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Triazine Market To Reach $814.55 Million in 2030

Published Date:   January 2021

The rising demand for triazines in a wide range of applications, including petrochemical, medical, and agrochemicals, is the key factor positively impacting the growth of their market. Owing to these factors, the global triazine market is expected to generate $814.55 million revenue in 2030, advancing at a CAGR of 5.6% during the forecast period (2020–2030).

The COVID-19 pandemic has severely impacted almost every sector. On account of the government-imposed lockdowns in various countries, including China, India, the U.S., Italy, Spain, Germany, and the U.K., industrial operations were temporarily halted or reduced in scale, in order to curtail the spread of the disease. In the triazine sector, uneven demand has been observed across different industries since the outbreak. While the demand for the compound in the paints and coatings industry has gone down drastically, the requirement for it for the manufacturing of pharmaceuticals, cleaning agents, detergents, flavors and fragrances, and plastics has either gone up or remained stable.

Monoethanolamine (MEA) To Witness Highest Demand owing to Increasing Usage in Oil & Gas Industry

On the basis of product, the global triazine market is categorized into monoethanolamine (MEA), monomethylamine (MMA), and others. Among these, the MEA category is expected to lead the market in the coming years, primarily owing to the high-volume usage of the compound as a hydrogen sulphide (H2S) mercaptan and scavenger in hydrogen streams.

Further, on the basis of type, the triazine market is categorized into 1,3,5-triazine, 1,2,3-triazine, and 1,2,4-triazine. Amongst these, 1,3,5-triazine is the most stable isomeric form of triazine, which is why it is important in several industries, including chemical and oil & gas. That’s why the category held the largest market share in 2019 and its dominance is projected to continue during the forecast period.

Geographically, the triazine market in North America is expected to witness lucrative growth as a consequence of the increasing demand for the compound from the oil & gas and chemical sectors of the U.S. and Canada. The region has a strong base of shale gas exploration, apart from crude oil exploration, which is driving the requirement for H2S-scavenging chemicals. Moreover, the chemical industry in the U.S. is developed with continuous new product launches, along with which it offers raw materials at competitive prices.

Facility Expansions Being Adopted as Key Strategy

Players in the triazine market are taking several strategic measures, such as product launches, mergers & acquisitions, and facility expansions, in order to enhance their market coverage. For instance, in January 2020, Foremark Performance Chemicals announced the expansion of its compound manufacturing operations at La Porte plant in Texas. This expansion is a result of the rising demand from the oil & gas sector of the U.S. The company aims to benefit with the surge in oil & gas production levels, in turn gaining a stronger position in the market.

Ashland Global Holdings Inc., Evonik Industries AG, Eastman Chemical Company, Stepan Company, Foremark Performance Chemicals, Hexion Inc., BASF SE, Baker Hughes Company, Dow Inc., and Haihang Commercial Holding Co. Ltd. are some of the leading players in the global triazine market.