Valued at $2,933.5 million in 2019, the global ethanolamines market is predicted to attain a revenue of $5,079.0 million in 2030. According to the forecast of P&S Intelligence, a market research firm based in India, the market will progress at a CAGR of 5.0% between 2020 and 2030. The mushrooming sales of agrochemicals and the growing requirement for surfactants are the major factors driving the growth of the market across the globe.
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The compound is heavily used as an emulsifying ingredient and surfactant in various personal care products such as shampoos, laundry detergents, and soaps because of its ability to effectively remove grease, stains, and dirt. The rising disposable income of the people living in the developing nations is positively impacting the sales of personal care products, which is subsequently pushing up the demand for ethanolamines. Additionally, the development of more and more personal care products is boosting the requirement for ethanolamines.
Depending on type, the ethanolamines market is classified into diethanolamine (DEA), triethanolamine (TEA), and monoethanolamine (MEA). Out of these, the DEA category recorded the highest growth in the market in the past and this trend will continue in the forthcoming years as well. The extensive usage of the compound as an essential ingredient for producing herbicides and as a surfactant in personal care products is the main factor bolstering the growth of this market category.
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Thus, due to the rising usage of industrial cleaning products and personal care items such as laundry detergents, shampoos, and soaps in many countries around the world, the market is set to exhibit lucrative growth in the future years.