The triazine market is rapidly expanding, attributed to the fast growth of the healthcare, and oil & gas sectors, and it is expected to hit $814.55 million by 2030. Moreover, 1,3,5-triazine captures significant market share, ascribed to its highly stable isomeric form and its extensive use in various industries, such as oil & gas, and chemical. Manufacturing triazine derivatives highly utilize it, including melamine, MMA, and MEA. The scavenging operations positively require 1,3,5 triazine-based derivatives, attributed to their wide usage in the manufacturing pesticides resulting in market propulsion.
Monoethanolamine, or MEA, captures an extensive triazine market share, attributed to the extensive consumption, and it is likely to experience the same in the near future. The oil & gas industry highly utilizes MEA as a hydrogen scavenger and hydrogen sulfide mercaptan. The rising expansion of the oil & gas sector worldwide signifies the increase in exploration & production activities, resulting in market proliferation.
The oil & gas sector, under the end use segment, dominates the triazine market, attributed to the economic cost of the sour management chemical compound. Moreover, the increased requirement for storage tanks, and pipelinesâ€™ corrosion protection, along with the declining harmful odors emission is predicted to expand the market worldwide in the near future.
North America contributes most of the triazine market revenue, ascribed to the increasing demand for triazine in the oil & gas, and chemical industries. The production of shale gas is increased 12 times in the last decade in the U.S., according to the Energy Information Administration. Shale gas is utilized as feedstock in chemical manufacturing, and it is less expensive as compared to crude oil.
Moreover, the rising investments made in the oil & gas sector in the U.S. is predicted to witness increasing compound consumption in the region, resulting in a market boom with increased opportunities in the near future. In addition, the U.S. is the largest oil producer and exporter in the world resulting in a rise in demand for triazine in the country.
There has been an increase in the number of acquisitions and mergers in the triazine market, enabling the players to grow their revenue. It has provided market players an opportunity to concentrate on their organic growth and conquer a more extensive customer base with new product launches and services to stay in the long-term race and remain competent in the market. For example, Stepan Company acquired the NatSurFact business of Logos Technologies LLC, which resulted in the expansion of the Stepan Company with an increase in the product offerings.
The petrochemical plants highly consume triazine to utilize it as a scavenger chemical for removal of H2S from crude. It is also used for reducing corrosion. The E&P companies have made it mandatory to track hydrogen sulfide concentration in petroleum reservoirs for safety purposes, as the H?S is life-threatening, corrosive, and flammable. Furthermore, the increased use of sulfate-reducing bacteria may result in the souring of petroleum reservoirs and rising concentration of the H?S, which will further require to inject of expensive chemical scavengers into production pipelines.
Thus, the increasing use of triazine in the oil & gas, and chemical industries leads to the market boom.