Product Code: ETC093523 | Publication Date: Aug 2023 | Updated Date: Apr 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
India Ethanolamines Market registered a growth of 73% in value shipments in 2022 as compared to 2021 and an increase of 20.33% CAGR in 2022 over a period of 2017. In Ethanolamines Market India is becoming less competitive as HHI index in 2022 was 2333 while in 2017 it was 1429. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Ethanolamines Market.
The India Ethanolamines Market is projected to grow at a significant CAGR of over 6.4% during the forecast period. This growth can be attributed to the rising demand from several end use industries such as paints & coatings, agrochemicals, personal care products and detergents among others. Additionally, increasing government initiatives for encouraging usage of biofuels is likely to foster the market growth in India.
The major drivers boosting the ethanolamines industry include rapid economic development coupled with growing population resulting in increased consumption of various industrial chemicals; plus favourable regulations implemented by government regarding usage of bio fuels thereby further propelling demand for these substances significantly across different industrial sectors like agriculture paint manufacturing surfactants production etc.. Furthermore technological advancement towards efficient production process along with lower environmental impact associated with utilization will further drive market forward over next few years time frame.
The India ethanolamines market has seen a steady growth in recent years due to its increasing demand as a feedstock for personal care products, detergents and polyurethanes. However, the market still faces several challenges such as rising raw material costs, stringent environmental regulations and high competition from other regional markets. Moreover, availability of substitute materials is also likely to hamper the growth of the market over the coming years.
The key players operating in Indiaethanolamines market are BASF SE, Clariant AG (Switzerland), Huntsman International LLC., The Dow Chemical Company (U.S.), Oxiteno S/A Industria e Comercio (Brazil) and Eastman Chemical Company (U.S.). These companies have adopted strategies such as product launches and expansions to strengthen their foothold in this highly competitive industry landscape. For instance, In April 2018 Huntsman announced its plans for investing USD 3 billion into building new facilities near Houston Texas which would produce ethylene oxide and derivatives including alcohols amines glycol ethers polyethylene glycols etc.