According to a new report by Vantage Market Research, the n-methyldiethanolamine (MDEA) market is expected to reach USD 1000.2 Million by 2028, growing at a CAGR of 15.1% from 2021 to 2028. The increasing demand for carbon capture and sequestration (CCS) coupled with the demand from the oil & gas industry is anticipated to fuel the growth of the n-methyl diethanolamine (MDEA) market within the forecast period.
- The MDEA 97% segment is projected to grow at a CAGR of over 14.31% over the forecast period owing to the increasing adoption in the end-use industries.
- The oil & gas segment held a market share of around 48.26% in 2020. This share is due to the increasing oil drilling activities across the globe to meet the rising demand for energy & fuel.
- North America is expected to expand at a CAGR of over 12.38% from 2021 to 2028. This surge is attributed to the rising demand for N-methyl diethanolamine from countries like the U.S.
Some of the key players in the N-methyl diethanolamine (MDEA) market include Eastman Chemical Company, Amines & Plasticizers Ltd, Advance Petrochemicals Ltd, DowDuPont Inc, Jiangsu Taihu New Materials Holding (Yancheng) Co. Ltd., Nippon Nyukazai Co. Ltd, Sintez OKA Group, Ineos, Group Limited, Huntsman Corporation, BASF SE, and Maoming Yunlong Industrial Development Co. Ltd., among others.
The increasing greenhouse gas emissions like CO2 in the atmosphere across the globe are expected to support the growth of the n-methyl diethanolamine (MDEA) market in the years to come. This is owing to the increasing urbanization and rapid enhancement of technologies due to industrialization. Carbon capture and storage (CCS) is used for decarbonizing fossil fuel power generation which includes capturing carbon dioxide (CO2) emitted from high-producing sources. This captured carbon dioxide is then transported and stored in deep underground geological formations, in order to alleviate the consequence of greenhouse gas emissions on the environment. The MDEA effectively absorbs CO2 in the carbon capture process in CCS. Thus, increasing demand for effective CCS technology is likely to fuel the growth of the n-methyl diethanolamine (MDEA) market in near future.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the increasing demand in emerging economies, such as India, and China, coupled with the expansion of industries like textile and oil & gas in the region's overall N-methyl diethanolamine (MDEA) market.