The global triazine market stood at $518.68 million in 2019, and it is expected to demonstrate a CAGR of 5.6% during 2020–2030 (forecast period). One of the key growth factors for the triazine industry is the rapid advance of the medical and oil & gas sectors.
In 2019, significant capacity additions and slowing demand growth caused the industry size to contract. This decline was further accelerated in 2020 by the COVID-19 pandemic. The impact of the coronavirus disease on petrochemical demand was irregular across value chains, with agrochemical and construction applications seeing particularly steep declines and the packaging demand (especially in the food, sanitary products, and medical applications) remaining robust. This is why uneven demand for triazine has been observed across different industries since the outbreak. Despite a few plants shutting down in select geographies, triazine industry players have coped well with the short-term impact of the pandemic.
In 2019, the 1,3,5-triazine category accounted for the largest market size in the triazine industry, on the basis of type. This is attributed to the fact that 1,3,5 triazine is the most stable isomeric form of triazine and it is widely used in several industries, including chemical and oil & gas. It is extensively used to manufacture triazine derivatives, such as MEA, MMA, and melamine, which are themselves used during the production of various end products. The increasing demand for 1,3,5-triazine-based derivatives for scavenging operations in the oil & gas industry, coupled with their rising consumption for manufacturing pesticides, is further propelling the market growth.
The MEA category, based on product, recorded the highest consumption in 2019, and the trend is likely to continue throughout the forecast period. This is majorly ascribed to the high-volume usage of MEA in the oil & gas industry as a hydrogen sulphide (H2S ) mercaptan and scavenger in hydrogen streams. With the growth of the oil & gas sector globally, reflected in the rise in exploration & production activities, the market category is projected to further grow during the forecast period.
During the forecast period, the oil & gas category is expected to hold the largest share in the end use segment. This is primarily because the compound is considered the most cost-effective sour management chemical. Additionally, the rising demand for effective corrosion protection in the pipelines and storage tanks, apart from reducing the emission of harmful odors, is expected to propel the global triazine market during the forecast period.
North America held the largest triazine market share in 2019 due to the rising demand for triazine in the chemical and oil & gas industries. As per the Energy Information Administration (EIA), shale production in the U.S. has increased twelvefold over the last decade. Shale gas is a cheaper alternative to crude oil, and it acts as a feedstock for manufacturing various chemicals. Thus, chemical manufacturers in the country are increasingly preferring shale gas over crude oil for manufacturing commodity chemicals, intermediate chemicals, and triazine, for high profit margins.
Additionally, the increasing investments in the oil & gas sector in the U.S. are expected to propel the compound consumption growth in the region, in turn, providing numerous opportunities to the North American triazine market during the forecast period.
The prominent trend being observed in the triazine market is the rise in the number of mergers and acquisitions, which have allowed established as well as emerging players to increase their revenue share in the market. Moreover, with mergers and acquisitions, key players in the market can focus on organic growth, access a wider customer base, and bring diversification in their products and services, which further helps in boosting the long-term growth prospects for their business.
For instance, in March 2020, Stepan Company acquired Logos Technologies LLC’s NatSurFact business, a rhamnolipid-based line of biosurfactants. With this acquisition, Stepan Company expanded its product offerings with the addition. Rhamnolipids, a class of biosurfactants, are gaining traction due to their biodegradability, low toxicity, and unique antimicrobial properties.
The compound is widely used as a scavenger chemical to remove H2S from crude oil, in a process known as stripping, along with which it is used to reduce corrosion. In petroleum reservoirs, the concentration of H₂S is tracked, as it is a life-threatening, corrosive, and flammable gas, and the exploration and operation of oilfields are subject to strict safety protocols. Moreover, sulphate-reducing bacteria can cause petroleum reservoir souring and increase the concentration of H₂S in the produced fluids to the point of making it necessary to inject expensive chemical scavengers in production pipelines, so that the corrosion and operational risks can be minimized. Therefore, with the increasing application of triazine in the petrochemical industry, the market is expected to witness significant growth during the forecast period.
The compound has a wide array of useful pharmacological properties, including antimicrobial and anti-inflammatory action. The molecule also possesses a high significance in pharmaceutical chemistry considering its usage in novel drugs. Furthermore, the triazine ring structure is found in naturally occurring antibiotics, such as reumycin, fervenulin, and toxoflavin. 1,3,5-triazine isomer, one of the oldest-known organic compounds, is used as a lead structure in ammeline, aceto-guanide, acetoguanamine, and cyanuric acid. Hence, such factors are projected to drive the global triazine market during the forecast period.
The compound is extensively used in agriculture as a selective pre- and post-emergence weed control agent for wheat, corn, sorghum, sugarcane, and barley. Moreover, due to the increasing area under cultivation, the production of barley, wheat, and sugarcane is expected to escalate, especially in developing nations. In addition, the compound has the ability to mix with herbicides and widen the weed control spectrum, which makes triazines essential for high-yield, sustainable agriculture. Therefore, the increasing use of the compound in agrochemicals is expected to boost the growth of the global triazine market.
| Report Attribute | Details |
|---|---|
| Historical Years | 2014-2019 |
| Forecast Years | 2020-2030 |
| Base Year (2019) Market Size | $518.68 million |
| Forecast Period (2020-2030) CAGR | 5.6% |
| Report Coverage | Market dynamics, revenue estimation and forecast, segmentation analysis, value chain analysis, production process analysis, Porter’s five forces analysis, regional and country breakdown, company share analysis, company profiling |
| Market Size by Segments | Type, product, end use, region |
| Market Size of Geographies | U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, South Korea, Mexico, Brazil, South Africa, Saudi Arabia, Turkey |
| Secondary Sources and References (Partial List) | Australia Inventory of Chemical Substances (AICS), British Association for Chemical Specialities, Canadian Domestic Substances List (DSL) Chemical Business Association, European Chemicals Agency, European Pharmacopoeia, Health & Safety Authority (Ireland), International Council of Chemical Associations, International Association of Oil & Gas Producers, Japan Chemical Industry Association |
The triazine market is partially consolidated in nature, with the presence of BASF SE, Baker Hughes Company, Dow Inc., Ashland Global Holdings Inc., Evonik Industries AG, Eastman Chemical Company, Stepan Company, Foremark Performance Chemicals, Hexion Inc., and Haihang Commercial Holding Co. Ltd.
In the recent years, players in the industry have engaged in facility expansions in order to stay ahead of their competitors. For instance:
The triazine market report offers comprehensive market segmentation analysis along with market estimation for the period 2014-2030.
Based on Type
Based on Product
Based on End Use
Geographical Analysis
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