Why will Triazine Sales Soar in North America in Coming Years?

The growing use of triazine in the petrochemical industry is propelling its demand across the world. The compound is extensively used as a scavenger chemical for removing hydrogen sulphide (H2S) from crude oil in a process called stripping. H2S concentration is regularly monitored in petroleum reservoirs, owing to the corrosive and flammable nature of the gas. This is also why the operation and exploration of oilfields are carried out under stringent safety protocols. Additionally, sulphate-reducing bacteria can increase H2S concentration and cause petroleum reservoir souring in the produced fluids, which can make the injection of expensive chemical scavengers in various production pipelines necessary.

This is done to minimize the operational and corrosion risks. Besides, the mushrooming use of triazine in the medical sector is also driving the expansion of the global triazine market. The compound has beneficial pharmacological traits, such as anti-inflammatory and anti-microbial characteristics. Moreover, it is extensively used in novel drugs. The ring structure of triazine is found in various naturally occurring antibiotics, such as fervenulin, toxoflavin, and reumycin. 1,3,5-triazine isomer, which is one of the oldest-known organic compounds, is widely used as a lead structure in aceto- guanide, cyanuric acid, acetoguanamine, and ammeline.

Due to the above-mentioned factors, the revenue of the triazine market is expected to grow from $518.68 million in 2019 to $814.55 million by 2030. Furthermore, the market is predicted to exhibit a CAGR of 5.6% from 2020 to 2030 (forecast period). Monoethanolamine (MEA) and monomethylamine (MMA) are the two major triazine products used globally. Between these, the demand for MEA is expected to surge in the coming years, primarily because of its use as a H2S mercaptan and scavenger in hydrogen streams. 

Geographically, the North American triazine market will boom in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the growing use of the compound in the chemical and oil and gas industries of Canada and the U.S. Additionally, the region is witnessing large-scale exploration of crude oil and shale gas, which is further boosting the need for H2S-scavenging chemicals. Furthermore, the expansion of the chemical industry is also positively impacting the sales of triazine in the region. 

Hence, the demand for triazine is set to soar in the coming years, mainly because of its surging requirement in the petrochemical, pharmaceutical, and chemical industries all over the world.

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to gro...
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 an...
Read more

Solar Encapsulant Industry Set to Exhibit Huge Expansion in Future

Image
The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years. One of the prominent trends currently being observed in the solar encapsulant market is the rising incorporation of thin-film solar cell technology. This is mainly credited to the fact that the conventionally used crystalline silicon solar technology-based solar modules have high production costs and fragile nature. In addition to this, the thin-film solar cell technology has lower costs than the crystalline silicon solar technology ...
Read more