Pyridine Market Industry Analysis: Share, Size, Growth Trends and Market Forecast 2022-2030
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.
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.
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
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