The pyridine market was valued at $542 million in 2016, and is projected to reach at $773 million by 2023, growing at a CAGR of 5.1% from 2017 to 2023. The pharmaceuticals segment accounted for nearly one-third of the total market in 2016.
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Pyridine is a heterocyclic organic compound having the chemical formula C5H5N and is structurally related to benzene, with one methine group replaced by a nitrogen atom. The pyridine ring occurs in many important compounds, including azines and the vitamins niacin and pyridoxine.
It is used as a precursor to pharmaceuticals and agrochemicals, and is also an important reagent and solvent. It is added to ethanol to make it unsuitable for drinking.
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The global pyridine market is expected to witness various opportunities, on account of rise in demand for pyridine and its derivatives, especially from agrochemicals and pharmaceutical applications, since pyridine offers multiple chemical functionalities. Moreover, increase in use of pyridine as a denaturant in antifreeze mixtures and rise in demand for pyridine in pesticides & herbicides are other key factors drive the growth of the global pyridine market.
However, stringent government regulations on the toxic emissions during the production of pyridine may hamper the market growth during the forecast period.
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Pyridine is expected to register the highest growth in agrochemicals application, owing to rise in use of pyridine and its derivatives, especially in pesticides and herbicides.
In terms of volume, pharmaceuticals segment accounted for around one-third share in 2016. Efficient and safer pyridine products are in high demand globally, owing to the perennial modifications in the medical and healthcare industry.
Moreover, increase in requirement of cost-effective pharmaceutical ingredients and rise in adoption of pyridine and its derivatives in the production of antibiotics drive the global pyridine market.
In 2016, Asia-Pacific and LAMEA collectively accounted for around three-fifths of the global pyridine market and are expected to continue this trend, owing to increase in the growth of agrochemicals industry, specifically in China, India, Brazil, and the other developing countries. Moreover, rise in the use of pyridine in pharmaceuticals applications and increase in use of pyridine and its derivatives in food preparation boost the market growth.
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The major companies profiled in the report include Jubilant Life Sciences, Resonance Specialties Limited, Lonza Group Ltd., Vertellus Specialties Inc., Red Sun Group, Shangdong Luba Chemical Co. Ltd., Koei Chemical Company Limited, Weifang Sunwin Chemical Company Limited, Mitsubishi Chemical Company, and Bayer AG
Key Findings of the Pyridine Market:
- In terms of value, the chemicals application segment is anticipated to grow at the highest CAGR of 6.1% during the analysis period.
- LAMEA is estimated to maintain its lead position throughout 2023, and grow at a CAGR of 5.0%, in terms of volume.
- In terms of volume, the beta picoline segment occupied approximately one-fourth share of the total market in 2016.
- China occupied around one-third share of the Asia-Pacific pyridine market in 2016.
- In terms of value, Rest of Asia Pacific is expected to grow at the highest CAGR of 5.5% in the Asia-Pacific region.
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