Triethanolamine Market Regional Analysis:
North American Market Insights
North America industry is estimated to account for largest revenue share of 35% by 2035. The market growth in the region may witness lucrative growth on account of the growing production of chemicals. One of the major countries in the world producers of chemical products is the United States catering to a growing international market in addition to a substantial home market. As a result, there is an increasing need for ingredients such as triethanolamine since it is commonly used in several end-use industries.For instance, in 2022, the US chemical sector is predicted to expand its output volume by more than 4%.
Additionally, over the previous ten years, the United States has gradually expanded its cement consumption, which may boost the demand for triethanolamine as it serves a variety of purposes as a cement addition, one of which is to help with grinding during the cement comminution process.
APAC Market Insights
The Asia Pacific region will also encounter huge growth for the triethanolamine market during the forecast period and will hold the second position owing to the increasing usage of agrochemicals. India's low resource costs and relatively low domestic use of agrochemicals helped it rank as the world's second-largest agrochemical exporter in 2022. This is likely to fuel the demand for an organic substance called triethanolamine, or TEOA in the region which is utilized in the production of agrochemicals. As per the data, India's agrochemical exports increased from around USD 4 billion in 2021–22 to a record USD 5 billion in 2022-23.
