Pyridine Market Overview
The Pyridine Market size is estimated to reach US$948 million by 2027, after growing at a CAGR of 6.2% during the forecast period 2022-2027. Pyridine is a heterocyclic organic compound with the chemical formula C5H5N and is structurally related to benzene, with one methine group. The demand for pyridine is high due to its wide range of applications in pharmaceuticals, antifreeze, agrochemicals, food additives and others. The rise in pest control activities and agricultural production is surging the growth scope for pyridine, thereby acting as a driving factor in the pyridine market. According to the India Brand Equity Foundation (IBEF), the agriculture sector in India is expected to increase to US$24 billion by 2025. According to the Office for National Statistics, the volume of agricultural output increased by 2.6% in the United Kingdom with cereals output increased by 23% and 24% for the crop products in 2021. In addition, increasing pharmaceutical drug spending and medical infrastructure trends are fueling the demand for pyridine and pyridine derivatives. Further, the major disruption caused by the covid-19 outbreak impacted the growth of the pyridine market due to disturbance in manufacturing, supply chain disruption, falling demand from major end-use industries and other lockdown restrictions. However, significant recovery is boosting the demand for pyridine for a wide range of applicability and utilization in food & beverage, medical, chemicals, agrochemicals and other sectors. Thus, the pyridine industry is anticipated to grow rapidly and contribute to the pyridine market size during the forecast period.
Pyridine Market Report Coverage
The report: “Pyridine Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Pyridine Industry.
- Asia-Pacific dominates the Pyridine Market, owing to growth factors such as the flourished base for the medical & pharmaceutical sector and rising agricultural production, thereby boosting growth in this region.
- The flourishing agriculture sector across the world is propelling the demand for Pyridine for major utilization as an active ingredient in pesticides, herbicides and fertilizers, thereby influencing the growth in the pyridine market size.
- The demand for Pyridine in the medical & pharmaceutical sector is significantly rising for a wide range of applications in vitamins and others, thereby fueling the growth scope in the Pyridine market.
- However, the strict regulations associated with Pyridine and the threat to the environment act as challenging factors in the global pyridine industry.
Figure: Pyridine Market Revenue Share by Geography, 2021 (%)
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Pyridine Market Segment Analysis – By Type
The Pyridine N-Oxide segment held a significant Pyridine Market share in 2021 and is projected to grow at a CAGR of 6.1% during the forecast period 2022-2027. The pyridine N-Oxide offers the excellent potential of reacting both electrophilic and nucleophilic reagents. It is increasingly used in the pharmaceutical sector as a drug metabolite. Moreover, the flourishing medical & pharmaceutical sector is fueling the growth prospects for Pyridine N-Oxide. Thus, with bolstering growth in the medical and pharmaceutical sector for applicability in drugs, medications and others, the pyridine N-Oxide segment is anticipated to grow rapidly in the pyridine market during the forecast period.
Pyridine Market Segment Analysis – By End-use Industry
The agriculture segment held a significant Pyridine Market share in 2021 and is estimated to grow at a CAGR of 6.5% during the forecast period 2022-2027. Pyridine is a heterocyclic organic compound, structurally associated with benzene and has significant demand in the agricultural sector for applicability as an active ingredient in pesticides, fertilizers and others. The agriculture industry is significantly flourishing, owing to factors such as rising production for grains, cereals and others and demand for fertilizer and pesticides. For instance, according to the National Statistics, Department for Environment Food & Rural Affairs, the value of fresh fruits in the UK increased from US$903 million in 2019 to US$1,045 million in 2020. With the robust scope for agricultural production, the utilization of pyridine in agrochemicals for fertilizer and pesticides is increasing, which, in turn, is projected to boost the growth scope for the pyridine market during the forecast period.
