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.
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.
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 H₂S 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 H₂S, 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.