Pyridine Market- Market Share, Trends, Analysis and Forecasts, 2020-2027

 Pyridine is a clear liquid with an unpleasant odor. It is simple heterocyclic aromatic compound with structure related to benzene and possess a CH group in the benzene ring replaced by a nitrogen atom. Moreover, the pyridine ring is generally found in many different compounds such as azines, niacin, vitamins, and pyridoxine. Initially, pyridine was derived from coal tar and obtained as a byproduct of coal gasification, but the process was very expensive and inefficient. Currently, pyridine and its derivatives are manufactured synthetically. It is miscible with water and other organic solvents which find extensive use in numerous end use industries such as agrochemical, food & beverage, pharmaceuticals, chemicals, and others.

 

Some of the prominent factors that positively influence the growth of the pyridine market are growing disposable income, rapid urbanization, and improved living standards. Additionally, increasing use of pharmaceuticals has led to an increase in the demand for pyridine globally. Moreover, continuous growth of electronics industry along with wide utilization of pyridine in development of mobile and other electronic product is expected to fuel the growth of the market over the forecast period. Growing demand for pesticide and insecticide combined with the rising need of high quality crop production is estimated to propel the market growth. However, increasing concern regarding the harmful effect of pyridine is expected to hinder the market growth.

 

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Market Segmentation:-

The global pyridine market is segmented on the basis of types, end use industry, and region. Based on types, the market is categorized into alpha picoline, beta picoline, gamma picoline, 2-Methyl-5-Ethylpyridine (MEP), and others. On the basis of end use industry, the market is classified into pharmaceutical, agrochemical, food & beverage, chemicals, and others. Other end use industries comprises of electronics & semiconductor, rubber, paints and coatings, dyes, and building & construction. Among these, agrochemical segment accounted for the largest market share of global pyridine market in 2016 and is predicted to expand with a healthy CAGR over the forecast period. Pharmaceutical segment holds the second largest segment and is predicted to grow with the moderate CAGR during the assessment period. New product launches in agrochemicals and pharmaceutical segments as well as strong utilization of pyridine derivatives are among the key factors predicted to give new momentum to the growth of the market. The chemical segment provides maximum market potential on account of raise in demand for pyridine and its derivatives for numerous chemical synthesis reactions and as a catalyst.

Competitive Analysis

The major players operating in the pyridine market are Jubilant Life Sciences Ltd. (India), KOEI CHEMICAL CO., LTD. (Japan), Lasons (India), Vertellus Holdings LLC (U.S.), The Dow Chemical Company (U.S.), Merck KGaA (Germany), LOBA Feinchemie AG (Austria), RASCHIG GmbH. (Germany), Bayer AG. (Germany), Resonance Specialties Limited (India) among others

 

Regional Analysis

Asia Pacific is expected to be the largest market for pyridine followed by Europe and North America owing to rising demand from numerous end use industries such as building & construction, agriculture, and chemical among others. Various countries of Asia Pacific such as South Korea, Japan, China, India, Vietnam, Thailand, and Malaysia are the fastest growing market for pyridine, and is predicted to grow with the same pace in the near future. In Asia Pacific, some of the driving factors for market growth are increasing economic growth rate, competitive manufacturing costs, and ease in availability of raw material. Europe pyridine market is estimated to witness a significant growth on account of the continuous growth of food & beverage industry. North America is estimated to witness a substantial growth over the forecast period on account of increasing demand for adhesives in the construction sector. The Middle East & African countries is estimated to witness strong market growth due to rising construction activities. In Latin America market growth is majorly due to expansion of chemical and pharmaceutical sector.

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