According to a new report published by Allied Market Research, titled,"Pyridine Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025",the global pyridine market was valued at $530 million in 2017 and is projected to reach $783 million by 2025, growing at a CAGR of 4.9% from 2018 to 2025. The pharmaceuticals segment accounted for nearly one-third share of the total market in 2017.
Pyridine is a heterocyclic organic compound having the chemical formula C5H5N and is structurally related to benzene, with one methine group in the ring 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.
The global pyridine market is expected to witness various opportunities, owing to 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 that drive the growth of the global pyridine market. However, stringent government regulations on the toxic emissions during the production of pyridine are expected to hamper the market growth during the forecast period.
Pyridine is expected to register the highest growth in chemicals application, owing to rise in use of pyridine and its derivatives, especially in pesticides and herbicides.
In terms of volume, the pharmaceuticals segment accounted for around one-third share in 2016. Efficient and safe 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.
Key Findings of the Pyridine Market:
- Based on application, the agrochemical segment accounted for nearly two-fifths share of the global pyridine market in 2017 in terms of volume.
- Based on type, the beta picoline segment accounted for nearly one-third share of the global pyridine market in 2017 in terms of value.
- Based on type, the pyridine N-oxide segment is anticipated to grow with a CAGR of 5.1% during the forecast period in terms of revenue.
- Asia-Pacific occupied nearly half of the share of global pyridine market in 2017 in terms of revenue.
In 2017, Asia-Pacific and LAMEA collectively accounted for more than three-fifths share of the global pyridine market and are expected to continue this trend, owing to increase in the growth of the agrochemicals industry, specifically in China, India, Brazil, and other developing countries. Moreover, rise in use of pyridine in pharmaceutical applications and increase in usage of pyridine and its derivatives in food preparations boost the market growth.
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.
The other players in the value chain (profiles not included in the report) include Novasyn Organics, Resonance Specialties Limited, Labex Corporation, LeeChem India Pvt. Ltd., GFS Chemicals Inc., Seidler Chemical Company, Hudson Chemicals, Prochem Inc., Innova Chemicals and Scientific Solutions, LLC., and others.