DUBLIN--(BUSINESS WIRE)--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.
Market Dynamics
Trends
- Growing mergers and acquisitions
Drivers
- Increasing application in petrochemical industry
- Increasing application in medical industry
- Increasing application in agrochemicals
- Impact analysis of drivers on market forecast
Restraints
- Increasing concerns about formaldehyde emissions
- Impact analysis of restraints on market forecast
Companies Profiled
- Ashland Global Holdings Inc.
- Baker Hughes Company
- BASF SE
- Foremark Performance Chemicals
- Dow Inc.
- Eastman Chemical Company
- Evonik Industries AG
- Haihang Commercial Holding Co. Ltd.
- Hexion Inc.
- Stepan Company
For more information about this report visit https://www.researchandmarkets.com/r/38p5ld
