Triethanolamine Market is segmented by End-Use (Personal Care, Concrete Admixture, Metal treatments, Paints & Coating, Agrochemicals, Textile, Leather, and Others); by Sales Channel (Direct Sale and Indirect Sale); by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Triethanolamine Market Overview
The global Triethanolamine market was valued at USD 1.5 billion in 2023. The market is expected to expand at a CAGR of 5.7% from 2023-2032, and is expected to cross value of USD 2.8 billion by the end of 2032.
Triethanolamine or TEOA is a colorless viscous liquid in which the 2-hydroxyethyl group substitutes each of the hydrogen atoms. The chemical compound, which is also referred to as trolamine, has the molecular formula C6H15NO3, and is a conjugate base of a triethanolammonium. One of the primary factors predicted to drive the growth of the market during the forecast period is the rise in demand for skincare and cosmetic products worldwide. BASF, Nouryon, Hunstman Corporation, Nippon Shokubai are some of the significant parties in the market for Triethanolamine.
Triethanolamine Market Drivers
Some key drivers for the Triethanolamine market are:
- Increasing Demand for Different Types of Skincare Products: The demand for skincare and cosmetic products globally is increasing, backed by the rise in awareness for skincare routine and the benefits associated with it among the end-users. Triethanolamine is used as an emulsifying agent and an additive in several cosmetic and skincare products, as a result, the demand for the product from this industry is predicted to increase.
- Rise in the Number of Construction Projects Worldwide: Triethanolamine is used in the construction sector as an additive and is helpful for agglomeration of the powder that is applied at mill walls and ball surfaces. The chemical also enhances the process of grinding. With the rise in the number of construction projects worldwide, the demand for the chemical is expected to increase.
- Growing Demand for Paints: Triethanolamine is widely used in the manufacturing of paints owing to its unique chemical properties. With the bolstering demand for paints globally, the need for the chemical compound is also projected to increase.
- Expanding Sales of Metallurgical Fluids: In the metallurgy industry, different types of metallurgical fluids are used. With the expanding metallurgy industry, the demand for metallurgical fluids, which are made using triethanolamine, is expected to increase.
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Triethanolamine Market Challenges
Some challenges facing the Triethanolamine market are:
- Easy Availability of Alternatives: Alternate products, such as di-ethanolamine as well as mono-ethanolamine, which have similar properties, are expected to reduce the sales of the chemical compound in the coming years.
- Fluctuations in the Price of Raw Materials: Recently, the price of the raw materials that are used to produce triethanolamine has registered severe fluctuations. This is therefore expected to hinder the market growth.
- Toxic Nature of the Chemical: Triethanolamine is known to be toxic as a result, the chemical needs to be handled cautiously.
Triethanolamine Market Segmentation
Segmentation of Triethanolamine market are:
- By End-Use
- Personal Care
- Concrete Admixture
- Metal treatments
- Paints & Coating
- Agrochemicals
- Textile
- Leather
- Others.
- By Sales Channel
- Direct Sale and Indirect Sale
- By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
Triethanolamine Market: Report Scope |
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|
Base Year |
2023 |
|
Base Year Market Size |
USD 1.5 billion |
|
Forecast Year |
2023-2032 |
|
Forecast Year Market Size |
USD 2.8 billion |
|
CAGR Value |
5.7% |
|
Segmentation |
|
|
Challenges |
|
|
Growth Drivers |
|
Timeline considered for all these studies will be:
2023 – Base Year
2023 – Estimated Year
2023-2032 – Forecast Period
Triethanolamine Market Regional Synopsis
The North America triethanolamine market is expected to hold the largest market share by the end of 2032, supported by the growing demand for the chemical compound for its application as a corrosion inhibitor for aircraft coolants and automotive antifreeze solutions.
On the other hand, the Asia Pacific triethanolamine market is expected to hold the second-largest market share, backed by rapid urbanization as well as the rise in demand for personal care items.
Triethanolamine Market Key Players
Some key players in the Triethanolamine market are:
- BASF SE
- Nouryon
- Huntsman International LLC.
- Nippon Shokubai CO, LTD.
- SABIC
- INEOS AG
- JIAHUA CHEMICALS INC.
- Sintez OKA Group of Companies
- Oriental Union Chemical Corporation
- The dow Chemical Comp-any
- PCC Group
- San Fau Chemical Co Ltd.
- PubChem
- Abcam Plc.
- RX chemicals
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- Publication date: 23rd February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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