Monoethanolamine Market To Be Driven By The Growing Demand From The Detergents Industry In The Forecast Period Of 2023-2028.

SHERIDAN, WYOMING, UNITED STATES, June 7, 2023/EINPresswire.com/ -- The new report by Expert Market Research titled, ‘Global Monoethanolamine Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global monoethanolamine market, assessing the market based on its segments like applications and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2020): 1.84 million metric tons
• Forecast CAGR (2023-2028): 3.5%
• Forecast Market Size (2026): 2.25 million metric tons

The monoethanolamine industry is being supported by the increasing product demand from its large application industries, such as detergents and cleaning. Also, the rising demand from the pharmaceutical and cosmetic industries is fueling the market growth. Besides, factors such as growing disposable incomes, evolving lifestyles, and increasing urbanisation are leading to further product demand growth.

The industry is expected to expand as pesticides are increasingly being used in agricultural activities and as monoethanolamine is used in pesticide formulations. The extension of agricultural activities, therefore, promotes the development of the monoethanolamine industry.

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Monoethanolamine Industry Definition and Major Segments

Monoethanolamine, better known as β-Aminoethanol, is an organic compound with colourless, flammable, and toxic properties. This produces an odour similar to ammonia. The drug is used widely in pure form and in liquid form.

On the basis of end use, the industry is divided into:

• Detergents
• Personal Care
• Textile
• Wood Preservation
• Agrochemical
• Metal Cutting
• Others

The regional markets for monoethanolamine include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Monoethanolamine Market Trends

The market is powered by extensive monoethanolamine use in the chemical industry, as well as detergents and personal care products. Also, the metal cutting applications that monoethanolamine provides are finding great use in the textile industry. Due to its hygroscopic property derived mainly from alcohols, the drug finds application in textiles in the preparation of softeners and dye auxiliaries. Monoethanolamine is used in lubricants because of the presence of acidic chemicals to prevent them from corroding.

Innovative cleaning solutions are being sold by Dow Chemical Company (NYSE: CTA-B), a major player in the market. The company provides solutions to prepare high-quality laundry detergent that surpasses ordinary cleaning by combining quality, multifunctional output, and sustainability. With the rising standard of living, increasing demand for cleaning solutions like detergents is expected to fuel monoethanolamine’s market growth.

Key Market Players

The major players in the market are Nippon Shokubai Co., Ltd. (TYO: 4114), BASF SE (ETR: BAS), Dow Chemical Company (BVMF: C1TV34), Nouryon, and Saudi Basic Industries Corporation (SABIC) (TADAWUL: 2010), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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