WASHINGTON, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a new report by Vantage Market Research, the n-methyldiethanolamine (MDEA) market is expected to reach USD 1000.2 Million by 2028, growing at a CAGR of 15.1% from 2021 to 2028. The increasing demand for carbon capture and sequestration (CCS) coupled with demand from oil & gas industry is anticipated to fuel the growth of n-methyldiethanolamine (MDEA) market within the forecast period.
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Key Findings:
- The MDEA 97% segment is projected to grow at a CAGR of over 14.31% over the forecast period owing to the increasing adoption in the end-use industries.
- The oil & gas segment held a market share of around 48.26% in 2020. This share is due to the increasing oil drilling activities across the globe to meet rising demand for energy & fuel.
- North America is expected to expand at a CAGR over 12.38% from 2021 to 2028. This surge is attributed to the rising demand for n-methyldiethanolamine from countries like U.S.
Some of key players in n-methyldiethanolamine (MDEA) market include Eastman Chemical Company, Amines & Plasticizers Ltd, Advance Petrochemicals Ltd, DowDuPont Inc, Jiangsu Taihu New Materials Holding (Yancheng) Co. Ltd., Nippon Nyukazai Co. Ltd, Sintez OKA Group, Ineos, Group Limited, Huntsman Corporation, BASF SEl, and Maoming Yunlong Industrial Development Co. Ltd., among others.
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The increasing green-house gas emissions like CO2 in the atmosphere across the globe is expected to support the growth of the n-methyldiethanolamine (MDEA) market in the years to come. This is owing to the increasing urbanization and rapid enhancement of technologies due to industrialization. Carbon capture and storage (CCS) is used for decarbonising fossil fuel power generation which includes capturing carbon dioxide (CO2) emitted from high-producing sources. This captured carbon dioxide is then transported and stored in deep underground geological formations, in order to alleviate the consequence of greenhouse gas emissions on environment. The MDEA effectively absorbs CO2 in the carbon capture process in CCS. Thus, increasing demand for effective CCS technology is likely to fuel the growth of the n-methyldiethanolamine (MDEA) market in near future.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the increasing demand in emerging economies, such as India, and China, coupled with the expansion of industries like textile and oil & gas in the region's overall n-methyldiethanolamine (MDEA) market.
The N-methyldiethanolamine (MDEA) market is segmented as follows:
By Type (Volume: Kilo Tons; Revenue: USD Million, 2016 - 2028)
- MDEA 95%
- MDEA 97%
- MDEA 99%
- Others
By Application (Volume: Kilo Tons; Revenue: USD Million, 2016 - 2028)
- Oil & Gas
- Textile
- Medical
- Paints & Coatings
- Others
By Region (Volume: Kilo Ton; Revenue: USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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