Allied Market Research recently published a report by Allied Market Research, the global monoisopropanolamine (MIPA) market was valued at $82.2 million in 2020, and is expected to hit $140.8 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
Rise in demand from the agricultural sector and surge in use of monoisopropanolamine in the personal care and cosmetic industry have boosted the growth of the global monoisopropanolamine (MIPA) market. However, the toxicity of monoisopropanolamine hinders the market growth. On the contrary, advent of new applications of monoisopropanolamine would open up new applications in the future.
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By region, the market across Asia-Pacific is expected to register the highest CAGR of 6.3% during the forecast period. Moreover, the region held the largest share in 2020, accounting for more than half of the global monoisopropanolamine (MIPA) market. This is due to rise in agriculture, metalworking, personal care, and the growth of chemical manufacturing sector. The market across North America would showcase a CAGR of 5.2% from 2021 to 2030.
The monoisopropanolamine market is segmented on the basis of end-use industry and region. By end-use industry, the market is segregated into chemical industry, personal care, agrochemical, pharmaceuticals, metal working, and others. The chemical end-use industry dominated the global market in terms of revenue in 2020, with over one-third of the total share. Use of monoisopropanolamine for neutralizing fatty acid chemical compounds and sulfonic acid-based surfactants is the key market trend. In addition, MIPA based chemical compounds improve color & heat stability and improve oil solubility as compared with ethanolamine. This in turn has surged the use of MIPA in chemical industry for production of buffer and alkaline chemicals.
By end-use industry, the personal care segment is estimated to portray the highest CAGR of 6.2% during the forecast period, due to use of monoisopropanolamine for the formulation of cosmetic products, shaving creams, and mascara. However, the chemical industry segment held the largest share in 2020, accounting for more than one-third of the global monoisopropanolamine (MIPA) market, owing to use of monoisopropanolamine for neutralizing fatty acid chemical compounds and sulfonic acid-based surfactants.
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Major Market Players
- Alkyl Amines Chemicals Limited
- Anhui Sinotech Industrial Co. Ltd.
- Arkema S.A.
- BASF SE
- Eastman Chemical Company
- Hangzhou Lingrui Chemical Co. Ltd.
- Hongbaoli Group Co. Ltd.
- Muby Chemicals
- During the Covid-19 pandemic, several monoisopropanolamine manufacturing facilities and companies shut down their business operations to curb the risk of infection among workers.
- Due to the market’s dependence on chemical manufacturing, cosmetics, and metalworking, the market suffered heavy losses during the pandemic.
- However, use of monoisopropanolamine for the synthesis of drugs in the pharmaceutical sectors opened up new opportunities.
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Key Market Segments
- BY END-USE INDUSTRY
- Chemical industry
- Personal care
- Metal working
Key Benefits for Stakeholders:
- The global market size has been analyzed across four major regions.
- Porter’s five force analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of global market for strategy building.
- The report outlines the current market trends and future scenario of the market size from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- Major countries in each region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, opportunities & global market trends along with their detailed impact analysis are elucidated in the study.
- The global market analysis covers in-depth information of the major industry participants.
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