Market Trends of China Amines Industry
This section covers the major market trends shaping the China Amines Market according to our research experts:
Personal Care Products to dominate the market
- Personal care is one of the major end-users for amines. Primary aromatic amines (PAAs) are used as ingredients, in a variety of products in the personal care segment, such as foaming agents, dispersants, emulsifiers, solubilizing agents, cleansers, and conditioners, among others.
- Some of the majorly used amines in this sector include Triethanolamine (TEA) and Monoethanolamine (MEA).
- China has become the largest consumer, as well as one of the largest producers of amines. The production has reached such high levels that it has become a major hub for exporting cosmetics and personal care products to developed nations, such as the United States, the United Kingdom, and Spain.
- According to the National Bureau of Statistics of China, the retail sales of cosmetics and personal care products in 2019, China, is 299.22 billion Yuan which is around 14.24% higher than the previous year.
- Amines are widely utilized in disinfectant concentrate or disinfectant as a virucide in hand sanitizer. The outbreak of diseases has driven consumers to take up various preventive measures, such as the increased use of hand sanitizers which is expected to enhance the demand for amines over the forecast period.
- The above-mentioned factors are anticipated to drive the demand for personal care products during the forecast period.
Understand The Key Trends Shaping This Market
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Ethyleneamines Segment to Dominate the Market
- Ethyleneamines are required in a large number of industries in China, including, pharmaceutical, automotive, and several others.
- Hurricane Chemicals and Lianmeng Chemicals are the major local players in China, with a capacity of around 10,000 metric tons/year of EDA (ethylenediamine).
- The pharmaceutical industry in the country is expected to witness rapid growth. According to IQVIA, the pharmaceutical industry in the country is expected to reach USD 175 billion, by 2022 and it is anticipated that China to become the second-largest overall pharmaceutical spending by 2024 just behind the United States. This is likely to augment the demand for ethyleneamine from the sector, owing to its requirement as a raw material.
- Furthermore, the outbreak of novel coronavirus (COVID-19) pandemic becomes a huge growth catalyst for the pharmaceutical industry.
- Hence, all such market trends are expected to drive the demand for China amines market during the forecast period.
- However, the sales of vehicles declined in the country after 2018, which has created a challenging scenario for the market studied in automotive applications. Moreover, the outbreak of the COVID-19 disease has a severe impact on the China automotive industry, which is expected to induce negative momentum on the demand for amines over the forecast period.
