Amines are widely used as emulsifiers, surfactants, dispersing agents, and foam stabilizers in cleaning and personal care products like soaps, shampoos, hand sanitizers and many others. They help in dispersing the oil and water components homogeneously. With increasing demand for various cleaning and personal care products, the demand for amines is expected to rise substantially. Amines facilitate easy removal of dirt, reduce surface tension and enhance foaming ability of cleaning products. They not only improve the performance but also provide good feel and rinse ability to personal care formulations.
The global Amines Market is estimated to be valued at US$ 18 Mn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the amines market is growing preference towards bio-based and eco-friendly amines. Rising environmental concerns and stringent regulations regarding the usage of harmful chemicals have increased demand for sustainable alternatives. Companies are investing significantly in research and development of plant-derived and other natural amines. For instance, DuPont Tate & Lyle produces a range of bio-polyamines from renewable resources like corn. They provide comparable performance to traditional petrochemical amines and help formulators to market their products as natural. This trend is expected to continue and drive the future growth of amines market.
Porter’s Analysis
Threat of new entrants: The amines market requires significant capital investments for research and development as well as manufacturing facilities which limits threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in the amines market due to availability of product substitutes and differentiated products from various manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material substitutes and presence of several suppliers.
Threat of new substitutes: Threat of substitutes is low as amines have unique properties and applications that are difficult to substitute.
Competitive rivalry: The global amines market is moderately competitive due to presence of large number of international players operating globally.
Key Takeaways
The Global Amines Market Growth is expected to witness high. The global Amines Market is estimated to be valued at US$ 18 Mn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024-2031.
Asia Pacific region currently dominates the market and is expected to witness highest growth during the forecast period due to increasing demand from industries such as personal care, home care, agrochemicals etc. in countries such as China and India. Europe is another major regional market for amines owing to steady demand from home care, personal care, construction, and textile industries in the region. Stringent regulations regarding use of toxic raw materials and volatile organic compounds (VOCs) are anticipated to boost the demand for bio-based and eco-friendly amines in Europe over the coming years.
Key players operating in the amines market are SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd€TMs Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International. SGS Group, Bureau Veritas and TUV Rheinland Group account for over 35% of the market share due to their international presence and vast service portfolios. These companies are focusing on expanding their operations in emerging economies to gain higher profits.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
