Monoisopropanolamine (MIPA) Market Size, Current Growth and Future Trends 2030
Monoisopropanolamine (MIPA) Market Trend
monoisopropanolamine (MIPA) market is projected to reach $140.8 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030
WILMINGTON, DELAWARE , UNITED STATES, February 26, 2024 /EINPresswire.com/ -- 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.
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".
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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.
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
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Key findings of the study
The personal care end-use industry is anticipated to register the highest CAGR of 6.2% during the forecast period.
Asia-Pacific garnered the highest share of 54.4% in 2020, in terms of revenue, growing at a CAGR of 6.3%.
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.
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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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