Pune, Sept. 06, 2024 (GLOBE NEWSWIRE) -- According to SNS Insider Research, The Pyridine Market Size was valued at USD 726.0 million in 2023 and is expected to reach USD 1142.4 million by 2032, and grow at a CAGR of 5.2% over the forecast period 2024-2032.
The Pyridine Market is developing enormously and is due to its major usage in agrochemicals and pharmaceuticals. Pyridine-a heterocyclic chemical compound with the presence of nitrogen-finds broad applications as a feedstock chemical in agrochemical industries for the manufacture of herbicides, pesticides, and fungicides, and as a solvent and reagent in the synthesis of drugs. The market has kept growing on account of increasing crop yield to meet the food requirements of the world and growing health awareness. Major contributors to the market include China and India. China has the leading position in the market due to a strong agrochemical industry, while India is emerging as one of the fastest-growing countries due to growth in the agricultural sector backed by demand for pyridine-based herbicides. Growth in the market is also caused by the high dependence of the pharmaceutical industry on pyridine which is mostly a synthesis of drugs based in developing economies, for making generic drugs.
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KEY PLAYERS:
- Trineso
- Lonza Group Ltd
- Resonance Specialties Ltd
- Shandong Luba Chemical Co Ltd
- Weifang Sunwin Chemicals Co Ltd
- Jubilant Life Sciences Ltd
- Vertellus Specialties Inc
- Red Sun Group
- Koei Chemical Co Ltd
Furthermore, the trend in the market is toward sustainability, with green chemistry like the production of pyridine considered more environmentally friendly. The same is more marked in North America and Europe because the strict nature of environmental regulation compels companies to shift toward cleaner production methods. In turn, these are creating new ways in which avenues for growth are being observed by pyridine manufacturers. The increasing prevalence of chronic diseases, together with an increasing geriatric population, is also seeing the pharmaceutical sector benefit; this in turn is driving the demand for pyridine derivatives in drug manufacture. This is eventually going to seal the robust growth trajectory of the Pyridine Market on the wheels of such dual demand coming from agrochemicals and pharmaceuticals.
Pyridine Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 745.35 million |
| Market Size by 2031 | US$ 1188.01 million |
| CAGR | CAGR of 6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Drivers | • High demand for pyridine as a solvent in various chemical applications |
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Segment Analysis
The pesticides segment dominated the Pyridine Market in 2023, accounting for a share of more than 40%. This dominance is very well driven by the fact that pyridine is one of the important precursors for the production of herbicides, pesticides, and fungicides. Demand for pesticides based on pyridine significantly escalated with the increasing demand for efficient crop protection solutions from the global agricultural industry. For instance, pyridine finds extensive use in major agricultural-based economies like China and India for formulating herbicides, which assist greatly in bringing maximum returns from crops related to rice and wheat. There is also considerable growth in the application of pyridine in the production of bio-based and low-toxic pesticides, hence encouraging sustainable farming techniques, thereby strengthening the leading position of the segment under study.
KEY MARKET SEGMENTS
By Type
- Alpha Picoline
- Gamma Picoline
- 2-Methyl-5-Ethylpyridine
- Beta Picoline
- Pyridine N-Oxide
By Application
- Pharmaceutical
- Agrochemical
- Chemical
- Food
Trend Analysis: Pyridine Market
Trends in the pyridine market are gradually shifting toward bio-based and sustainable production methods. Various environmental pollution issues and harmful effects on human life due to chemical production raise great concerns for manufacturers. Due to this, manufacturers are considering various green chemistry techniques to have less carbon emission. Development of pyridine from renewable feedstocks remains in focus for companies, by which they can minimize their impact on the environment as well as be in compliance with regulatory standards in North America and Europe.
Additionally, the pharmaceutical field application of pyridine, mainly for the synthesis of drugs and advanced intermediates, tends to go upwards. Due to the increasing number of chronic diseases, there is an increasing demand for novel effective treatment solutions, hence boosting the demand for pyridine-based compounds within the pharmaceutical field.
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Regional Analysis
The Asia-Pacific region dominated the market with a share of about 45% in the Pyridine Market, wherein most of the regional demand is contributed by the developed nations of China and India. This is mainly because the major agricultural base is located in the region, along with increasing usage of pyridine in agrochemicals. In India, due to the rapid growth in the agricultural sector, the demand for herbicides and pesticides based on pyridine has been boosted. Green farming by the Indian government is likely to give a further boost to pyridine demand. China, with its already established agrochemical industry, has emerged as one of the key producers and consumers of pyridine. The country mainly engages in large-scale agricultural practice, resulting in an increased demand for crop protection chemicals, further strengthening its position within the global Pyridine Market. Besides, the investments by China in environment-friendly pyridine production are likely to boost its position in the global market.
Key Takeaways:
- Agrochemicals, mainly pesticides, are the major application segment in the Pyridine Market due to the growing demand for crop protection solutions globally.
- Some other sustainable processes for pyridine production, like bio-based formulation, are thus gaining momentum; this is more true for North America and Europe due to strict environmental policies.
- The Asia-Pacific region, with China and India as the front runners, will remain the demand leader for pyridine due to its strong agricultural activities and an up-and-coming pharmaceutical industry.
- Pyridine has its application in drug synthesis, particularly relating to generic drug production; thus, this industry continues to drive the pharmaceutical market.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Pyridine Market Segmentation, By Type
9. Pyridine Market Segmentation, By Application
10. Regional Analysis
11 Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
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