Pyridine Market Size, Share, Demand & Trends Analysis Report by 2028 | Exclusive Report by Facts Factors
According to Facts & Factors, the global pyridine market size in terms of revenue was worth around USD 1.1 billion in 2021 and is expected to reach USD 2.4 million by 2028 growing at a CAGR of 9.7% from 2022 to 2028. The global pyridine market is projected to grow at a significant growth rate due to a number of driving factors.
Pyridine is a chemical compound that is odorous and odourless, and it is found in liquid form. It can be represented by the chemical formula C5H5N and has a structure very similar to that of benzene. In addition to being miscible in the vast majority of organic solvents, it is produced from chemical byproducts such as ammonia, formaldehyde, and acetaldehyde. Pyridine derivatives are used extensively in the production of a wide variety of agricultural chemicals and food additives, as well as a wide variety of pesticides, herbicides, and insecticides. This includes the production of food.
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Due to the numerous chemical functions that can be performed by pyridine and its derivatives, it is anticipated that the expanding market for these products in the pharmaceutical and agrochemical industries will propel the market over the course of the forthcoming period. Pyridine was once used only as a solvent in the production of pharmaceuticals, chemicals, and adhesives; however, pyridine compounds are now being used more frequently as starting materials in the production of pharmaceuticals, agrochemicals, food-flavoring additives, and other products. Previously, pyridine was only used in these industries.
In addition, denaturants made from pyridine compounds are frequently used in antifreeze recipes. Other factors such as advancements in biocatalyst processes, an increase in the consumption of synthesised pyridine, and an increased usage of pyridine in herbicides and pesticides are helping to drive the growth of the global pyridine market. Companies are conducting extensive research in order to improve the chemical functions of pyridine and its analogues in order to boost its absorption in agrochemicals such as insecticides, fungicides, acaricides, and herbicides. These agrochemicals are used to kill insects, fungi, and other organisms that are harmful to crops.
It is anticipated that the expansion of the global market for pyridine will be hampered by stringent laws and restrictions governing the continued use of pyridine. The Acceptable Daily Intake (ADI) for pyridine for inhalation exposure is 0.002 mg/kg/day, and the Reportable Quantity (RQ) is 100, as stated by the Occupational Safety and Health Administration (OSHA). The detrimental composting that pyridine causes when it is used as a herbicide is one of the primary issues that prevents its widespread application. In addition, the inappropriate use of pyridine has the potential to contaminate the components of compost, such as dung, hay, and other similar materials.
The global market for pyridine can be segmented according to three factors: classification, application, and region. The market can be broken down into the categories of alpha picoline, pyridine N-oxide, gamma picoline, beta picoline, and 2-methyl 5-ethylperidine, according to its classification. Pyridine N-oxide held 38% of the global market in the year 2020, and its value is anticipated to reach 900 million USD by the year 2028. Beta picoline is the component that gets converted into vitamin B3.
During the course of the forecast period, it is anticipated that the beta picoline segment will expand at a rate that is close to the average CAGR. The market can be broken down into the categories of chemical, agrochemical, food, and pharmaceutical, amongst other categories. It is anticipated that the agrochemicals sector will hold the largest share of the global market and will expand at a compound annual growth rate of approximately 7.8% in terms of value between the years 2022 and 2028.
The Asia-Pacific region is responsible for a sizeable chunk of the pyridine market all over the world. It’s possible that growing demand in countries like India, China, Bangladesh, Japan, Vietnam, South Korea, and Malaysia is what’s driving the development of the region’s targeted market. The demand in the region is growing as a result of a variety of factors, including favorable government laws, rising incomes that can be spent on discretionary items, and widespread access to inexpensive labour. The rapidly growing pharmaceutical industry, in addition to the agrochemicals sector’s growing preference for certain products, is likely to be the primary driver of market expansion in the Asia Pacific region.
Some of the main competitors dominating the global pyridine market are Chang Chun Petrochemical Co. Ltd., Weifang Sunwin Chemical Company Limited, Vertellus Holdings LLC, Novasyn Organics, Bayer AG, Resonance Specialties Ltd., C-Chem Co., Ltd., Mitsubishi Chemical Company, Lonza Group AG, Jubilant Life Sciences Ltd., Koei Chemical Co. Ltd. Koei Chemical Co. Ltd., and Shandong Luba Chemical Co. Ltd.
The global pyridine market is segmented as follows:
- Alpha Picoline
- Pyridine N-Oxide
- Gamma Picoline
- Beta Picoline
- 2-Methyl 5-Ethylperidine
- North America
- The U.S.
- Rest of North America
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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