Why will Triazine Sales Soar in North America in Coming Years?

Triazine Market

The growing use of triazine in the petrochemical industry is propelling its demand across the world. The compound is extensively used as a scavenger chemical for removing hydrogen sulphide (H2S) from crude oil in a process called stripping. H2S concentration is regularly monitored in petroleum reservoirs, owing to the corrosive and flammable nature of the gas. This is also why the operation and exploration of oilfields are carried out under stringent safety protocols. Additionally, sulphate-reducing bacteria can increase H2S concentration and cause petroleum reservoir souring in the produced fluids, which can make the injection of expensive chemical scavengers in various production pipelines necessary.

This is done to minimize the operational and corrosion risks. Besides, the mushrooming use of triazine in the medical sector is also driving the expansion of the global triazine market. The compound has beneficial pharmacological traits, such as anti-inflammatory and anti-microbial characteristics. Moreover, it is extensively used in novel drugs. The ring structure of triazine is found in various naturally occurring antibiotics, such as fervenulin, toxoflavin, and reumycin. 1,3,5-triazine isomer, which is one of the oldest-known organic compounds, is widely used as a lead structure in aceto- guanide, cyanuric acid, acetoguanamine, and ammeline.

Apart from the petrochemical and pharmaceutical industries, triazine is also heavily used in the agriculture industry. The compound is widely used as a pre- and post-emergence weed control agent for corn, sugarcane, barley, sorghum, and wheat. It can mix easily with herbicides and broaden the weed control spectrum, which makes it highly integra for sustainable and high-yield agriculture. Moreover, with the increasing production of sugarcane, wheat, and barley, especially in emerging economies, owing to the rising requirement for agricultural products, the demand for the compound is surging.

Due to the above-mentioned factors, the revenue of the triazine market is expected to grow from $518.68 million in 2019 to $814.55 million by 2030. Furthermore, the market is predicted to exhibit a CAGR of 5.6% from 2020 to 2030 (forecast period). Monoethanolamine (MEA) and monomethylamine (MMA) are the two major triazine products used globally. Between these, the demand for MEA is expected to surge in the coming years, primarily because of its use as a H2S mercaptan and scavenger in hydrogen streams.

Geographically, the North American triazine market will boom in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the growing use of the compound in the chemical and oil and gas industries of Canada and the U.S. Additionally, the region is witnessing large-scale exploration of crude oil and shale gas, which is further boosting the need for H2S-scavenging chemicals. Furthermore, the expansion of the chemical industry is also positively impacting the sales of triazine in the region.

Hence, the demand for triazine is set to soar in the coming years, mainly because of its surging requirement in the petrochemical, pharmaceutical, and chemical industries all over the world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here