The global amine catalyst market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2031. Amine catalysts are used to control the gelling reaction and the gas-forming reaction, which are responsible for foam formation. The growth of the market can be attributed to the increasing applications of amine catalyst across various end-use industry, such as, automotive industry. Amine catalyst is used as a coating over the leather used for making seat covers of vehicles, since it can provide protection from UV radiation and high temperature. As a result, the growing production of vehicles across the globe, backed by rising demand for cars and other commercial vehicles, is estimated to boost the market growth. According to the data by the International Energy Agency (IEA), in 2019, the total car sales reached 25 million cars in China, 17 million in United States, 4 million in India, 17 million in European Union, 4 million in Japan, and 21 million in the rest of the world. Moreover, the growing sale of electric cars across the world is bound to surge the demand for lightweight elastomers, which in turn, is estimated to propel the market growth. As per a report by IEA, the total share of sales of electric cars with respect to total car sale grew from 4.11% in 2020 to 8.57% in 2021. Such factors are anticipated to boost the market growth.
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The market is segmented by application into foam, adhesive & sealant, coating, elastomer, and others, out of which, the coating segment is anticipated to hold a substantial share in the global amine catalyst market over the forecast period on account of increasing use of amine-based coatings amongst various industries. Amine coatings deliver various desired advantages to the material, such as, heat and humidity resistance, UV protection, and chemical resistance. Owing to these advantages, manufacturers are using amine based coatings, which is expected to boost the segment growth.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global amine catalyst market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period as APAC region is the hub for manufacturing chemicals, consumer electronics, and automotive parts. Countries, such as, China, India, and Japan combined, are the largest consumers of automobiles. In 2019, more than 25 million cars were sold in China, as stated in the report by the IEA.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of high demand for personal and commercial vehicles, accompanied by growing sales of electric cars in the region. Moreover, the growing construction sector in the region, is further estimated to encourage the market growth.
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The global amine catalyst market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global amine catalyst market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing use of amine catalyst in the automotive industry to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2031.
Highly volatile nature of amine catalyst is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing sales of automobiles in the region.
The major players in the market are Evonik Industries AG, BASF SE, Covestro AG, Huntsman International LLC, Kao Corporation, Momentive Inc., Elé Corporation, Avient Corporation, and Linde plc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The automotive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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