New York, May 31, 2023 (GLOBE NEWSWIRE) -- In 2023, the market for pyridine will be worth US$1.43 billion. The Pyridine Market is anticipated to expand gradually at a pace of 7.3% annually and reach US$ 2.89 billion by 2033. The growth of the market is attributed to the increasing demand for synthetic pyridine from chemicals and pharmaceutical sectors.
Pyridine is a heterocyclic organic compound with a chemical formula C5H5N. It is a colorless, clear, and odorless liquid at room temperature. Pyridine is miscible in most organic solvents, such as alcohol, ether, and chloroform. It is also soluble in water, but only to a limited extent.
The pyridine market can be segmented based on the type of derivatives and end-use industries. The derivatives segment includes alpha picoline, beta picoline, gamma picoline, 2-Methyl-5-Ethylpyridine (MEP), and others. The end-use industries for pyridine derivatives are pharmaceuticals, agrochemicals, food and beverages, chemicals, and others.
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The following are some of the key trends that are expected to drive the growth of the global pyridine market:
- Increasing demand for pyridine from the agrochemicals industry
- Increasing demand for pyridine from the pharmaceutical industry
- Growing demand for pyridine from the chemicals industry
- Technological advancements in the production of pyridine
- Rising environmental concerns
The following are some of the challenges that are expected to hamper the growth of the global pyridine market:
- High toxicity of pyridine
- Stringent government regulations
- Competition from other substitutes
Key Takeaways from the Pyridine Market Research report
- The increasing demand for pyridine in the production of agrochemicals is being driven by the growing population and the need to increase crop yields. Pyridine is used in the production of herbicides, insecticides, and fungicides.
- The increasing demand for pyridine in the production of pharmaceuticals is being driven by the growing prevalence of diseases such as cancer, diabetes, and cardiovascular diseases. Pyridine is used in the production of antibiotics, anti-cancer drugs, and anti-diabetic drugs.
- The increasing demand for pyridine in the production of other chemicals is being driven by the growing demand for these chemicals in a variety of industries, such as the automotive industry, the electronics industry, and the construction industry. Pyridine is used in the production of plastics, resins, and solvents.
- The Asia Pacific region is expected to be the fastest-growing market for pyridine due to the rapid economic growth in the region and the increasing demand for pyridine in the production of agrochemicals and pharmaceuticals.
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Competitive Landscape
Important key players for Pyridine Market are Vertellus Specialties Inc., Jubilant Life Sciences Limited, Lonza Group Ltd, Red Sun Group, Resonance Specialties Limited, Shandong Luba Chemical Co., Ltd., Koei Chemical Co., Ltd., Weifang Sunwin Chemicals Co., Ltd., Bayer AG, LOBA Feinchemie AG, Merck KGaA, The Dow Chemical Company, Nippon Steel & Sumikin Chemical Co. Ltd., Labex Corporation and more
Recent Developments
Here are some recent developments of companies in the pyridine market, with the year of the development:
- BASF SE announced in 2022 that it would be investing $100 million in a new pyridine production facility in China. The facility is expected to be operational by 2024.
- Jubilant Life Sciences Limited announced in 2021 that it had acquired the pyridine production assets of Solvay Group for $150 million. The acquisition is expected to help Jubilant Life Sciences expand its pyridine production capacity and meet the growing demand for pyridine in the pharmaceutical industry.
- Albemarle Corporation announced in 2020 that it had signed a joint venture agreement with Nippon Shokubai to develop and commercialize a new process for the production of pyridine. The joint venture is expected to begin commercial production of pyridine in 2023.
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Segmentation
The global pyridine market is segmented by type, application, and region.
- By type, the market is divided into pyridine N-oxide, alpha picoline, beta picoline, gamma picoline, and 2-methyl-5-ethylpyridine. Pyridine N-oxide is the most widely used type of pyridine, accounting for the largest share of the market. Alpha picoline is the second most widely used type of pyridine, followed by beta picoline, gamma picoline, and 2-methyl-5-ethylpyridine.
- By application, the market is classified into agrochemicals, pharmaceuticals, chemicals, foods, and others. Agrochemicals is the largest application segment of the market, accounting for the largest share of the market. Pharmaceuticals is the second largest application segment of the market, followed by chemicals, foods, and others.
- By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is the largest market for pyridine, followed by Europe and Asia-Pacific. LAMEA is the smallest market for pyridine.
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