Triazine Market Trends, Business Strategies, Regional Outlook and Analysis Through 2030

The ballooning usage of triazine in the petrochemical industry is fueling its demand across the world. In this industry, the compound is extensively used as a scavenger chemical for removing H2S from crude oil, in a process called stripping. The concentration of H2S is strictly monitored and tracked in petroleum reservoirs, as it is a corrosive, flammable, and life-threatening gas. Additionally, the presence of sulphate-reducing bacteria can lead to the souring of the petroleum reservoir and augment the concentration of H2S in the produced fluids to such an extent that it will make the administration of expensive chemical scavengers in production pipelines extremely necessary.

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These scavengers minimize the operational and corrosion risks. Besides, triazine is also extensively used in the healthcare industry, on account of its various beneficial pharmacological characteristics, such as anti-inflammatory and antimicrobial action. It is also heavily used in novel drugs, which further boosts its importance in pharmaceutical chemistry. Furthermore, the ring structure of triazine is found in various naturally occurring antibiotics, such as fervenulin, toxoflavin, and reumycin. In aceto-guanide, cyanuric acid, ammeline, and acetoguanamine, 1,3,5-triazine isomer, which is one of the oldest-known organic compounds, is used as a lead structure.

Apart from the aforementioned factors, the soaring usage of the compound in agrochemicals is also driving the expansion of the triazine market, which is predicted to advance at a CAGR of 5.6% between 2020 and 2030. Furthermore, as per the forecast of the market research organization, P&S Intelligence, the value of the market will rise from $518.68 million in 2019 to $814.55 million by 2030. Monoethanolamine (MEA) and monomethylamine (MMA) are the most commonly used triazine products across the world.

Between these, the demand for MEA is predicted to be higher in the upcoming years, mainly because of its extensive usage as a hydrogen sulphide (H2S) scavenger and mercaptan in hydrogen streams. 1,2,3-triazine, 1,2,4-triazine, and 1,3,5-triazine are the most widely used variants of triazine. Out of these, the demand for 1,3,5-triazine is found to be considerably high, owing to the fact that it is the most stable form of the compound, which makes it critical in various industries, such as oil & gas and chemical.

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Due to this reason, the demand for this variant is expected to be the highest in the forthcoming years. Globally, the sales of triazine are expected to boom in North America in the years to come. This will be because of the surging requirement for the compound in the chemical and oil & gas industries in Canada and the U.S. Moreover, the region is witnessing a massive rise in shale gas and crude oil exploration, which is further boosting the demand for H2S scavenging chemicals, such as triazine.

Therefore, the demand for triazine is certain to shoot up all over the world in the coming years, primarily because of the rising oil & gas exploration and production activities and the mushrooming requirement for agrochemicals in farming processes.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.