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Global Polyetheramine Market Size and Share Analysis 2023-2028
The Global Polyetheramine Market is projected to experience substantial growth, expanding from 292.9 kilotons in 2023 to 459.8 kilotons by 2028. This growth represents a compound annual growth rate (CAGR) of 9.44% during the forecast period from 2023 to 2028.
Polyetheramine, also known as polyether polyamine, is a type of polyethylene oxide molecule with a primary or secondary amino end cap. It serves primarily as a curing agent and comprises a combination of polyether and amine molecules. These amines play a crucial role in enhancing various properties of end products, including flexibility, hydrophobicity, hydrophilicity, and toughness.
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266.6 thousand tons in 2021
Type, Application, and Geography
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The year 2020 witnessed a significant setback for the market due to the detrimental impact of the COVID-19 pandemic. However, the market has since recovered and is now estimated to have reached pre-pandemic levels. Moreover, it is expected to exhibit steady growth in the future.
The construction industry’s increasing demand for polyetheramines is anticipated to be a key driver of market growth during the forecast period. However, concerns regarding the environmental impact resulting from excessive use of polyetheramines are expected to pose challenges to the market’s growth over the same period.
Furthermore, the aerospace industry’s growing inclination towards epoxy composites presents substantial market opportunities. This trend towards epoxy composites is driven by the unique properties and advantages they offer in aerospace applications.
The Asia-Pacific region currently represents the largest market for polyetheramines and is projected to exhibit the fastest growth in the coming years. This growth can be attributed to countries such as China, India, and Japan, where the demand for polyetheramines is steadily increasing.
The market is segmented based on various factors, including type, application, and geography.
Segmentation by Type
Segmentation by Application
Adhesives and Sealants
Segmentation by Geography
North America – United States, Canada, Mexico
Europe – United Kingdom, Germany, France, Italy, and Rest of Europe
Asia-Pacific – China, Japan, India, South Korea, and Rest of Asia-Pacific
Latin America – Brazil, Argentina, and Rest of Latin America
Middle East and Africa – Saudi Arabia, South Africa, and Rest of Middle East and Africa
In 2022, Diamine emerged as the largest type of polyetheramines due to its extensive applications in composites, coatings, epoxy resins, adhesives, and polyurea. Diamines are a significant category of polyetheramines, primarily consisting of polyether diamines based on a PEG backbone. The inclusion of PEG imparts complete water solubility to products in this category. These polyetheramines find major applications as epoxy curing agents, monomers for polyamides, enhancers of flexibility and toughness in thermoset polymers, rapid curers at elevated temperatures, and providers of excellent thermal shock resistance in cured epoxies.
The wide and fast-growing applications of polyetheramines in composites are expected to have a positive impact on the market. Key drivers for growth include the use of polyetheramines in wind turbine blades and aerospace applications. These polyetheramines act as typical curing agents, combining polyether and amine molecules to enhance various properties of end products, such as flexibility, hydrophobicity, hydrophilicity, and toughness.
Polyetheramines are particularly favored in composite applications due to their unique properties that strike a critical balance between strength and flexibility. Furthermore, composites based on polyether amines are designed to replace traditional materials like wood, metal, and concrete. They find utility in demanding applications such as aerospace, automotive parts, and wind turbine blades, thanks to their lightweight design, high dielectric strength, and excellent resistance to environmental degradation.
The automotive industry, being a major contributor to the composites segment, played a significant role in driving the market for polyetheramines. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automobile production exceeded 85 million units in 2022, representing an approximate 6% increase compared to the previous year. This higher production of automobiles provided a larger market for polyetheramines, especially in their use as composites in vehicle bodies.
Additionally, the production of New Energy Vehicles in China witnessed a remarkable year-on-year increase of 96.9% in December 2022, according to the China Association of Automobile Manufacturers. This expansion in the electric vehicle market is expected to drive the demand for polyetheramines during the forecast period.
