The amines market is projected to witness significant growth by 2027 owing to prevalent product demand in several industrial applications across the globe. Amines are derived from ammonia, wherein a substituent like an alkyl or aryl group replaces one or more hydrogen atoms.
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The amines market has been categorized in terms of product (ethanolamine, ethylene amine, alkyl amine, fatty amines, amino methyl propanol (AMP), and specialty amines), application, function, and region.
The ethanolamine product segment has further been bifurcated into monoethanolamine, triethanolamine, diethanolamine, and methyl diethanolamine (MDEA). In 2020, the diethanolamine segment was valued at over USD 1.2 billion and is projected to grow at a CAGR of around 6.6% over the forecast period.
The alkyl amine product segment has been segmented into methyl amine, propyl amine, ethyl amine, and others. The propyl amine segment valuation exceeded USD 640 million in 2020 and is calculated to expand at a CAGR of over 10.8% through the assessment timeframe. The others segment is anticipated to progress at above 8.7% CAGR over the analysis period.
In 2020, the ethylene amine product segment surpassed a valuation of USD 2.1 billion and is slated to grow at a CAGR of over 7.4% through the forecast timeline. The segment has further been divided into ethylene diamine, piperazine, diethylenetriamine, aminoethylpiperazine (AEP), tetraethylenepentamine, and others.
The ethylene diamine segment was valued at more than USD 970 million in 2020 and is anticipated to grow at approximately 8.1% CAGR through the projected period. The diethylenetriamine segment is estimated to progress at a CAGR of about 7.1% over the study timeframe.
In 2020, the tetraethylenepentamine segment was worth more than USD 350 million and is set to observe substantial growth at a CAGR of nearly 6.9% through the forecast timeline. The aminoethylpiperazine segment is speculated to garner a sizable revenue by the end of 2027, expanding at a CAGR of over 6.2% through the projected timeline.
The piperazine segment surpassed a valuation of USD 60 million in 2020 and is expected to see robust growth at around 7.8% CAGR over the forecast period. The others segment is expected to progress at a CAGR of about 5.9% through the analysis time period.
In 2020, the amines market valuation from the specialty amines segment exceeded USD 2 billion and is foreseen to grow at a CAGR of approximately 7.7% over the forecast timeline. The amino methyl propanol segment was valued at over USD 620 million in 2020 and is expected to amass a considerable share in the overall market revenue, progressing at a CAGR of over 9.9% through the review period.
From the application perspective, the amines market has been divided into water treatment, agriculture, cleaning, paints & coatings, personal care, pharmaceuticals, gas treatment, petroleum, and others. In 2020, the water treatment application segment was valued at over USD 2.4 billion and is set to grow at around 8.2% CAGR through the assessment period.
The paint & coatings application segment was worth more than USD 1.15 billion in 2020 and is projected to see prominent growth at a CAGR of around 7.9% over the study timeline. The petroleum application segment is expected to progress at a CAGR of about 6.4% over the forecast timeframe.
The gas treatment application segment exceeded a revenue of USD 1 billion in 2020 and is anticipated to register stable expansion at a CAGR of approximately 7.0% through the analysis period. The others application segment is calculated to grow at a CAGR of about 5.3% over the forecast timeframe.
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With respect to function, the amines market has been categorized into solvent, corrosion inhibitors, chelating agent, surfactants, bleach activators, and others. In 2020, the bleach activators function segment was valued at over USD 1.3 billion and is projected to expand at about 7.9% CAGR through the forecast period. The others function segment is expected to grow at a CAGR of approximately 7.0% over the study timeframe.
On the regional spectrum, the LATAM amines market valuation surpassed USD 1.7 billion and is foreseen to amass profitable growth by 2027, progressing at a CAGR of nearly 7.3% through the review period. Meanwhile, the Middle East & Africa amines market is estimated to reach a valuation of over USD 1.4 billion by the end of 2027.