiness and Oleochemicals, ensuring a competitive edge and fostering future growth.
• On October 18, 2023, Alkyl Amines Chemicals witnessed a nearly 1% rise in share price following the commencement of commercial production at its newly established plant, with shares trading at Rs 2,267.55, up Rs 20.05 (0.89%) on the BSE, as the company announced the successful initiation of manufacturing capacity expansion for Ethyl Amines at its Kurkumbh site in Maharashtra.
• On January 04, 2024, Balaji Amines Limited's expansion project for manufacturing specialty chemicals at its subsidiary, Balaji Speciality Chemicals Limited, in Solapur, Maharashtra, has been granted Mega Project status by the Government of Maharashtra, under the Packaged Scheme of Incentives (PSI), 2019, with a proposed investment of 7500 millions.