Market Outlook for Triethanolamine
By value, Fact.MR has projected close to 5% CAGR for triethanolamine sales during 2021-2031. In terms of volume, demand is expected to increase at around 4% CAGR over the same period. The market is slated to be valued at around US$ 1.7 Bn by 2031.
Demand for 99% purity grade triethanolamine is expected to remain high, gaining 144 BPS over the next ten years. The East Asia market is projected to account for most of the consumption of triethanolamine, with demand for triethanolamine in skincare products rising.
How Has COVID-19 Skyrocketed Sales of Triethanolamine?
The COVID-19 pandemic disrupted the world’s personal care industry. In the first two quarters of 2020, market flow was weak, and a large number of retail stores were closed. The industry responded confidently to the crisis in a short period of time by switching the manufacturing of cleaning agents and sanitizers.
With growing demand for sanitizers, requirement for triethanolamine has gained traction. COVID-19 has significantly boosted demand for triethanolamine, as customers have started to spend exorbitantly on sanitizers and cleaning products.
Sudden demand surge for triethanolamine created a mild demand-supply gap in the first quarter of 2020; however, manufacturers soon ramped up production to meet this elevated demand. With disrupted distribution, manufacturers also increased their distribution reach to online channels.
Key Takeaways from Market Study
- East Asia accounts for the most consumption of triethanolamine, with an absolute $ opportunity worth US$ 288 Mn predicted by 2031.
- Followed by East Asia, South Asia & Oceania is anticipated to garner a dollar opportunity of US$ 120 Mn over the long-run forecast period.
- On the basis of purity level, 99% purity grade triethanolamine dominates the market. In terms of volume, 99% purity grade is expected to register a CAGR of 4.5% over the forecast period, and gain around 144 BPS in market share.
- Commercial grade triethanolamine is projected to create an absolute $ opportunity of US$ 616 Mn during forecast period of 2021 to 2031.
- Textile finishing applications are projected to grow 1.5X in value over the next ten years.
- Concrete admixture applications are projected to grow 1.7X in value during the forecast period of 2021-2031.
- The Middle East & Africa and Latin America together hold a minute market share.
Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks. Recent developments related to companies manufacturing triethanolamine have been tracked by the team at Fact.MR, which are available in the full report.
Key Companies Profiled
- Huntsman Corporation
- INEOS Oxide
- Jiahua Chemicals Inc.
- Nippon Shokubai
- Oriental union chemical Corporation
- PCC Group