Market Trends of Amines Industry
This section covers the major market trends shaping the Amines Market according to our research experts:
Increasing Demand form Pharmaceutical Industry
- Amines are majorly used in the pharmaceutical industry. It contains a ring-like structure known as aryl group which is majorly seen in pharmaceuticals such asantipsychotic aripiprazolecholesterol-lowering rosuvastatin, local anesthetic lidocaine, anticancer drug imatinib and are also used as solvents and catalysts in various drug manufacturing.
- According to IQVIA Institute for Human Data Science, the global pharmaceutical market reached a value of USD 1.2 trillion in 2018. The market is expected to register at a CAGR of 4-5% during the forecast period. North America is partly responsible for the largest portions of the revenue, due to the leading role of the United States pharmaceutical sector.
- Asia-Pacific and North America are the dominant regions in the amines market. In Asia-Pacific, China occupies the largest share, followed by India, while regarding the growth rate, India is expected to witness the fastest growth.
- The amines market is growing in the pharmaceutical industry, due to increasing awareness regarding health issues, etc.
- All the aformentoned factors are likely to increase the demand for amines over the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific has become the largest consumer, as well as one of the largest producer of amines. The production has reached such high levels that it has become a major hub for exporting of cosmetics and personal care products to developed nations, such as the United States, United Nations and Spain.
- The tier-2 markets, such as South Korea, are expected to witness a rapid rise in the demand for personal care products. Moreover, China, and India are also likely to experience good opportunities for the personal care market.
- Increasing awareness about the advantages of multi-functional personal care products is expected to boost the demand for amines during the forecast period.
- Overall, the market share of Asia-Pacific in the personal care industry (including cosmetic products, and others) is growing significantly and is likely to follow the same trend during the forecast period, driving the overall market for amines in the region.
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