Growing Adoption of Ethanolamine across Industries Fueling Demand for Triethanolamine, Opines Fact.MR
Published : 10 Jun 2021 Industry: Chemical & Materials
As per a new report published by Fact.MR, the triethanolamine market is forecast to exceed a valuation of US$ 1.7 Bn in 2031, expanding at a CAGR of close to 5% through the same period.
The emulsification property of triethanolamine (TEA) makes it useful in several industrial applications such as gas treating and chemical manufacturing. For the removal of contaminants from gasoline, triethanolamine along with DEA and MEA in gas treating process is highly recommended.
Additionally, demand for triethanolamine as a chemical intermediate has shown drastic growth over the past half-decade. Triethanolamine is used in agrochemicals to make pesticides, where it works as a dissolvent and increases the ability of the pesticide to dissolve easily in water.
In wax production and polish & coating products, triethanolamine works as an admixture to mix ingredients and protect other materials from corrosion. In chemical manufacturing plants, triethanolamine is most used for the removal of carbon dioxide from ammonia gas for synthetic ammonia production.
Key Takeaways from Market Study
- East Asia accounts for the most consumption of triethanolamine, with an absolute $ opportunity worth US$ 288 Mn predicted by 2031.
- Followed by East Asia, South Asia & Oceania is anticipated to garner a dollar opportunity of US$ 120 Mn over the long-run forecast period.
- On the basis of purity level, 99% purity grade triethanolamine dominates the market. In terms of volume, 99% purity grade is expected to register a CAGR of 4.5% over the forecast period, and gain around 144 BPS in market share.
- Commercial grade triethanolamine is projected to create an absolute $ opportunity of US$ 616 Mn during forecast period of 2021 to 2031.
- Textile finishing applications are projected to grow 1.5X in value over the next ten years.
- Concrete admixture applications are projected to grow 1.7X in value during the forecast period of 2021-2031.
- The Middle East & Africa and Latin America together hold a minute market share.
“Diversified portfolio of triethanolamine has reduced market risk multi- fold over the past half-decade,”says a Fact.MR analyst.
The market is highly consolidated and manufacturers are trying to maintain their long-run dominance in the market. Key manufacturers are constantly involved in developing new product lines to enter new application areas. Moreover, their thirst for market dominance is high owing to a rapidly growing market with higher potential.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the triethanolamine market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of purity level (99%, 85%, and 98%), grade (research and commercial), function (additives, intermediates, surfactants, corrosion inhibitors, neutralizers, softening agents, and others), and application (detergent manufacturing, personal care & cosmetics [shampoos, shaving creams, cosmetic creams, lotions, sun care products, and others], textile finishing, concrete admixtures, agricultural chemicals, photographic emulsions, engineering/ metal-working fluids, rubber & PU foams), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia Oceania, and MEA).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals & Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Chemicals & Materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Chemicals & Materials Division