With the boom in the demand for surfactants, the sales of ethanolamines are surging sharply across the globe. This is because these compounds are extensively used as surfactants and emulsifying ingredients in various personal care products such as shampoos, laundry detergents, and soaps. The increasing disposable income of people, especially in the developing nations, is massively boosting the sales of personal care products, which is, in turn, pushing up the requirement for ethanolamines.
Additionally, the growing public awareness about the various benefits of using herbicides in farming processes is predicted to propel the sales of ethanolamines all over the world. This is subsequently fueling the expansion of the global ethanolamines market. As a result, the valuation of the market is predicted to surge from $2,933.5 million in 2019 to $5,079.0 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 5.0% between 2020 and 2030.
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Globally, the ethanolamines market recorded the highest growth in the Asia-Pacific (APAC) region in the past years and this trend will continue in the coming years as well, as per the estimates of P&S Intelligence, a market research company based in India. This is ascribed to the huge investments being made by major chemical producing companies in the regional countries such as South Korea, Indonesia, and India and the growing disposable income of the people residing in this region.
Hence, it can be said with full surety that the demand for ethanolamines will shoot up across the world in the future years, mainly due to their growing usage as surfactants and in herbicides and the ballooning demand for agrochemicals around the world.
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