Speciality Amines Market, by Type (Alkyl alkanolamines, Ethyleneamines, Ethanolamine, Isopropanolamines), Function (Solvent, Chelating Agent, Corrosion Inhibitor, Bleach Activators, Surfactants, Others), Application (Water Treatment, Cleaning, Agriculture, Personal Care, Paint & Coatings, Pharmaceuticals, Petroleum, Gas Treatment, and others.) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Speciality Amines market size was estimated at USD 2107.0 million in 2023 and is projected to reach USD 3513.36 million in 2030 at a CAGR of 6.60% during the forecast period 2023-2030.
Specialty amines are key versatile chemicals that hold unique mechanical properties. Specialty amines are colorless or yellow liquid and soluble in water. Specialty amines are chemical mediators with excellent synthesizing properties. Specialty amines are derived from ammonia. Products synthesized with specialty amines show properties like electric insulation, abrasion, heat resistance, and resistance to radiation. Specialty amines are also categorized in term of grades like <99% and ≥ 99%. ≥ 99% grade is used in pharmaceutics and personal care products. When vaporized, amines or amine liquid may produce flammable mixture with air.
Specialty amines are used in dyestuff and act as pigment or optical brighteners. Specialty amines are utilized in the manufacturing of rubber chemicals, coating and agricultural chemicals. The chemical industry uses specialty amines in water treatment as well. Hence the wide range of applications in the various field is creating the demand for specialty amines market on a large scale.
Agricultural industry is driving the specialty amines market owed to developing technologies and modernization. The agriculture industry is further rising the use of genetically modified herbicide-tolerant seed with the coating is further crating the demand and opportunity in the market in the forecast period. Moreover, the utilization of bio-based products and material for the healthy growth of crops in developing countries like India is anticipated to obstruct the chemical market in the forecast period.
Specialty amines being organic compound are widely favoured in the pharmaceutical industry due to their ring-like structure called as the early group is driving the pharmaceutical industry for the treatment of medical conditions like antipsychotic, aripiprazole, cholesterol-lowering rosuvastatin, local anaesthetic lidocain, anticancer drug imtinib, are utilized as solvents and catalyst in various drug manufacturing’s.
The spread of COVID 19 resulted in $2017 million in 2022 and is forecast to readjusted size of $3132 million by 2028. The market has increased rapidly as the need for medicine increase rapidly during COVID-19 when the need for medicine was higher than ever before. Amines are at the front of the pharmaceutical industry due to which the speciality amines market observed an increase.
Due to specialty amines’ usage in pharmaceutical sector, rapid growth was observed during the pandemic when the need for medicines reached to an all time high. Moreover, in the agricultural sector, increased agricultural techniques used for crop protection have led to an increased demand of specialty amines because of their use in the chemical fertilizers and pesticides. Moreover, due to rapid industrialization in APAC countries like China and Japan, increased number of water treatment plants are being setup which is providing opportunity for growth in specialty amines market. Growth of paint and coating sector due to accelerating construction industry and automotive industry is driving the specialty amine market further as amine additives are often used in paints and coats.
Asia Pacific to Dominate the Market