Pyridine Market
Pyridine is a liquid chemical compound that appears colorless and has a nauseating odor. It has a chemical compound formula C5H5N and has a structure similar to benzene. It is miscible in most of the organic solvents and produced by crude coal tar or is derived from chemical products such as formaldehyde, ammonia, and acetaldehyde.
The global Pyridine market is projected to surpass US$ 2,228.3 million by the end of 2028, in terms of revenue, growing at CAGR of 9.5% during the forecast period (2021 to 2028).
Drivers
The growing demand for synthetic pyridine from chemicals and pharmaceutical sectors is projected to drive market growth. According to the Coherent Market Insights analysis, synthetic pyridine accounts for 95% of world production of pyridines and is the only alternative of managing high demand for the same. Robust growth in the chemical and pharmaceutical sectors is driving huge demand for the product and this is expected to foster the market growth over the forecast period.
High demand for pyridine as an active ingredient in agrochemicals is expected to bolster the market growth. It is used in the production of pesticides. Significant demand in pesticides due to the growing need for higher quality yield crops and rising demand for food around the globe is fueling the market growth. This is attributed to increasing populations. Also, the growing adoption of advanced farming practices is again expected to foster the market growth of the pyridine over the forecast period.
Asia Pacific region dominated the global Pyridine market in 2020, accounting for 40.79% share in terms of volume, followed by North America, and Latin America, respectively. As a result of rising demand in pesticides due to the growing need for higher quality yield crops
Figure 1. Global Pyridine Market, Revenue Share (%), By Region, 2020
Market Restraints
Strict rules and regulations associated with the use of pyridine are expected to hamper the market growth. According to Occupational Safety and Health Administration (OSHA), for inhalation exposure, Acceptable Daily Intake (ADI) for pyridine is restricted to 0.002 mg/kg/day and its Reportable Quantity (RQ) value is 100.
Harmful composting while using pyridine as an herbicide is one of the major factors restricting the use of pyridine. Also, excessive use of pyridine has the potential to contaminate compost feedstock including hay, manure, etc.
Market Opportunities
The increasing use of pyridine as a solvent in various chemical applications is projected to bring profitable opportunities in the near future. For instance, in SOCl2 and TsCl pyridine is used as a weak base. In this reaction, HCl is produced as a by-product. Pyridine absorbs HCl as it is generated and forms pyridinium hydrochloride. Thus, increasing use of pyridine as a solvent in many chemical reactions is projected to foster market growth in the near future.
Growing regulatory approval for pyridine in food applications is expected to open new doors of opportunities over the forecast period. Pyridine and its derivatives are widely used as a food flavor additive in the preparation of various food products. Hence, growing regulatory approvals in the U.S. for use of pyridine as a food additive is projected to increase its uptake in various food applications is projected to favor the market growth of the pyridine in the near future.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 1,086.7 Mn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 9.5% | 2028 Value Projection: | US$ 2,228.3 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Jubilant Life Sciences Ltd., Lonza Group Ltd., Vertellus Specialties Inc., Resonance Specialties Limited, Red Sun Group, Shandong Luba Chemical Co., Ltd., Koei Chemical Co., Ltd., and Weifang Sunwin Chemicals Co., Ltd. |
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| Restraints & Challenges: |
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Figure 2. Global Pyridine Market – Opportunity Analysis
Market Trends
An increasing number of working population coupled with the improving standard of living is projected to boost the market growth of the pyridine. The rapid expansion of various end-user industries across developing regions coupled with the evolving demand for products due to the influence of social media is again expected to propel the market growth of the pyridine. Increasing strict regulatory framework along with the robust growth in the agriculture industry is further expected to foster market growth.
Growing consumption of Vitamin B3 in industrial applications is a growing trend in the market. Niacin and niacinamide are types of Vitamin B3. Various manufacturers are focusing on increasing the production capacity of Vitamin B3. For instance, recently Jubilant Life Sciences has increased its vitamin B3 capacity by more than 50%. Also, Vertallus Specialities Inc. increased its Vitamin B3 (3- Cynopyridine) capacity by 10,000 tons.
Figure 3. Global Pyridine Market, Revenue Share (%), By Product Type, in 2020
Key Takeaways of the Graph:
Global Pyridine Market - Impact of Coronavirus (Covid-19) Pandemic
The emergence of Coronavirus in the fourth quarter of 2020 has boosted demand for Pyridine in the pharmaceutical sector, as individuals are hesitant to seek out nutritional goods to strengthen their immunity as a virus prevention strategy. During this period, the demand for pharmaceutical medications based on pyridine derivatives such nicotine, nicotinamide, vitamin B6, and others has increased significantly, stimulating the market for pyridine derivatives. COVID-19, on the other hand, had a negative impact on the market in 2020. Pyridine derivatives are frequently utilised in the textile and pesticide industries. Textile mills and garment factories were temporarily closed due to the pandemic threat during the lockdown. Similarly, the import and export markets were closed. Which kept the market in balance throughout the lockdown.
Competitive Section
Key players are operating in the global pyridine market are Jubilant Life Sciences Ltd., Lonza Group Ltd., Vertellus Specialties Inc., Resonance Specialties Limited, Red Sun Group, Shandong Luba Chemical Co., Ltd., Koei Chemical Co., Ltd., and Weifang Sunwin Chemicals Co., Ltd.
Few Recent Developments
Pyridine is widely used as a fungicide and solvent, as well as in the production of various pharmaceuticals. It is also use to produce products such as medicines, vitamins, food flavorings, pesticides, paints, dyes, rubber products, adhesives, and waterproofing for fabrics. Pyridine can also be formed from the breakdown of many natural materials in the environment.
Market Dynamics
Increasing production and demand for sports utility vehicles, crossovers, and hybrid vehicles is expected to propel growth of the global pyridine market during the forecast period. For instance, in July 2020, Mitsubishi Motors unveiled a new three-year mid-term business plan dubbed “small but beautiful” which will priorities the launch of environmentally friendly HEV models.
The pyridine market in Asia Pacific is witnessing several regulatory changes. For instance, in November 2019, Ministry of Commerce, China, terminated its six-year long anti-dumping measures on pyridine imports from India and Japan. Earlier in 2013, China imposed five-year anti-dumping tariffs on Indian and Japanese imports.
The pyridine market is witnessing increase in cost of pyridine derivatives. For instance, in May 2021, Trinseo SA., a materials supplier, announced increase in the prices of all vinyl pyridine latex sold into the tire cord market in Europe, Middle East and Africa.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
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