Triazine Market Share, Key Players, Growth and Future Analysis

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. These factors help the triazine market to reach $814.55 million by 2030 from $518.68 million in 2019, at 5.6% CAGR during 2020–2030.

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.

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