The market for Diethanolamine (DEA), also known as bis-(2-hydroxyethyl) amine is anticipated to register a CAGR of 4.8% during the forecast period 2019 - 2024.
- Increasing demand for diethanolamine from construction and agricultural industries is expected to drive the demand for the market during the forecast period.
- Upcoming new refineries projects are likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China, Japan, and India.
Scope of the Report
The scope of the report is as follows:
Key Market Trends
Increasing Demand from Textile Industry
- Diethanolamine (DEA) is used in the textile industry for various applications like fabric finishing-agent, softening agent, fluorescent whitening agent and lubricants for textile machinery.
- The apparel consumption is forecasted to grow at a CAGR of 4% and will reach an estimate of USD 2.6 trillion by 2025. It is expected that the market growth rate of developed countries will slow down whereas large emerging economies like China and India, will be the key drivers for its growth.
- The global apparel consumption in 2017 is estimated to be USD 1.8 trillion, which accounts for 2% of the world GDP of USD 79.3 trillion. European Union was the largest apparel consumer market worth USD 400 billion, followed by markets of the USA, China, and Japan.
- Over the past decade, the share of the top 10 global textile and apparel exporters has increased from 66% in 2007 to 71% in 2017, which indicates that there has been a consolidation of global sourcing of textile and apparel products from different countries.
- Additionally, coupled with government policies and schemes, the demand for diethanolamine in various industries is likely to act as an opportunity.
Asia-Pacific Dominates the Market
- Asia-Pacific region dominated the global market in 2018. With the growing demand for herbicides to increase agricultural productivity in countries such as China, India, the usage of diethanolamine is likely to increase in the region.
- Total agricultural exports from India grew at a CAGR of 16.45% over 2010-2018 to touch USD 38.21 billion in FY18. India is also the largest producer, exporter, and consumer of spices and spice products whose exports reached USD 3.1 billion in 2017-18. Moreover, the Asia-Pacific region is also projected to register the highest CAGR during the estimated period.
- Another prominent industry which is likely to boost the DEA market is construction; with the increase in constructional activities in India and China, the consumption of DEA in paints and coatings is projected to increase. To cater to this demand, many major companies in the market have increased their production capacities in the recent past.
- The global cosmetics market which consumes DEA in producing various skincare related products is growing steadily at 4.3% CAGR and is expected to reach USD 450 billion in 2025. This will lead India to become one of the top 5 global markets with a contribution of 5% of the total global cosmetics market by 2025.
- All the aforementioned factors are expected to drive the demand for the diethanolamine during the forecast period.
The diethanolamine market is fairly consolidated with the top 10 players accounting for a major chunk of the market. Key players in the diethanolamine market include BASF SE, DowDuPont, Sinopec, SABIC, Ineos, HELM AG and other prominent players such as Formosa Plastics Corporation, Exxon Mobil Corporation, Mitsubishi Chemicals Corporation, and Reliance Industries Limited, are among others.
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