The market for alkylamines is anticipated to register a CAGR of over 6% during the forecast period. The growing pulp and paper industry in developing countries is driving the alkylanines market.
- The growing demand of alkylamines as solvents in the paints and coatings industry globally is expected to drive the demand for the market during the forecast period.
- The emission restrictions in the transportation sector by regional governments and organizations are likely to hinder the market’s growth.
- The increasing innovations in the pharmaceutical sector is projected to act as an opportunity for the market in future.
Key Market Trends
Growing Demand from the Solvent Segment
- Alkylamines are majorly employed in the formulation of paints and coatings in the form of solvents.
- The demand for paints and coatings is increasing in the current scenario, owing to the growth in the industries like automotive, machinery, and construction.
- Major companies in the paints and coating industry are expanding and largely focusing on developing economies globally. This can be majorly attributed to the growth in demand for new constructions and other industrial applications in developing countries.
- With innovations in the paint formation, due to a highly competitive market and the changing preferences of the customers, the uses of solvents in paints and coating are rapidly increasing.
- The biggest end-user industry of paints and coatings is the building and construction industry. The Chinese government has projected the capital expenditure in construction to be over 7% higher than the previous years.
- All the aforementioned factors are expected to support the consumption of paints and coatings (solvent) in the coming years. This, in turn, is expected to drive the demand for the alkylamines during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the global market share. With the growing demand for paints and coatings and the growing pharmaceuticas industries in countries, such as China, India, Japan, and South Korea, the usage of alkylamines is increasing in the region.
- China is the largest producer and consumer of alkylamines, and accounted for a large chunk of the global capacity.
- China is the second-largest pharmaceutical market globally, and is expected to value at USD 145 billion by 2024, registering a CAGR of 3.4% over the forecast period.
- The Indian rubber industry is expeced to register a CAGR of 2.53% during the forecast period, reporting 1.11 million metric ton of rubber currently, and is expected to reach 1.26 million metric ton in 2023, in turn, increasing the demand of alkylamines in India.
- Over three-fourth of the world’s total alkylamines consumption is consumed in Asia-Pacific. Hence, the developing countries of Asia-Pacific are expected to be the prime drivers of growth for the alkylamines market through the forecast period.
The alkylamines market is partially fragmented. The key players in the allkylamines market include BASF SE, Alkyl Amines Chemicals Ltd, Dow, Eastman Chemical Company, and Hutsman Internetional LLC, among others.
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