PYRIDINE MARKET ANALYSIS

 Global pyridine market was valued at US$ 1, 2605.5 Mn in 2022, exhibiting a CAGR of 9.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 2,642.8 Mn by 2030. 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 organic solvents and produced by crude coal tar or is derived from chemical products such as formaldehyde, ammonia, and acetaldehyde.

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 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 as 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 utilized in the textile and pesticide industries. Textile mills and garment factories were temporarily closed due to the pandemic threat during the lockdown.

Figure 1. Global Pyridine Market , By Product Type , 2022 

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 Global Pyridine Market - Drivers

• Growing demand for synthetic pyridine from the chemical and pharmaceutical industries

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 the world's production of pyridines and is the only alternative for managing the 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

High demand for pyridine as an active ingredient in agrochemicals is expected to bolster market growth. It is used in the production of pesticides. Significant demand for pesticides due to the growing need for higher quality yield crops and rising demand for food around the globe is fueling 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 pyridine over the forecast period.

 Global Pyridine Market - Restraints

Strict rules and regulations associated with the use of pyridine

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.

 Global Pyridine Market - Segmentation

On the basis of product type in 2022, the Pyridine N-oxide segment has accounted for the largest market share of 40% in terms of value.

 Global Pyridine Market - Opportunities

• The increasing use of pyridine as a solvent in various chemical applications

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

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. Thus, rising regulatory approvals in the U.S. for pyridine's usage as a food additive are anticipated to improve its acceptance in a variety of food applications and favor the expansion of the pyridine market in the near future.

Figure 2. Global Pyridine Market , By Region, 2022

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 Global Pyridine Market - Trends

An increasing number of working population

An increasing working population coupled with an improving standard of living is projected to boost the market growth of pyridine. The rapid expansion of various end-use 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 pyridine. Increasing strict regulatory framework along with the robust growth in the agriculture industry is further expected to foster market growth.

 Global Pyridine Market - Regional Insights

Asia Pacific region dominated the global pyridine market in 2022, accounting for 41% share in terms of volume, followed by Europe, and North America, respectively

 Global Pyridine Market - Key Developments

• In May 2020, Trineso agreed to buy Synthomer PLC's vinyl pyridine latex business expanding the company's product line.
• In June 2021, Vertellus agreed to acquire ESIM Chemicals' intermediates and specialties business, a leading supplier of specialized chemical products to the pharmaceutical, coatings, and fuel and lubricant industries.
• In February 2021, Lonza received an award as one of the World's Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.

 Global Pyridine Market - Key Players

Key players 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.

*Definition: 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 organic solvents and produced by crude coal tar or is derived from chemical products such as formaldehyde, ammonia, and acetaldehyde.