Pyridine Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Pyridine Market

The global market value of Pyridine was USD 1.3 Billion in the year 2022, and an anticipated CAGR of 6.4% is expected during the forecast period. Pyridine is classified as a heterocyclic organic compound and possesses basic properties. It is often likened to Benzene due to its structural similarities. Pyridine is characterized by its high flammability and poses toxicity risks when inhaled or ingested. It is used in the pharmaceutical industry, as well as in solvent and dyes. The key factors that increase the demand for pyridine globally are an increase in pest control activities and a surge in awareness about pyridine among farmers. The increase in demand for pyridine as a denaturant is expanding the market for this compound, contributing significantly to its growth.

Impact of COVID-19

The emergence of Corona Virus boosted the demand for Pyridine in the pharmaceutical sector. Pyridine derivatives were largely used prior to the pandemic in the textiles industry and in the pesticides industry. Due to lower availability of Pyridine derivatives, the growth of the market was badly hampered, and overall the effect of Covid-19 on the Pyridine market was negative. Pyridine derivatives were largely in demand post pandemic as well, and after the lockdown got over, the market started to grow steadily. 

Growth Drivers

The increasing demand for pyridine derivatives in the market in the pharmaceutical sector is the key factor behind the growth in the market. It is also used in the textile industry. Growing demand for synthetic pyridine in various industries is driving the growth of the market. Synthetic pyridine is managing the 95% demand for pyridine in the global market and is the only alternative to managing the demand for the same. Robust growth in the chemical and pharmaceuticals sectors is driving the growth of the market. High demand for pyridine as an active ingredient in agrochemicals is also driving the growth in the market. It is also used in pesticides. Robust growth in the chemical and pharmaceuticals sectors is driving the growth of the market. High demand for pyridine as an active ingredient in agrochemicals is also driving the growth in the market. It is also used in pesticides. In order to grow a better crop, pesticides play a very important role, and this factor is driving the growth in the pyridine market. Rising demand for food around the world is also fueling the demand for pyridine. Increasing populations in all around the world and technological advancements in farming practices are also driving the growth in the market significantly.

Segmentation

By Product

·         Pyridine N Oxide

·         Alpha Picoline

·         Beta Picoline

·         Gamma Picoline

·         2-Methyl 5-Ethyl- Pyridine

By Application

·         Foods

·         Pharmaceuticals

·         Agrochemicals

·         Chemicals

·         Others

Regional Outlook

·         North America

·         Latin America

·         Europe

·         Asia Pacific

·         Middle East & Africa

Pyridine Market By Application Segmentation

The Pyridine market is categorized based on its applications, including the pharmaceutical industry, food, Agrochemical, Chemical, and others. Among these, Agrochemical industries currently hold the dominant position, accounting for approximately 30% of the market share, a trend expected to persist throughout the forecast period. Key players in Pyridine production include Jubilant Life Sciences and Chemical Resonance Limited. Pyridine also finds extensive application in the pharmaceutical industry for the manufacturing of specific medications.

The rapid expansion of industries such as latexes, food, electronics, and others is a significant driver behind the growth of the pyridine derivative market. As the demand for food products escalates in developing nations, there is a simultaneous decrease in available agricultural land due to swift urbanization. Consequently, the use of agrochemicals is projected to see an upsurge during the forecast period.

Pyridine Market By Product Segmentation

The Pyridine market is divided by product type into Pyridine N Oxide, Alpha Picoline, Beta Picoline, Gamma Picoline, and 2-methyl-5-ethyl pyridine. Among these, Beta Picoline emerges as the leading and most profitable segment in the forecast period. It finds extensive use in the chemical industry for the production of chlorpyrifos, an organophosphate pesticide. Beta Picoline is a colorless organic liquid with a potent odor, serving as a positional isomer of methyl pyridine. It acts as a precursor to various pyridine derivatives and is applied in both the agriculture and pharmaceutical sectors.

The chemical segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This is primarily due to the crucial role pyridine plays as a fundamental raw material in the chemical industry. Its applications span from being a solvent and reagent to serving as a precursor for numerous chemical compounds.

Regional Outlook

On the basis of regions, the market is segmented into five regions: Asia Pacific, Europe, North America, South America and Middle East and Africa. Currently, Asia Pacific leads in this sector. High demand for pyridine as an active ingredient in agrochemicals and growing demand for synthetic pyridine from the chemical and pharmaceutical industry is driving the growth of the market in this region. Growing regulatory approval for pyridine in food applications is expected to open new door of opportunities over the forecast period. Growing demand for herbicides, pesticides, and insecticides. Aided by the increasing pest control activities and growing the demand for pesticides and herbicides. Asia Pacific holds a dominant position in global pyridine market, owing to upsurge in demand for niacin amide in pharmaceutical industry and food industry. Moreover, rise in need for agrochemical is rising the demand for pyridine. Latin America and Middle East is expecting to witness substantial increase in the demand for pyridine and pyridine derivatives.

Key Players

·         Vertellus

·         Lonza

·         Jubilant Life Sciences

·         Shandong Luba Chemical

·         Resonance Specialities Limited

·         Red Sun Group

·         Koei Chemical co. Ltd.

·         Weifang Sunwin Chemicals Co. Ltd.

·         Sunwin Chemicals Co. Ltd.

·         Other Players