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The triazine market share is expected to increase by USD 335.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.00%.
This triazine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers triazine market segmentation by application (oil and gas, chemical processing, medical, and others) and geography (North America, APAC, Europe, MEA, and South America). The triazine market report also offers information on several market vendors, including Ashland Global Holdings Inc., BASF SE, Dow Inc., Ecolab Inc., Foremark Performance Chemicals, Haihang Industry Co. Ltd., Hexion Inc., RAG-Stiftung, Sintez OKA LLC, and Stepan Co. among others.
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The rising investments in oil and gas E&P activities are notably driving the triazine market growth, although factors such as stringent regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the triazine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Triazine Market Driver
One of the key factors driving the global triazine market growth is the rising investments in oil and gas E&P activities. In developing countries, factors such as rapid urbanization and industrialization play an important role in increasing liquid fuel consumption. According to the US EIA, the global liquid fuel consumption was 101.45 (thousand barrels per day) MBPD in 2019 and is expected to reach 105.5 MBPD by 2023. Developing countries such as China and India are the largest consumers of fuel in the world. Several major oil and gas companies continue to resort to new E&P (energy & power) projects to cater to the increased demand. According to the IEA, the global investment of USD 367 billion in upstream oil and gas projects increased by around 10% in 2021 compared with 2020, mainly driven by the shale sector in the US. For example, in December 2018, PTT Exploration and Production Plc. announced a five-year investment plan for 2019-2023 to accommodate E&P activities in both domestic and overseas projects. Such factors are expected to accelerate the growth rate of the market in focus during the forecast period.
Key Triazine Market Trend
Another key factor driving the global triazine market growth is the introduction of green corrosion inhibitors such as triazine. Due to the stringent regulations by government bodies, triazine are appropriate for being used in various industrial and municipal applications. Corrosion scientists and engineers are now focusing on implementing triazine concentrations that are inexpensive as well. Thus, the preference for green inhibitors such as triazine is rising. For instance, the European Union has funded a project to develop an innovative biomimetic and eco-efficient environmental technology for inhibiting microbial-induced corrosion (MIC). New triazine concentrations will be produced by biofouling through the integration of microorganisms in a sol-gel coating for metal surfaces. Such research activities are expected to further support the growth of the market in focus during the forecast period.
Key Triazine Market Challenge
One of the key challenges to the global triazine market growth is the stringent regulations on permits, permit expiration dates, residual management issues, and regulations for the entry of new players into the market. The National Primary Drinking Water Regulations are the legally enforced standards to be followed by vendors and the public who are using water systems and water treatment chemicals such as triazine in major countries such as the US. Such stringent regulations in the global water treatment chemicals market are expected to hamper the global triazine market growth during the forecast period.
This triazine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global triazine market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the triazine market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the triazine market encompasses successful business strategies deployed by the key vendors. The triazine market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Ashland Global Holdings Inc. - The company offers triazine such as Hexahydro-1,3,5-tris-(-2-hydroxyethyl)-s-triazine which is a formaldehyde condensate product that is used as an antimicrobial agent in metalworking fluids.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The triazine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the triazine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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34% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for triazine in North America. Market growth in this region will be faster than the growth of the market in South America and Europe.
The significant increase in the demand for H2S scavengers in developed economies such as the US will facilitate the triazine market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the growth of the market. The imposition of lockdowns and restrictions on import/export activities adversely affected the supply chain of the regional specialty chemical market, including triazine, especially in the US, Canada, and Mexico. However, with the initiation of vaccination drives, the economies of various countries in the region will recover, which will promote the growth of various end-user industries. This, in turn, is expected to stabilize the regional market's growth during the latter part of the forecast period.
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The triazine market share growth by the oil and gas segment will be significant during the forecast period. The wide usage of MEA-triazine for H2S removal from gas streams, natural gas wells, and oil tanks makes it an effective H2S scavenger, which will boost the demand for the market in focus during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the triazine market size and actionable market insights on post COVID-19 impact on each segment.
Triazine Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.00% |
Market growth 2022-2026 |
$ 335.37 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.66 |
Regional analysis |
North America, APAC, Europe, MEA, and South America |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, China, Germany, India, and Canada |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ashland Global Holdings Inc., BASF SE, Dow Inc., Ecolab Inc., Foremark Performance Chemicals, Haihang Industry Co. Ltd., Hexion Inc., RAG-Stiftung, Sintez OKA LLC, and Stepan Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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