Polyetheramine Market Growing Rapidly in Asia Pacific
In 2015, the global sales of polyetheramine generated a revenue of $660.4 million, and these are predicted to progress at a 10.5% CAGR during the forecast period (2016–2022). The polyetheramine market is being driven by the widening application area of the chemical and growing demand for it from Asia-Pacific (APAC) countries. Polyetheramines are chemicals with a basic amino group (NH2) attached to a polyether chain, most often of ethylene oxide and propylene oxide or even both these together.
On the basis of application, the polyetheramine market is categorized into epoxy coatings, polyurea, composites, fuel additives, adhesives and sealants, and others. In 2015, the epoxy coatings application consumed the chemical in the largest amount and also contributed the highest revenue to the market. Polyetheramine is used as a curing agent in epoxy coatings, to which the chemical imparts flexibility, toughness, hydrophilicity, and hydrophobicity, depending on the use.
Apart from epoxy coatings, the use of the chemical in other products and applications is also continuously growing. For instance, the demand for polyurea and fuel additives, both of which have polyetheramine as a constituent, is growing across the world. Polyurea is used to make spandex fiber, which is used for athletes’ clothing, whereas fuel additives enhance the performance of fuels, such as gasoline and diesel. Among the emerging applications of the chemical are demulsifiers in oil fields and cement additives.
Around the world, APAC led the polyetheramine market in 2015 in terms of sales volume as well as revenue, and the region is expected to retain its position during the forecast period. This is attributed to the growth of regional countries’ economy, individuals’ spending power, infrastructure developments, and foreign direct investments. For instance, the manufacturing and chemicals industries in China are projected to witness remarkable growth during the forecast period with global companies shifting their manufacturing plants from Europe and North America.
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The reason behind key polyetheramine market players taking such steps is that APAC offers them raw material and skilled labor at lower costs compared to other regions along with vast opportunities for investment. Furthermore, India too is experiencing an industrial boom, which, combined with its huge consumer base, would further the growth of the market in the APAC region. A similar scenario is expected in other regional nations, including Malaysia, Indonesia, South Korea, and Vietnam.
Apart from APAC, the Middle Eastern region is also expected to offer polyetheramine market players lucrative growth opportunities. The demand for resin, fuel additives, paints, composites, epoxy coatings, adhesives and sealants is growing in the region because of economic prosperity, expanding infrastructure sector, and rising disposable income of the populace. Further, technological advancements are expected to create better polyether amines, and their benefits would, in turn, drive their demand among end users across the APAC and Middle Eastern regions.
Key polyetheramine market players have already begun taking stock of the situation and accordingly come up with strategies to make the most of it. For example, in June 2016, BASF SE bought Chemetall, the surface treatment business of Albemarle, for $3.2 billion. The company also inaugurated a new automotive coating manufacturing plant in Bangpoo, Thailand in June 2016 and a concrete admixture plant in Kharagpur, India in May 2016 to expand its footprint in the APAC region.
Thus, with the growth of end-use industries in the APAC region, the demand for polyetheramine would increase further.