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The triazine market to reach $814.55 million by 2030 from $518.68 million in 2019, at 5.6% CAGR during 2020–2030

·4-min read

Triazine Market Research Report: By Type (1,3,5-Triazine, 1,2,3-Triazine, 1,2,4-Triazine), Product (Monoethanolamine, Monomethylamine), End Use (Medical, Agriculture, Chemical, Oil & Gas) – Global Industry Analysis and Growth Forecast to 2030

New York, March 15, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Triazine Market Research Report: By Type, Product, End Use - Global Industry Analysis and Growth Forecast to 2030" -

Triazine offers pharmacological properties, such as anti-inflammatory and antimicrobial action, owing to which the compound finds several applications in the medical sector. Besides, the molecule is also significant in pharmaceutical chemistry, as it is used in the development of new drugs. Additionally, 1,3,5-triazine isomer is used as a prominent structure in acetoguanamine, aceto-guanide, ammeline, and cyanuric acid, as it is one of the oldest-known organic compounds. Naturally occurring antibiotics, like toxoflavin, reumycin, and fervenulin, contain triazine ring structure, which makes the compound an important ingredient for novel drugs.
Moreover, the compound is used as a scavenger chemical in oil reservoirs to separate hydrogen sulfide (H2S) from crude oil through stripping process. Petroleum companies keep a track on H2S concentration in reservoirs, as it is a flammable, corrosive, and life-threatening gas, to comply with safety protocols related to operation and exploration of oilfields. Triazine is also injected into production pipelines to minimize corrosion and operational risks imposed by petroleum products. These factors help the triazine market to reach $814.55 million by 2030 from $518.68 million in 2019, at 5.6% CAGR during 2020–2030.
The oil & gas industry primarily uses 1,3,5-triazine-based derivative for scavenging purposes, as it is the most stable isomeric form of the compound and is an important component of monoethanolamine (MEA). The MEA is used by the petroleum companies as a scavenger in hydrogen stream and H2S mercaptan. Thus, the expansion of the oil & gas sector, on account of the surge in exploration and production (E&P) activities, will amplify the usage of MEA in the foreseeable future.
In addition to the medical and oil & gas sectors, the agriculture industry also consumes a high volume of triazine as a weed control agent. The compound is largely used as a selective post-and pre-emergence weed control agent for barley, wheat, sugarcane, sorghum, and corn. Moreover, triazine can also mix with herbicides and expand the weed control spectrum of these chemicals. Owing to these properties, the compound has become essential for sustainable agriculture and increasing the crop yield.
Geographically, North America consumed the highest volume of triazine in 2019 and it will be the largest consumer in the future. This is primarily attributed to the growth of the oil & gas and chemical industries. According to the Energy Information Administration (EIA), over the last decade, the production of shale gas has increased twelve-fold in the U.S. It is cheaper than crude oil and used as a feedstock for producing several chemicals. Thus, chemical producers are opting for shale gas over crude oil for producing triazine, intermediate chemicals, and commodity chemicals, for high-profit margins.
In recent years, prominent players in the triazine market have started focusing on mergers and acquisitions to expand their footprints, produce diversified products and services, and emphasis on organic growth. Furthermore, the market players are also pursuing facility expansions to gain a competitive edge. For example, in January 2020, Foremark Performance Chemicals announced that it will expand its compound manufacturing operations at its La Porte plant in Texas. The company aspires to be benefited from the increase in oil and gas production levels in the U.S.
Thus, with the increase in E&P activities in the oil & gas sector and the growth in the pharmaceutical industry, the demand for triazine will escalate in the foreseeable future.
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