The global amines market will grow at a compound annual rate of more than 5 percent from 2017 to 2021, with China and India expected to be the biggest consumers of amines due to their growing chemical industries and agriculture sectors, a market research firm projected.
Amines are used in a variety of products, including lubricants. The developing countries of Asia-Pacific, Africa and South America are likely to witness an increasing demand for amines in general, owing to the high demand for lower-value commodity surfactants, the study noted.
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Ethanolamines, which accounted for 42 percent of the global market in 2016, are intermediates used in the manufacturing of lubricants and surfactants, among other products. The growth of demand from newer and niche applications such as corrosion inhibitors for metal protection, wood preservation, glyphosate herbicides and construction chemicals in the U.S. and China are likely to be the major factors influencing the demand for ethanolamines, Ajay Adhikari, a lead specialty chemicals research analyst with Technavio, said in a news release.
Alkylamines, which accounted for 26 percent of the global amines market in 2016, have applications as corrosion inhibitors in synthetic lubricants and metalworking fluids. They are primarily used in applications such as solvents, agrochemicals, rubber processing, water treatment, feed additives, paper chemicals and pharmaceuticals. Asia-Pacific and South America are the most prominent markets for alkylamines, according to Technavio.
Fatty amines made up 17 percent of the market in 2016. Fatty amines – primarily derived from petrochemicals, fats and oils – are used in a variety of applications, including lubricant additives, corrosion inhibition and oilfield chemicals.
Other types of amines accounted for the remaining 15 percent last year.
The report is titled, Global Amines Market 2017-2021.