Global Triazine Market Research Report (2020 to 2030) - rivers 4.4.2.1 Increasing Application in the Petrochemical Industry is Driving Growth
DUBLIN, March 31, 2021 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global triazine market to reach $814.55 million by 2030 from $518.68 million in 2019, at 5.6% CAGR during 2020-2030.
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.
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.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Industry Outlook
4.1 Voice of Industry Experts/ KOLs
4.2 Definition of Market Segments
4.2.1 By type
4.2.1.1 1,3,5-triazine
4.2.1.2 1,2,3-triazine
4.2.1.3 1,2,4-triazine
4.2.2 By Product
4.2.2.1 Monoethanolamine (MEA)
4.2.2.2 Monomethylamine (MMA)
4.2.2.3 Others
4.2.3 By End Use
4.2.3.1 Medical
4.2.3.2 Agriculture
4.2.3.3 Chemical
4.2.3.4 Oil & gas
4.2.3.5 Others
4.3 Value Chain Analysis
4.4 Market Dynamics
4.4.1 Trends
4.4.1.1 Growing mergers and acquisitions
4.4.2 Drivers
4.4.2.1 Increasing application in petrochemical industry
4.4.2.2 Increasing application in medical industry
4.4.2.3 Increasing application in agrochemicals
4.4.2.4 Impact analysis of drivers on market forecast
4.4.3 Restraints
4.4.3.1 Increasing concerns about formaldehyde emissions
4.4.3.2 Impact analysis of restraints on market forecast
4.5 Regulation Analysis
4.6 Production Process Analysis
4.7 Impact of COVID-19 on Global Triazine Market
4.7.1 COVID-19 Impact on Triazine Market
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Buyers
4.8.2 Bargaining Power of Suppliers
4.8.3 Intensity of Rivalry
4.8.4 Threat of New Entrants
4.8.5 Threat of Substitutes
Chapter 5. Global Market Size and Forecast
5.1 Overview
5.2 By Type
5.3 By Product
5.4 By End Use
5.5 By Region
Chapter 6. North America Market Size and Forecast
6.1 Overview
6.2 By Type
6.3 By Product
6.4 By End Use
6.5 By Country
Chapter 7. Europe Market Size and Forecast
7.1 Overview
7.2 By Type
7.3 By Product
7.4 By End Use
7.5 By Country
Chapter 8. APAC Market Size and Forecast
8.1 Overview
8.2 By Type
8.3 By Product
8.4 By End Use
8.5 By Country
Chapter 9. LATAM Market Size and Forecast
9.1 Overview
9.2 By Type
9.3 By Product
9.4 By End Use
9.5 By Country
Chapter 10. MEA Market Size and Forecast
10.1 Overview
10.2 By Type
10.3 By Product
10.4 By End Use
10.5 By Country
Chapter 11. Major Markets
11.1 U.S. Market
11.1.1 By Type
11.1.2 By Product
11.1.3 By End Use
11.2 Germany Market
11.2.1 By Type
11.2.2 By Product
11.2.3 By End Use
11.3 China Market
11.3.1 By Type
11.3.2 By Product
11.3.3 By End Use
11.4 Brazil Market
11.4.1 By Type
11.4.2 By Product
11.4.3 By End Use
11.5 Saudi Arabia Market
11.5.1 By Type
11.5.2 By Product
11.5.3 By End Use
Chapter 12. Competitive Landscape
12.1 List of Players and Their Offerings
12.2 Market Share Analysis of Key Players
12.3 Product Benchmarking of Key Players
12.4 Strategic Developments in the Market
12.4.1 Mergers and Acquisitions
12.4.2 Facility Expansions
12.4.3 Other Developments
Chapter 13. Company Profiles
13.1 Ashland Global Holdings Inc.
13.1.1 Business Overview
13.1.2 Product and Service Offerings
13.1.3 Key Financial Summary
13.2 Baker Hughes Company
13.2.1 Business Overview
13.2.2 Product and Service Offerings
13.2.3 Key Financial Summary
13.3 BASF SE
13.3.1 Business Overview
13.3.2 Product and Service Offerings
13.3.3 Key Financial Summary
13.4 Foremark Performance Chemicals
13.4.1 Business Overview
13.4.2 Product and Service Offerings
13.5 Dow Inc.
13.5.1 Business Overview
13.5.2 Product and Service Offerings
13.5.3 Key Financial Summary
13.6 Eastman Chemical Company
13.6.1 Business Overview
13.6.2 Product and Service Offerings
13.6.3 Key Financial Summary
13.7 Evonik Industries AG
13.7.1 Business Overview
13.7.2 Product and Service Offerings
13.7.3 Key Financial Summary
13.8 Haihang Commercial Holding Co. Ltd.
13.8.1 Business Overview
13.8.2 Product and Service Offerings
13.9 Hexion Inc.
13.9.1 Business Overview
13.9.2 Product and Service Offerings
13.10 Stepan Company
13.10.1 Business Overview
13.10.2 Product and Service Offerings
13.10.3 Key Financial Summary
Chapter 14. Appendix
14.1 Abbreviations
14.2 Sources and References
14.3 Related Reports
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