The Asia-Pacific region, experiencing rapid industrial growth, presents substantial opportunities for the polyetheramine market. Construction and adhesives sectors offer significant potential for increased penetration of polyetheramines in the coming years. Consequently, the Asia-Pacific region is projected to dominate the polyetheramine market during the forecast period. Countries like China and India, driven by the rising demand for wind energy and construction and building applications, have witnessed a surge in demand for polyetheramines.
Polyetheramines are widely used as additives in adhesives for bonding various components, including blades, and in composites used in wind turbine blades. The high demand for polyetheramines in wind energy applications is expected to propel the market further during the forecast period.
In China, the Ministry of Housing and Urban-Rural Development predicts that the construction industry will contribute 6% of the nation’s GDP through 2025. To align with this forecast, the Chinese government unveiled a five-year plan in January 2022, focusing on making the construction sector more sustainable and quality-driven. As part of this plan, China intends to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites. Moreover, the construction industry is transitioning towards modernized practices, which will drive the demand for products like polyetheramines.
Similarly, the Indian government has been actively promoting housing construction to accommodate its population of approximately 1.3 billion. The country is expected to witness around USD 1.3 trillion of investment in housing over the next six to seven years, with plans to construct 60 million new homes. This significant boost in the construction sector will drive the demand for polyetheramines.
Furthermore, according to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) in Japan, approximately 859.5 thousand housing starts were recorded in 2022, representing a 0.4% increase compared to the previous year.
These factors, combined with government support, contribute to the increasing demand for polyetheramines during the forecast period.
The polyetheramine market exhibits a consolidated structure, with several prominent players dominating the industry. Key participants in this market include Huntsman International LLC, BASF SE, Clariant, Dasteck, and Chai-Tai New Materials (Zibo Zhengda Polyurethane Co., Ltd.), among others.
In 2022, Huntsman International LLC emerged as the largest producer of polyetheramines. With a significant share of approximately 50% in the global production capacity, the company effectively caters to the worldwide demand and holds a leading position within the market.
BASF SE, on the other hand, ranked as the second-largest producer in 2022. Operating on a global scale, the company effectively serves the market through its dedicated subsidiaries and trading units across various regions.
Key companies profiled in this report include BASF SE, Huntsman International LLC, Clariant, Dasteck, Qingdao IRO Surfactant Co., Ltd., Shanghai Chenhua International Trade Co., Ltd., Chia Tai New Materials (zibo Zhengda Polyurethane Co. Ltd.), Wuxi Acryl Technology Co. Ltd.
Recent Industry Developments
In June 2022, BASF made an official announcement regarding the forthcoming expansion of production capacity at the Geismar site. By mid-2023, the site will be operational for the manufacturing of crucial specialty amines in North America. This expansion will enable the company to increase its production of polyetheramines, which are marketed under the brand name Baxxodur.
In March 2022, Brenntag entered into a collaborative partnership with BASF SE. As part of this agreement, Brenntag has been appointed as the exclusive distributor for BASF’s Polyetheramines and Baxxodur portfolios in the United States and Canada.
Key Questions Answered
What is the projected size of the Polyetheramine Market?
The Polyetheramine Market is expected to reach a size of 292.9 kilotons in 2023 and grow at a compound annual growth rate (CAGR) of 9.44% to reach 459.8 kilotons by 2028.
What is the current size of the Polyetheramine Market?
The Polyetheramine Market is expected to reach a size of 292.9 kilotons in 2023.
Who are the major players in the Polyetheramine Market?
The major companies operating in the Polyetheramine Market include Huntsman International LLC, BASF SE, Clariant, Dasteck, and Chai-Tai New Materials (Zibo Zhengda Polyurethane Co., Ltd.).
Which region is experiencing the fastest growth in the Polyetheramine Market?
The Asia Pacific region is estimated to experience the highest CAGR over the forecast period (2023-2028) in the Polyetheramine Market.
Which region holds the largest market share in the Polyetheramine Market?
In 2023, the Asia Pacific region accounts for the largest market share in the Polyetheramine Market.