According to a new report by Research and Markets, the $4.2 billion global ethanolamine market is dominated by key players BASF, Dow Chemical, Akzo Nobel, Hunstman and SINOPEC and is set to grow at a CAGR of 5.3% from 2014 to 2019.

Based on the global demand for ethanolamine, the report suggests that key drivers for the industry are increasing demand in the herbicide, detergent and personal care industries and low cost of production. Another key factor is increased demand in the developing economies of Asia-Pacific and Europe, and high ethanolamine consumption. However, there are factors inhibiting the market, such as volatility in the prices of raw materials and lengthy manufacturing processes.

The personal care market is an important application for the market, while rising demand from China and the US, new development of applications and markets such as glyphosate herbicides, wood preservation, construction chemicals are expected to help fuel the rapid growth of the market in the future.