Alkylamines Marke is expected to reach USD 9,453.2 Million in 2028 and register a revenue CAGR of 5.9% over the forecast period
According to MRFR analysis, the Alkylamines Market is expected to reach around 7 billion in 2028.
Alkylamines are a versatile family of chemical synthesis compounds. Alkylamines are ammonia derivative compounds with one or more hydrogen atoms replaced by alkyl groups. Amines are classified according to the number of carbon atoms bonded directly to the nitrogen atom. A primary (1°) amine has one alkyl (or aryl) group on the nitrogen atom, a secondary (2°) amine has two, and a tertiary (3°) amine has three. The alkyl groups are referred to as substituents, while the NH4+ ion is the parent species. The common names for simple aliphatic amines consist of an alphabetic list of alkyl groups attached to the nitrogen atom, followed by the suffix -amine.
Alkylamines are being increasingly used in various applications, including solvents, insecticides, feed additives, rubber processing chemicals, and water treatment chemicals, which arepropelling the market forward. The market is expanding due to the increasing usage of alkylamines in manufacturing awide range of solvents. Furthermore, the rising use of C1-C6 alkylamines as pesticides in the agrochemical sector is propellingthe market growth. Growing usage of solvents in the manufacturing of spandex, polyurethane elastomers, and polyimide films, on the other hand, are contributing to market expansion.
Moreover, the growing demand for alkylamines in wastewater treatment is boosting the alkylamines market. Alkylamine is an effective surfactant that can act as a biocide due to itsability to kill microorganisms. When used in water, alkylaminesimprove the biocidal activity of chlorinated phenolic. Alkylamines improve water quality while also acting as corrosion inhibitors due to theiroxygen scavenging property. The rising amount of wastewater discharged into rivers, which poses health, environmental, and climate-related risks,aredriving up demand for water treatment plants. The development of wastewater treatment plants in both developed and developing regions, on the other side, encourages market growth.For instance, in 2019, the South African Government has released a grant of USD 24 million to construct multiple wastewater treatment plants in the province of Mpumalanga.Thus, development in wastewater treatment activities across the globe promotes market growth.
However, the detrimental effects of alkylamine and high maintenance costs will likelyhinder the global Alkylamines market. Nevertheless, factors such as government investments and advancement in manufacturing technologiesarelikely to create lucrative opportunities for market growth in the forecast period. Surging innovation in the pharmaceutical industry is projected to open up new growth potential for leading market players.
The outbreak of COVID-19 has had a negative impact on alkylamines production due to the disruption in the supply chain across the globe. This is because of the restrictions on travel and face-to-face meetings coupled with lockdown and curfews to limit the spread of the coronavirus. The pandemic affects operations of different industries, including agriculture, oil and gas, construction, packaging, and others. Because Alkylamines are widely employed in various industries, the decline in their operations directly impacts market growth.
Producers are planning to increase alkylamine prices for end-users to sustain themselves in the market. The majority of raw materials suppliers in this market had to shut down their operating facilities due to the outbreak of COVID-19. The shutdown of various raw material producers and alkylamines manufacturers havereporteda decline in global consumption. Considering the situation, many companies have halted their production facilities across the globe. Some other companies, which are still working, are operating at only 40-60% efficiency. However, these companies have begun operations again.
Manufacturers in this market have decreased their production capacities owing to the decline in demand from the end-use industries, reduced prices, and disruptions in the supply of raw materials. Key players in the market have witnessed a decline in revenue in the fiscal year 2020 compared to 2019. The manufacturers are taking a toll due to reduced demand for products and have announced reduced capital for their prospects. In addition to this, the imposition of various fiscal and monetary policies across the globe to limit the damage caused by COVID -19 by the governments and managements is expected to result in certain relief.
Stringent government policies
Major players in the alkylamines market are adopting strategies such as technology launches, acquisitions, and R&D activities. Some of the major key developments in the global Alkylamines market include:
|Market Size||2030: USD 7 Billion|
|CAGR||Substantial CAGR (2019–2027)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE, Alkylamines Chemicals Ltd., Arkema, Dow Inc., Feicheng Acid Chemicals Co. Ltd., Koei Chemical Company, Luxi Chemical Group Co., Ltd., Mitsubishi Gas Chemical Company, Eastman Chemical Co., Balaji Amines|
|Key Market Opportunities||Fluctuating prices for raw materials|
|Key Market Drivers||
The forecast period for Alkylamines Market research report is 2020-2027.
Global Alkylamines Market is dominated by APAC region.
BASF SE, Alkylamines Chemicals Ltd., Arkema, Dow Inc., Feicheng Acid Chemicals Co. Ltd., Koei Chemical Company, Luxi Chemical Group Co., Ltd., Mitsubishi Gas Chemical Company, Eastman Chemical Co., Balaji Amines