Pyridine Market Analysis

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. 

Pyridine Market Report Coverage

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:	North America Latin America Europe Asia Pacific Middle East & Africa
Segments covered:	By Product Type: Pyridine N-oxide, Alpha Picoline,, Beta Picoline, Gamma Picoline and 2-Methyl-5-Ethylpyridine (MEP) By Application: Pharmaceutical, Agrochemicals, Food, Chemicals (Solvent and Denaturant) and Others (Dyestuffs, Alcohol)
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.
Growth Drivers:	High demand for pyridine as an active ingredient in agrochemicals growing demand for synthetic pyridine from the chemical and pharmaceutical industries
Restraints & Challenges:	Strict rules and regulations associated with the use of pyridine Harmful composting while using pyridine as an herbicide is one of the major factors restricting the use of pyridine

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:

• The Pyridine N-oxide held dominant position in the market and accounted for 39.4% share in the Global Pyridine Market in 2020. The segment is expected to reach US$ 881.55 million in 2028
• Due to the high demand for pyridine as an active ingredient in agrochemicals throughout the world.
  

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

• In May 2020, Trineso agreed to buy of Synthomer PLC's vinyl pyridine latex business expanding the company's product line.
• In June 2021, Vertellus has agreed to acquire ESIM Chemicals' intermediates and specialties business, a leading supplier of specialised chemical products to the pharmaceutical, coatings, and fuel and lubricant industries.
• In February 2021, Lonza has receives 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.