With the growing usage of triazine in the petrochemical industry, its sales are climbing across the world. The compound is heavily used as a scavenger chemical in the stripping process for removing H2S from crude oil. The monitoring of H2S concentrations in petroleum reservoirs is extremely important, on account of the fact that it is a highly corrosive, flammable, and life-threatening gas. Moreover, because of these characteristics of H2S, stringent safety protocols are followed during the operation of various oilfields.
Furthermore, the presence of sulphate-reducing bacteria can cause souring of the petroleum reservoir and augmenting the H2S concentration in the produced fluids so much that it becomes extremely necessary to administer expensive chemical scavengers in the production pipelines in order to minimize the operational risks and the chances of corrosion. Besides these factors, the mushrooming usage of triazine in the medical sector is also positively impacting its sales across the world.
This is pushing up the demand for triazine across the world, which is, in turn, propelling the expansion of the global triazine market. The value of the market is predicted to grow from $518.68 million in 2019 to $814.55 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 5.6% from 2020 to 2030. Depending on product, the market is divided into monomethylamine (MMA) and monoethanolamine (MEA).
Of these, the MEA category is predicted to register higher growth in the triazine market in the coming years. This will be because of the surging utilization of the compound in hydrogen streams as a scavenger and a hydrogen sulphide (H2S) mercaptan. Across the globe, the market will demonstrate lucrative growth in North America in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India.
Therefore, it can be said with full surety that the demand for triazine will shoot up all over the world in the upcoming years, mainly because of the mushrooming requirement for the compound in the petrochemical and healthcare industries and also in farming processes as weed control agents.
Source: www.psmarketresearch.com
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