The global pyridine market was pegged at $530 million in 2017 and is anticipated to accrue a sum of $783 million by 2025, growing at a CAGR of 4.9% from 2018 to 2025.
Increase in demand for pyridine and its derivatives, especially from agrochemicals and pharmaceutical industries due to their multiple chemical functionalities is driving factor of the global pyridine market. Moreover, increased use of pyridine as a denaturant in antifreeze mixtures drives the growth of the market. However, stringent government regulations on the emission of toxic gases during the production of pyridine would hamper the market growth during the forecast period. On the other hand, increase in R&D activities to reduce toxicity of pyridine would provide lucrative opportunities for the market expansion in future.
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Pyridine n–oxide segment to hold the largest share through 2025
The pyridine n-oxide segment captured the highest market share of more than one-third in 2017 and would maintain its dominance through 2025. This is because pyridine n-oxide is extensively used as an oxidizing reagent in organic synthesis. However, the beta picoline segment is projected to grow at the fastest CAGR of 5.2% from 2018 to 2025, as it is extensively used in the agrochemical industry to manufacture chlorpyrifos, which is an organophosphate pesticide. The other types discussed in the study are alpha picoline, gamma picoline, and 2-methyl-5-ethylpyridine (MEP).
Chemicals segment to witness the fastest growth by 2025
The chemicals segment would witness the fastest CAGR of 5.7% through 2025. This is because pyridine is an important raw material in the chemical industry and is used as a solvent, reagent, and precursor for several chemicals. However, the agrochemicals segment held the largest share in 2017, capturing over one-third of the market share and would maintain its lion’s share through 2025. This growth is attributed to the crucial role played by pyridine in the production of fungicides, insecticides/acaricides and herbicides and many more. The report also offers an in-depth analysis of various applications such as pharmaceuticals, food, among others.
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LAMEA to be the fastest-growing, Asia-Pacific to generate the highest revenue through 2025
LAMEA (Latin America, Middle East, and Africa) would manifest the fastest CAGR of 6.2% during the study period, owing to the growing demand for pyridine in agrochemical and pharmaceutical industries. However, Asia-Pacific was the largest market in 2017, holding nearly 50% of the market share. It is projected to maintain its lead position during the forecast period owing to the growing demand for niacinamide in the pharmaceutical and processed food industries. The other regions analyzed in the report are Europe and North America.
Prominent Industry Players
The leading companies in the global pyridine market include Novasyn Organics, Resonance Specialties Limited, Labex Corporation, LeeChem India Pvt. Ltd., GFS Chemicals Inc., Seidler Chemical Company, Hudson Chemicals, Prochem Inc., Innova Chemicals and Scientific Solutions, LLC., and others.
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