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The isopropylamine market is estimated to grow at a CAGR of 5.96% between 2022 and 2027. The size of the market is forecast to increase by USD 110.91 million. The growth of the market depends on several factors, including the expansion in the agrochemicals industry, the expansion of the rubber and plastic industry, and the rising demand in the textile industry.
This report extensively covers market segmentation by end-user (agriculture, pharmaceuticals, rubber and plastics, paints and coatings, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global isopropylamine market as a part of the global specialty chemicals market. The parent global chemicals market covers companies engaged in the manufacturing of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high-value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The expansion of the rubber and plastic industry is notably driving the market growth, although factors such as volatility in crude oil prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Isopropylamine Market Driver
The expansion of the rubber and plastic industry is a key factor driving the growth of the global isopropylamine market. Expansion in the rubber and plastic industries is likely to boost the demand for isopropylamine. Industries in the plastics and rubber products manufacturing subsector make goods by processing plastic materials and raw rubber. The core technology employed by establishments in this subsector is that of plastics or rubber product production. The production of plastic is now one of the largest industries in the packaging market.
With products ranging from mobile phones to car bumpers via syringes, plastic production is still increasing. Rubber is a material that can be achieved either by processing latex naturally secreted by certain plants (e.g., rubber trees) or by an industrial process. Rubber is also used in many industrial applications and daily used products. Isopropylamine acts as a regulating agent for plastics and an additive in the petroleum industry. Such factors are expected to drive the growth of the market during the forecast period.
Significant Isopropylamine Market Trend
Increasing demand from the pharmaceutical industry is the primary trend in the global isopropylamine market growth. Isopropylamine is one of the most prolific members of nitrogen-based organic compounds, which also constitute the indirect source of ammonia. Amines are derived by replacing one or more hydrogen molecules from ammonia with one or the other alkyl molecules. Amines are vastly used in the pharmaceutical industry. It contains a ring-like structure known as the aryl group, which is majorly seen in pharmaceuticals such as antipsychotic aripiprazole cholesterol-lowering rosuvastatin, local anesthetic lidocaine, and anticancer drug imatinib, and is also used as solvents and catalysts in various drug manufacturing.
The demand for isopropylamine is increasing in the pharmaceutical industry owing to increasing awareness regarding health issues. Amines have gelling, stabilizing, and texture-enhancing properties, as well as several pharmaceutical uses, and they have medical and pharmaceutical applications for tissue regeneration, allergy relief, dental care, bone repair, and drug manufacturing. Such factors are expected to boost the growth of the market during the forecast period.
Major Isopropylamine Market Challenge
Volatility in crude oil prices is a major challenge to the growth of the global isopropylamine market. The market is impacted owing to fluctuations in crude oil prices. As the major raw material for isopropyl production is propylene, a petroleum derivative, fluctuations in crude oil prices hamper the production capacity and the cost of production of propylene. Propylene, being a key chemical building block for various industrial products, is directly produced from oil or its derivatives, such as naphtha or liquefied petroleum gas. A decline in oil prices in recent years has compelled the players operating in the oil and gas industry to implement cost-cutting measures such as workforce layoffs.
Despite the increase in Brent and WTI crude oil prices, the Energy Information Administration (EIA) is predicting that there might be a decline in demand for oil in the coming months. The supply of and demand for isopropylamine raw materials are directly affected by the volatility in crude oil prices owing to the changing exchange rates, import/export levels, and cutting down production capacity. Thus, the prices of isopropylamine vary in tandem with the prices of natural gas and crude oil. Such factors may hamper the growth of the market during the forecast period.
Key Isopropylamine Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Isopropylamine Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arkema Group:- Arkema Group is a public company headquartered in France. It is a global company generating USD 11,258.12 million in revenues and has around 20,209 employees. Its revenue from the global isopropylamine market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
The report also includes detailed analyses of the competitive landscape of the market and information about 12 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the agriculture segment will be significant during the forecast period. The agriculture sector is one of the major end-users of isopropylamine, which is a chemical intermediate used in the manufacture of herbicides, insecticides, and other agrochemical products. Moreover, It is important to note that the use of agrochemical products, including those made with isopropylamine, may have negative impacts on the environment and human health, and proper regulations and guidelines must be followed to minimize these impacts. Therefore, the above-mentioned factors are expected to increase the demand for isopropylamine, which, in turn, will fuel the market growth during the forecast period.
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The agriculture segment was valued at USD 108.89 million in 2017 and continue to grow by 2021. The agriculture sector is one of the major end-users of isopropylamine, which is a chemical intermediate used in the manufacture of herbicides, insecticides, and other agrochemical products. The demand for isopropylamine from the agriculture sector is driven by the growing demand for agrochemical products to support food security and agricultural productivity. The use of herbicides and insecticides helps in controlling pests and weeds, which can reduce crop damage and increase yields. Isopropylamine is also used in the production of various other agricultural products, such as seed treatments, plant growth regulators, and fungicides. The growing demand for high-yielding crops, the increasing global population, and the need to improve agricultural productivity are expected to drive the demand for isopropylamine in the agriculture sector during the forecast period.
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APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The isopropylamine market in the Asia-Pacific region is expected to grow owing to the increasing demand for personal care products, pharmaceuticals, and agricultural products in the region. The Asia-Pacific region is one of the largest consumers of personal care products, and the demand for these products is expected to increase in the future, which will drive the demand for isopropylamine as a surfactant in these products. The region is also home to a rapidly growing pharmaceutical industry, which is expected to drive the demand for isopropylamine as an intermediate in the production of pharmaceuticals during the forecast period.
The outbreak of COVID-19 hampered the growth of the regional isopropylamine market in 2020. However, the Asia-Pacific region is recovering from the impact of the pandemic as the region's economies start to recover, and the demand for isopropylamine-based products is on the rise. Companies in the region are expected to focus on improving their supply chain management to reduce the impact of future supply chain disruptions and ensure the availability of raw materials for the production of isopropylamine. Companies operating in the region are expected to focus on expanding their production capacity and developing new products to meet the growing demand for isopropylamine during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Isopropylamine Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.96% |
Market growth 2023-2027 |
USD 110.91 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.1 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 43% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, BASF SE, DuPont de Nemours Inc., Eastman Chemical Co., Leo Chemo Plast Pvt. Ltd., Nanjing Qinzuofu Chemical Co. Ltd., OQ SAOC, Restek Corp., Shanghai Jianbei Organic Chemical Co. Ltd., Solvay SA, Tokyo Chemical Industry Co. Ltd., and Zhejiang Jianye Chemical Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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