Sellbyville, DE -- (SBWIRE) -- 05/01/2019 -- North America ethanolamines market is led by the U.S. which occupied more than 85% of the regions revenue whereas Europe will likely experience a dip due to banning of diethanolamines in cosmetics. The most lucrative regions for the ethanolamines market are Asia Pacific and Middle East & Africa. These two regions will witness favorable growth within the forecast years and will chiefly drive the overall industry.

High growth in surfactants industry will also augment the ethanolamines market. Surfactants are increasingly used in detergents & cleaners, cosmetics, lubricants, etc. Rapid industrial development all around the globe has increased the demand for industrial detergents and cleaners. Stringent regulations relating to workplace and industrial cleanliness has also increased demand for surfactants needed in cleaners. Higher disposable income and willingness to spend on personal grooming has resulted in increased growth in cosmetics and personal care products sector. Revenue generated by the global cosmetics manufacturing industry was more than USD 250 billion in 2015 and is anticipated to cross USD 350 billion by 2024. This will increase the demand for surfactants in cosmetic products and will boost the global ethanolamines market during the forecast years.

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Ethanolamines Market will likely surpass USD 3.9 billion by 2024 according to this new research report. Global ethanolamines market will be chiefly propelled by increasing demand for agrochemicals as the product is used as an herbicide. High population growth has led to rising demand for food crops all around the globe. Keeping in mind food security concerns, governments of many countries are taking initiatives to increase the yield of food crops. This factor coupled with shrinkage of agricultural land is anticipated to increase agrochemicals demand during the forecast years and will drive the ethanolamines market.

Ethanolamines market may face challenges in the future due to the possible harmful effects of the compound on human health. Studies have linked the compound with liver tumors and the European Union banned the use of DEA in cosmetic products due to its carcinogenic nature. There is a possibility of safer compounds to substitute the product in the future and ultimately hinder the industry growth.

Monoethanolamines (MEA), diethanolamines (DEA) and triethanolamines (TEA) are the three product segments in the global ethanolamines market. Diethanolamines will be the fastest growing segment with 4% CAGR during the forecast years. In 2015, the market value of this segment was around USD 1 billion. Triethanolamines had the largest share of the overall ethnolamines market in 2015 and is anticipated to grow at a favorable rate till 2024.

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Global ethanolamines market is segmented into six application categories including surfactants, chemical intermediaries, herbicides, gas treatment, cement and others. Surfactants was the most prominent application segment in 2015, accounting for more than a quarter of the overall revenue. High demand for industrial cleaners will augment the growth of this segment. Herbicide and chemical intermediary segments are anticipated to grow at a healthy rate till 2024 due to high growth in chemical industries sector and increasing demand for agrochemicals. These two segments together occupied more than two fifth of the overall ethanolamines market.

Key participants in the ethanolamines market are The Dow Chemical Company, Huntsman Corporation, SABIC, China Chemical & Petroleum Corporation, LyondellBasell Industries, Sintez OKA, BASF-YPC Company, INEOS Group, and others. Market players are trying to gain an advantage over their rivals by R&D investments and product & capacity expansions.

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