Amines are organic compounds containing nitrogen. They are widely used as solvents, rubber chemicals, agriculture chemicals, surfactants, dyes, pharmaceuticals, etc. Some key applications of amines include epoxy hardeners, curing agents, lubricating oil and fuel additives, gas purification, etc.

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 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
The amines market is primarily driven by rising demand from industrial sectors like construction, automotive, coatings, oil & gas. Amines find major usage in epoxy hardeners which are widely employed in constructions for making paints, adhesives and sealants. The growth of the construction industry especially in developing nations of Asia Pacific and Middle East is fueling the consumption of amines. Further, amine-based additives improve the flow properties of lubricating oils and extend their lifetime. With increasing industrialization and automobile sales globally, the demand for lubricants is rising steadily thereby propelling the amines market growth. Amines are also used as gas scrubbing agents to remove acidic gases like H2S, CO2 from natural gas and refinery gas streams. The growing energy needs and focus on cleaner fuels is boosting the gas processing industry worldwide and supplementing amines consumption.

SWOT Analysis

Strength: The amines market has strong growth prospects due to a rise in demand from end-use industries such as personal care, agriculture, construction, and more. It offers various advantages like corrosion resistance, anti-bacterial properties, and emulsification which boost its appeal. Further, increasing R&D activities for developing bio-based and eco-friendly amines will drive the market.

Weakness: Stringent regulations over the carcinogenic compounds present in a few amine derivatives and their adverse health effects pose major challenges. Further, price volatility of crude oil which is a major raw material increases production costs.

Opportunity: Rising applications in polyurethane foams, surfactants, epoxy hardeners, crop protection, and water treatment open new avenues. Also, the development of bio-based amines using renewable feedstock can present growth opportunities.

Threats: Threat of substitution from alternative chemicals limits the market expansion. Moreover, fluctuations in raw material prices remain major market threat.

Key Takeaways

The Global Amines Market Share is expected to witness high over the forecast period owing to increasing demand from key end-use industries. The market size is projected to reach US$ 22 Mn by 2031 from US$ 18 Mn in 2024, exhibiting a CAGR of 3.2% during the forecast period.

Regional analysis comprises - North America dominates the global amines market, driven by extensive consumption from personal care, agriculture, and construction sectors. Asia Pacific registers highest growth on account of rising industrial activities, increasing population, and growing middle-class in countries like China and India.

Key players related content comprises - 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. These companies have strong geographic presence and cater to diverse end-use industries.

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