N-Methyl diethanolamine, commonly known as MDEA, is a tertiary amine solvent primarily used in the purification of natural gas. MDEA is blended with water and used as a hydrocarbon physical solvent to remove acidic gases like carbon dioxide and hydrogen sulfide from streams of natural gas or synthesis gas in an absorber column.
The global MDEA market is estimated to be valued at US$ 671.62 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global MDEA market is expected to witness high growth owing to increasing application in natural gas treatment. One of the key drivers for the increasing consumption of MDEA is the rising demand and production of natural gas worldwide. According to BP Statistical Review of World Energy 2022, global gas consumption increased by around 5% in 2021. This is attributed to increased adoption of natural gas as a transitional fuel for power generation and other applications to reduce dependency on coal. Moreover, continuous discovery of new gas reserves worldwide has augmented the need for efficient gas sweetening processes. MDEA, being a very effective physical solvent, is increasingly preferred for removal of acid gases like CO2 and H2S in natural gas streams. However, volatility in prices of raw materials required for MDEA production can hamper the market growth over the forecast period.
The global MDEA market size is currently estimated at US$ 671.62 Bn and is projected to reach US$ 1,468.38 Bn by 2030, growing at a CAGR of 10% during the forecast period. Asia Pacific is anticipated to be the fastest growing regional market over the next eight years.
SWOT Analysis
Strength:
-MDEA is mainly used as a chemical absorbent, efficient and cost-effective for removing acid gases like CO2 and H2S from process streams and other industrial gases. The wide application gives it an advantage over alternatives.
- It is biodegradable and less toxic compared to other absorbents such as MEA, making it safer to handle.
- There is availability of raw materials for manufacturing MDEA which ensures stable supply.
Weakness:
- MDEA needs to be regenerated using heat after absorption which increases production costs.
- It has a higher vapor pressure compared to other amines which leads to loss during processing.
Opportunity:
- Growing natural gas processing industry especially in North America is driving demand for absorbents like MDEA for removing acid gases.
- Increasing carbon capture and storage efforts to reduce emissions open up opportunities for MDEA use.
Threats:
- Strict environmental regulations around the world regarding emissions and disposal of chemical wastes pose challenges.
- Fluctuating raw material prices expose producers to volatility in input costs.
Key Takeaways
The Global N-Methyl Diethanolamine (MDEA) Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing demand from natural gas processing and carbon capture applications. The global MDEA market size is currently estimated at US$ 671.62 Bn and is projected to reach US$ 1,468.38 Bn by 2030, growing at a CAGR of 10% during the forecast period. .
North America currently dominates the market led by large shale gas reserves and growth in carbon capture projects in the region. The US accounts for over 30% of the global MDEA market. Asia Pacific is expected to emerge as the fastest growing market for MDEA supported by increasing natural gas exploration activities and power generation in countries like China and India. China currently accounts for over 25% of the global MDEA demand.
Key players operating in the N-Methyl Diethanolamine market are Dow Chemical, BASF, Ineos Oxides, Huntsman, AkzoNobel, Nippon Shokubai, Mitsui Chemicals, KPX Green and Arak Petrochemical Company. These companies are focusing on capacity expansions and new plant constructions to cater to the rising demand. For instance, Ineos Oxides completed expansion of its MDEA plant in Antwerp, Belgium in 2022.
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