How Is Medical Sector Adding To Triazine Market Growth?

The rising application of triazine in the petrochemical, agrochemicals, and medical industries will accelerate the triazine market at a CAGR of 5.6% during the forecast period (2020–2030). According to P&S Intelligence, the market stood at $518.68 million in 2019 and it will reach $814.55 million in 2030. Currently, the market is witnessing a trend of mergers and acquisitions among the players. This market trend has supported the established and emerging players in increasing their profit share.

The increasing consumption of the compound in the petrochemical industry is a key growth driver for the triazine market. Triazine is used as a scavenger material to separate Hydrogen Sulfide (H2S) from crude oil, through the stripping process. The concentration of H2S is tracked in petroleum reservoirs as it is a flammable, corrosive, and life-threatening gas. As the exploration and operation of oilfields are done in adherence to the safety protocols, large quantities of triazine are used in these reservoirs.

The type segment of the triazine market is categorized into 1,2,3-triazine, 1,2,4-triazine, and 1,3,5-triazine. In 2019, the 1,3,5-triazine category held the largest market share, because this type is the most stable isomeric form of triazine and is consumed in high quantity in the chemical and oil and gas industries. This isomer is used in the production of triazine derivatives, such as melamine, monomethylamine (MMA), and monoethanolamine (MEA). In addition, 1,3,5-triazine is used in the production of pesticides and for scavenging operations in the oil and gas industry.

Geographically, North America dominated the triazine market in 2019, due to the booming production of shale gas and oil in the region. According to the Energy Information Administration (EIA), in the last decade, shale production in the U.S. has increased twelvefold. Shale gas is an economic substitute to crude oil and it serves as a feedstock for the production of various chemicals. Besides, the soaring investments in the oil and gas sector in the U.S. will also augment the demand for the compound in the foreseeable future.

Thus, the rising usage of triazine in the medical, petrochemical, and agrochemical industries will supplement market growth in the forecast years.

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