(I-BusinessNews.Com, June 09, 2021 ) Alkyl Amines Market size is forecast to reach $7,110.2 million by 2026, after growing at a CAGR of 6.2% during 2021-2026. Alkyl Amine is a versatile class of compound used in organic synthesis. The surging uses of alkyl amines across various applications like solvents, pesticides, feed additives, rubber processing chemicals, and water treatment chemicals are driving the growth of alkyl amines market. Increase in the retail sector and prospering e-commerce industry is demanding for more packaging material that is influencing the significance of the Alkyl Amines market. Whereas, the growing consumption of solvents from infrastructure and automotive sector further drives the demand for Alkyl Amines during the forecast period. Furthermore, growing demand of alkyl amines from the agriculture industry as a pesticide is also driving the market growth.
Alkyl Amines Market Segment Analysis - By Type
The propylamines segment is projected to witness the highest CAGR of 8.2% during the forecast period owing to the rising demand for propylamines from various end-use industry like pharmaceutical, petroleum, and plastic. As, propylamines acts as a regulating agent for plastics and an additive in the petroleum industry. In addition, it is also acting as an intermediate for pharmaceuticals, coating materials, and rubber chemicals. Thus, the growing investments in the pharmaceutical industry and developing petroleum industry in emerging nations like China and India further propels the demand for propylamines, which in turn drive the growth of this market.
The Ritter reaction segment is projected to witness the highest CAGR of 7.8% during the forecast period owing to its optical clarity and biocompatibility characteristics. The Ritter reaction is an organic reaction process that transforms a nitrile into an N-alkyl amide by using various electrophilic alkylating reagents. Whereas, the growing uses of Ritter reaction process in the formation of amines and amides of pharmaceutical use is expected to drive the market growth.
Alkyl Amines Market Segment Analysis - By Application
The solvent segment held the largest share of more than 30% in the global market in 2020. The growing uses of methylamine-based solvents for the production of C1-C6 alkyl amines drive the market growth. As these alkyl amines are used across various applications like rubber processing, water treatment, and feed additives. Furthermore, the surging consumption of C1-C6 alkyl amines in the agrochemical sectors as pesticide further drive the market growth. Whereas, growing uses of solvents for the production of spandex, polyurethane elastomers, and polyimide films further contribute to the market growth.
Alkyl Amines Market Segment Analysis - By Geography
Among the regions, the APAC region held the largest share of more than 45% in 2020 and is projected to witness the highest CAGR of 8.5% in the global Alkyl Amines market followed by North America and Europe during the forecast period. The growing disposable income, rise in population, and growing water treatment activities and surfactants propel the growth of this market in the APAC region. Furthermore, the growing demand for dimethylformamide (DMF) form electronics industry for the manufacturing of printed circuit boards majorly in China, Taiwan, South Korea, and Japan further drives the growth of this market across the country during the forecast period.
Alkyl amine is an effective surfactant that can act as biocides due to their ability to kill microorganisms. Alkyl amine also enhance the biocidal effect of chlorinated phenolic when they are applied in water. The use of alkyl amines improves the water quality and also acts as resistant to corrosion due to its property of oxygen scavenging. The growing wastewater discharge into the waterways where it creates health, environmental and climate-related hazards further drive the demand for water treatment plants. Whereas, the growth of wastewater treatment plants in the developed and developing regions drive the market growth. For instance, in 2019, in India, Delhi Jal Board awarded SUEZ the contract to build and operate a wastewater treatment plant with a capacity of 564,000 m3/day amounting a value of €145 million (around US$196 million). Moreover, in 2019, the South African Government has released 341 million Rand ($24.3 million) to rehabilitate several wastewater treatments plants in Mpumalanga province. Thus, the developments in wastewater treatment activities globally also turn drive market growth.
Alkyl Amines Market Challenges
Harmful effects of alkyl amine and high maintenance cost
Exposure to alkyl amines is corrosive to the eyes, skin, and lungs. Moreover, the toxic nature of Alkylamines further incurs high maintenance and transportation costs. The harmful effects and high cost of alkyl amine acts as a challenging factor to the market growth. Additionally, fluctuating prices for raw materials and foreign currency can directly impact the overall market growth of alkyl amines. As Ethyl alcohol, ammonia and factory gasses are the primary raw materials used in the production of alkyl amines.
Emergence of COVID-19 the Pandemic
The pandemic is affecting operations of various industries such as agriculture, oil and gas, construction, packaging, and others. As, Alkyl Amines products are extensively used in these industries, the declining operations of these industries is directly affecting Alkyl Amines market growth. Moreover, it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021 and will have its major impact on the economy and global trade volume. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19.
Alkyl Amines Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Alkyl Amines market report. In 2020, the market of Alkyl Amines top 10 companies accounting for xx% of the share. Major players in the Alkyl Amines Market industry outlook is Taminco, Eastman Chemical Co., BASF SE, DuPont, Arkema, Luxi Chemical Co., Ltd., Feicheng Acid Chemicals Co. Ltd., Shandong Huala Hengsheng Chemical Co. Ltd., Koei Chemical Company, Mitsubishi Gas Chemical Company, and Alkyl Amines Chemicals Ltd., among others.
In November 2019, Alkyl Amines Chemicals Limited decided to sell Company's 29,77,996 equity shares representing 30.44% stake in associate company, Diamines and Chemicals Limited (Diamines).
In November 2019, Eastman Chemical Co. announced to increase the capacity for alkyl amines to meet growing global demand from various end markets such as home and personal care, water treatment, and animal nutrition.
In the Latin America region, Brazil is the major market for the alkyl amines owing to upsurge in the purchasing power of consumers and rise in corn, wheat, and sugarcane production and consumption across the country further drive the demand for Alkyl Amines.
Stringent government regulations and harmful effects of alkyl amines acts as a hindrance to the overall market growth.
Unstable economic condition, high transportation and maintenance cost of alkyl amines also cause major hindrance to the overall market growth.
Surging innovations in the pharmaceutical application is expected to provide new opportunities to growth of major market participants.
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