The global MEA triazine market size is expected to expand on account of the increasing demand for petrochemicals, shares Fortune Business Insights™, in its report titled, “MEA Triazine Market, 2022-2030.” Triazine indicates that there are 3 nitrogen atoms present in it. The steadiest isomeric formation of triazine is the 1,3,5 triazine and it is majorly used in industries, such as chemical and oil & gas. It is considerably used to manufacture duplicate triazine products, such as melamine, MEA, and MMA which are used to produce various end products.
The surging demand for 1,3,5-triazine-based derivatives to scavenge operations in the oil & gas industry, paired with their high usage for manufacturing pesticides would propel the market growth during the forecast period.
Market Segment
The market is divided into several attributes, such as product type, end-use, and geography.
Based on type, the market is segregated into desulfurizer and fungicides. On the basis of end-use, the market is further categorized into medical, chemical, oil & gas, agriculture, and biological energy. With a geographical stand-point, the market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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COVID-19 Impact
The impact of the COVID-19 pandemic on the petrochemical demand is inconsistent across all industries. The packaging demand remained robust, whereas the agrochemical and construction appliances observed a decline in demand. Hence, the uneven demand for triazine has been reported across different industries amid the coronavirus disease. Although a few plants have shut down in some regions, MEA triazine industry players have recovered maximum of the losses occurred during the pandemic.
Report Coverage
The report offers a thorough study of the MEA triazine market, including an overview for the better understanding of the market. Further, it provides an in-depth evaluation of the trends, restraints, drivers, and opportunities for business owners and investors. The report provides a transparent understanding about the regional dynamics. Moreover, tangible insights about the strategies used by key players to dominate in the market for MEA triazine are shared in the report.
Market Drivers
Increasing Demand for Oil & Gas to Surge Market Growth
As a result of the increased population, the automotive sector has reported growth in the production of vehicles which then required fuel abstracted from crude oil and natural gases. This is anticipated to surge the demand for oil and gas, thereby leading to the MEA triazine market growth.
The MEA triazine compound is believed to be the most economical solution for sour management chemicals. Moreover, the increasing demand for productive methods to avoid corrosion in pipelines and storage tanks, and minimal emission of harmful odours, is expected to boost the global triazine market during the forecast period.
Post the application of MEA triazine, scaling is observed and insoluble solid deposits are formed which are called dithiazine. These factors can restrain the market growth.
Regional Insights
Asia Pacific to Lead the Market due to Availability of Raw Materials & Labor
Asia Pacific is set to hold the largest MEA triazine market share and dominate globally, owing to the feasible access of raw materials and cheap labor source in countries, such as China and India. North America is also expected to hold a major share as the demand for oil and gas is surging in this region. Also, the presence of various manufacturing companies is expected to boost the demand for MEA triazine in the market. Europe is set to exhibit considerable growth due to the high demand for desulfurizers from end-user sectors. Latin America and the Middle East and Africa would show decent progress in the MEA triazine industry during the forecast period.
Competitive Landscape
New Acquisitions by Key Players to Bolster Market Growth
Prominent players in the market for MEA triazine are always planning strategies to expand their businesses successfully and to maintain their leading positions in the market. One such strategy is launching products for better reach among end-users.
With every passing day, several key players are collaborating with companies from a different domain to expand their businesses and develop advanced products for their consumers.
For example, in March 2020, an American company named Stepan reported that it has acquired Logos Technologies LLC’s NatSurFact®, a line of bio-surfactants which is derived from renewable sources.
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Industry Development
January 2020: An American chemical company, Foremark Performance Chemicals, increased its production and manufacturing of triazine in Texas as the demand for MEA triazine surged in the North American market.
List of Key Players Covered in the MEA Triazine Market
- Hexion
- Stepan
- Foremark Performance Chemicals
- Dow Chemical
- Sintez OKA
- Eastman
- Evonik
- Baker Hughes
- Multi-Chem
- Ecolab
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