Monoisopropanolamine (MIPA) market is projected to reach $140.8 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030
OREGON, PORTLAND, UNITED STATES, September 6, 2023/EINPresswire.com/ — Allied Market Research recently published a report, titled, ”Monoisopropanolamine (MIPA) Market by End-use Industry (Chemical Industry, Personal Care, Agrochemical, Pharmaceuticals, Metalworking, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. The global Monoisopropanolamine (MIPA) Market was pegged at $82.2 million in 2020, and is expected to reach $140.8 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
Major determinants of the market growth
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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Major Market Players
Aceto
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.
Lanxess
Muby Chemicals
Covid-19 scenario:
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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The personal care segment to manifest the highest CAGR through 2030
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.
Asia-Pacific, followed by North America, to register the highest CAGR by 2030
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.
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