Market Trends of Diethanolamine (DEA) Industry
Increasing Demand from the Textile Industry
- Diethanolamine (DEA) is used in the textile industry for various applications, like fabric finishing agents, softening agents, fluorescent whitening agents, and lubricants for textile machinery.
- Apparel consumption is forecast to witness significant demand. With the increase in penetration of the internet, consumers are now looking for easy shopping, better offers, and easy return policies. The growth in online sales has contributed to the growth of the apparel industry.
- Nowadays, clothing has become a symbol of aspiration, personality, and status. Consumers have shifted from need-based to aspiration-based clothing. The demand for aspiration clothing has increased, which is expected to drive the DEA demand in the textile industry.
- About 15% of India's export revenue comes from the textile industry. 10.6% of India's total exports in FY22 were textiles, handicrafts, and clothing.
- As of October 2022, the National Bureau of Statistics of China said that China had made 3.18 billion meters of fabric for clothes.The volume of textiles produced each month was consistently greater than three billion meters. Hence positively impacting market growth.
- Thus, owing to the above-mentioned factors, the market for diethanolamine (DEA) is expected to grow significantly during the forecast period.
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Asia-Pacific Dominates the Market
- The Asia-Pacific region dominated the global market. With the growing demand for herbicides to increase agricultural productivity in countries such as China and India, the usage of diethanolamine is likely to increase in the region.
- Total agricultural exports from India witnessed a significant increase. The country's agricultural and allied product export value exceeded USD 50 billion in the fiscal year 2022, representing an increase of nearly 43% compared to 2020. Hence, supporting the DEA demand in the agricultural industry
- Another prominent industry that is likely to boost the DEA market is construction. With the increase in construction activities in India and China, the consumption of DEA in paints and coatings is projected to increase.
- Rapid residential and commercial building expansion is the main driver of China's growth.China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030.
- Also, China's construction output peaked in 2021 at a value of about USD 4.3 trillion. As a result, these things tend to make more people want to buy DEA in the area.
- All the aforementioned factors are expected to drive the demand for diethanolamine during the forecast period.
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