The global quality amine and non-amine chemicals and formulations market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. Amines find application in various day-to-day activities, including production of amino acids inside the human body. The growing use of amine formulation and chemicals amongst various sectors is estimated to primarily drive the market growth. Besides, surge in the demand for agrochemicals, backed by increasing demand for food crops to feed the growing population, is anticipated to propel the market growth. For instance, it was noticed that the volume of agrochemicals reached close to 285 million metric tons in 2019. Moreover, amine chemicals find application in pharmaceutical industry, which is estimated to boost the market growth. Various analgesics, anesthetics, decongestants, including, morphine, Demerol and Novocain, contain amines. Moreover, increasing investment in the chemical sector globally, is projected to fuel the market growth.
The market is segmented by application into medicines, water treatment, azo-dyes, pesticides, and others. Out of these segments, the medicines segment is anticipated to hold the notable share in the global quality amine and non-amine chemicals and formulations market over the forecast period on account of the increasing research activities in healthcare for development of new drugs, along with rising demand for analgesics. Moreover, increasing investment in the healthcare sector is further anticipated to encourage the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
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 quality amine and non-amine chemicals and formulations 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 modest growth over the forecast period on the back of growing chemical sector in the region, backed by the lower cost of raw materials and labor in the APAC region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of the growing pharmaceutical research in the region, along with the high investment in healthcare sector. Furthermore, the presence of major pharmaceutical companies in the region is bound to surge the demand for amine, and other chemicals to manufacture drugs, which is projected to boost the regional market growth.
The global quality amine and non-amine chemicals and formulations market is further classified on the basis of region as follows:
Our in-depth analysis of the global quality amine and non-amine chemicals and formulations market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing application of amines and non-amines in pharmaceutical, cosmetics, and agrochemicals, is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
Rising circulation for generic chemicals 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 chemical sector in the region.
The major players in the market are KOEI Chemical Co., Ltd., Alkyl Amines Chemicals Ltd., Volant Chem Corp., Evonik Industries AG, Huntsman Corporation, Hexion Inc., LUXI GROUP, and others.
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 product type, application, end-user industry, and by region.
The pesticides segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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