Pyridine Market Segment Analysis – By Geography
Asia-Pacific held the largest Pyridine Market share in 2021 up to 42.7%. The lucrative growth scope for pyridine in this region is influenced by the rise in agrochemicals base, rising spending on medical and pharmaceutical utilities and urbanization. The lucrative growth for the agriculture sector in APAC is influenced by growing farming activities and rising production of herbicides, pesticides and fertilizers. For instance, according to the Organization for Economic Cooperation and Development (OECD), China grew around 260 thousand tons of maize, 146 thousand tons of rice and 133 thousand tons of wheat in 2019. According to the OECD-FAO Agricultural Outlook, China accounted for 26% of the global rice production and 16% of the global wheat production in 2020. According to the National Investment Promotion & Facilitation Agency, total food grain production in India recorded an increase of 11.15 million tons in 2020-21 compared to the previous year. With fast-paced agricultural production and farming activities in APAC, the applications of pyridine for agrochemicals, pesticides, fertilizers and others are projected to rise in Asia-Pacific, which, in turn, is anticipated to boost the growth scope in the pyridine market over the forecast period.
Pyridine Market Drivers
Bolstering Growth of the Medical & Pharmaceutical Sector:
Pyridine, which is a natural compound and structurally related to benzene, with one methine group, has significant utilization in the agricultural sector for applicability in various drugs, antiseptics, vitamin B3 and others. The medical & pharmaceutical industry is significantly flourishing, owing to factors such as high drug spending, growing healthcare infrastructure and a high rate of chronic health incidents. For instance, according to the International Trade Administration, the medical device sector in China is projected to expand by 6.2% during 2020-2025. According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the estimated growth of the pharmaceutical sector in North America was 5.4% for the year 2022. According to the Government of Canada, Canadian drug sales increased from US$28.3 billion in 2018 to US$29.9 billion in the year 2020. With the bolstering growth in the medical & pharmaceutical sectors, the utilization of pyridine in medications, vitamins, drugs and others is increasing, which, in turn, is driving the pyridine industry.
Flourishing Growth of the Food & Beverages Sector:
Pyridine, which is a heterocyclic organic compound, has a wide range of applications in the food sector as a food additive and flavoring agent. The food industry is significantly growing due to growth factors such as high demand for ready-to-eat food items and rising production for dairy, bakery, fruits and vegetables and increasing disposable income. For instance, according to the India Brand Equity Foundation (IBEF), the Indian food processing sector is expected to reach US$535 billion by the year 2025-2026. According to Food & Drink Federation, food & beverage in the UK contributed US$35.60 billion to the economy and marked a growth of 4.3% in 2021 compared to 2020. Thus, with the rapid increase in food & beverage production and growth scope, the applicability of pyridine as a food additive and flavoring agent is growing, this, in turn, is driving the pyridine industry.
Pyridine Market Challenge
Strict Regulations Associated with Pyridine:
The strict rules and regulations on the utilization of pyridine are hampering the growth prospects in the pyridine market and creating a major challenge. For instance, according to the Occupational Safety and Health Administration (OSHA), acceptable daily intake (ADI) for pyridine is restricted to 0.002mg/kg per day for inhalation exposure and its reportable quantity (RQ) value is 100. Moreover, harmful composting while utilizing pyridine as a pesticide or herbicide is also one of the growth restricting factors. The excessive usage of pyridine has the potency to contaminate compost feedstock, including manure, hay and others. Thus, owing to such factors, the pyridine industry faces a major slowdown.
Pyridine Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Pyridine Market. The top 10 companies in the Pyridine Market are:
- Bayer AG
- LOBA Feinchemie AG
- Jubilant Life Sciences Ltd.
- Resonance Specialities Limited
- Merck KGaA
- The Dow Chemical Company
- Red Sun Co. Ltd.
- Koei Chemical Company
- Nippon Steel & Sumikin Chemical Co. Ltd.
- Labex Corporation
- In May 2020, Trinseo acquired the Vinyl Pyridine Latex business from Synthomer plc, which will expand and strengthen the product line.