Global Pyridine Market was valued at US$ 1,260.5 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.
Driver
Increasing paraquat usage in countries such as U.S., Brazil, and India
Although paraquat is forbidden in some countries of Europe and China, it is still used in many other countries. It is widely used in the U.S. as farmers are dependent on genetically engineered Roundup-ready soybean crops. Weeds are becoming impervious to roundup herbicides that require farmers to use more powerful and more effective chemicals such as paraquat. Due to this, the demand for paraquat is increasing in the U.S
Market Opportunities
Increasing research by key companies to improve chemical functionalities
Increasing research by key companies to improve the chemical functionalities of pyridine and its derivatives, for increasing its uptake as agrochemicals products are projected to bring new market opportunities. For instance, companies such as Dow Agro Sciences LLC, FUJIYAKUHIN CO., LTD, are applying for patents for agrochemical pyridine compounds used in pesticides. Pyridine is widely used in the production of various agrochemical products such as insecticides, fungicides, and herbicides.
Market Restraints
Fluctuations in pyridine and beta picoline prices
The prices of pyridine and its derivatives vary significantly. Due to a ban on the paraquat, pyridine production has been severely affected, which in turn impacted the beta picoline. Lower production, soaring raw material prices, and increasing cost of production led to price increase of beta picoline. Leading manufacturers such as Vertellus and Jubilant Life Sciences have announced price increases for pyridine and its derivatives.
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Key Takeaways:
The global pyridine market was valued at US$ XX Mn in 2022 and is forecast to reach a value of US$ Mn by XX 2030 at a CAGR of XX% between 2023 and 2030.
Market Trends
The growing food &beverage industry due to increasing consumer spending on food products
It is anticipated that rising consumer expenditure on food goods would fuel expansion in the food and beverage industry. One of the new trends is customers' rising intake of processed food items. The need for additives like pyridine is being driven by the use of processed food items. The increasing young population along with the hectic lifestyle of the consumers is also expected to propel demand for processed food products this in turn is propelling the market growth of pyridine. Moreover investment in the food & beverage industry across India, the U.S., the U.K, France, Russia, and Spain is further propelling the market growth.
Competitive Section:
Key Companies
- 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.,
- Weifang Sunwin Chemicals Co., Ltd
