The chief factors polyetheramine market’s growth would depend on is the market penetration in polyetheramine consuming industries and end-user applications’ considerable growth. The increasing demand for numerous composite materials and epoxy coating are anticipated to increase the need of polyetheramine globally. Furthermore, factors that could drive the consumption of polyetheramine in near future are – production of the local end-user, enhanced growth in industrial manufacturing and the ever-increasing population of the developing economies. Cement additives and acid neutralization industry are also estimated to contribute towards the polyetheramine’s growing demand in the market.
The Polyetheramine Market size is expected to witness an exponential reach over the estimated timeframe. The market is estimated to grow at a high CAGR in the forecasted period. Polyetheramine is colorless in nature and is used as a curing agent.
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The polyetheramine market globally is determined by its wide range of applications in end user industries such as the adhesive, ink, sealants, elastomer, resin and coating industry to name a few. Polyetheramine is mainly used in the coating industry for manufacturing of epoxy, polyuria and polyamides. Epoxy coatings are used in the fiber glasses, carbon fibers and many other composite materials.
Manufacturing of polyetheramine is done through various raw materials, mainly, polytetramethylene ether, polypropylene glycol, polyethylene glycol, propylene oxide and ethylene oxide. These raw materials are provided by corporations such as Manali Petrochemicals Limited (India), INEOS (Switzerland), LyondellBasell (Netherland), BASF SE (Germany), The Dow Chemical Company (U.S.) and Huntsman Corporation (U.S.). Fluctuations in the raw material prices of this product may be a future restraint for polyetheramine market growth.
The polyetheramine market globally has been segmented on the basis of application as – adhesives, sealants, polyuria, epoxy coating and composites. Polyetheramine’s wide range of properties tend to drive the growth of the market. From the numerous applications of polyetheramine, a major share was apprehended in 2015 in the global market. In terms of volume and value, epoxy coating segment was highly valued in 2015. It is projected to grow at a CAGR of over 10% in value terms during the forecasted timespan. On the basis of region, polyetheramine market can be segmented into Latin America, North America, Western Europe, Eastern Europe, Asia Pacific, Africa and Middle East and Japan.
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The polyetheramine market finds application in sealants, engineering compositions and hot melt adhesives as it has long pot life. It contains compounds such as the polyether and amine moieties that are majorly used for increasing the hydrophobicity, hydrophilicity, flexibility and toughness. It is also used as a fuel additive in the cleaning of carburetors, injectors and valves.
Products of polyetheramine are also used widely in coating and paints industries, construction industry and automotives. The durable coatings and epoxy coatings are used for an array of purposes such as coating for floors and metals, strong adhesives and durable paints. Also, to avoid quick loss of moisture in fresh concrete, it is used to seal the surface of concrete. Moreover, some of the other uses of polyetheramine are acid neutralization, demulsification of oilfields and cement additives.
The polyetheramine market globally was valued over USD 660 million approximately in the year 2015, and is estimated to grow at a rate over 9% CAGR during the forecasted timespan. Taking into consideration the volumes, a major share was accounted for by the Asia-Pacific in the polyetheramine market globally in the year 2015. The primary reason behind this market growth is the rising demand of the product in countries such as Thailand, Malaysia, Indonesia and India.
The region of Asia Pacific is anticipated to be the fastest growing market during the forecast period for polyetheramine. This rising demand is due to the rise in need for applications of end-users such as the agriculture, construction, automobile, adhesives, sealants, paints and coatings. The developed economies of United Kingdom and United States are gradually on the road to recovery from the sluggish economic conditions and improving the demand for polyetheramines in the market.
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Polyetheramine market consists of some key competitors. These are IRO Group Inc., Clariant, Zibo DexinLianbang Chemical Industry Company Ltd., Wuxi Acryl Technology Co. Ltd., Qingdao IRO Surfactant Co. Ltd., Yangzhou Chenhua New Materials Company Ltd, Yantai Minsheng Chemicals Company, Ltd., BASF SE and Huntsman Corporation to name a few.
Bearing in mind the increasing demand for polyetheramine market in several end-user industries, Hunstman Corporation, in January 2014 declared to rise the production of polyetheramines globally by 15%.