Growth of Pyridine Market Due to Rising Demand from Agrochemicals and Pharmaceuticals Industries
Published On : Mar 16, 2016
Pyridine is a heterocyclic organic compound and is an important solvent and reagent. Pyridine is produced from coal tar or as a by-product of coal gasification. However, the increased demand for this toxic, inflammable liquid base in recent years has led to its development in more economical ways such as synthesis from ammonia and acetaldehyde or chichibabin synthesis, cobalt-catalyzed alkyne-nitrile cyclotrimerization, bönnemann cyclization, and others. Several other naturally occurring organic compounds are made using pyridine. Pyridine is also the preferred choice used as a precursor to several agrochemicals and pharmaceuticals.
Market for Pyridine in Asia Pacific to Expand at CAGR of 9.9% from 2015 to 2025
The global pyridine market is segmented on the basis of product, application, and region. In 2015, Asia Pacific accounted for a 51.6% volume share in the overall market, according to a report published by Persistence Market Research (PMR). Asia Pacific is likely to witness a high growth rate in terms of revenue due to the increase in the usage of pyridine and its derivatives in segments such as pharmaceuticals and agrochemicals. In terms of revenue, the Asia Pacific market for pyridine is anticipated to expand at a high CAGR of 9.9% over 2015 to 2025. Growth of the pyridine market in the Asia Pacific can also be attributed to rising demand from India, which accounted for 24.4% of the total pyridine market in the Asia Pacific region in 2015. Moreover, India’s production of pyridine grew by 40% in 2015.
Growth is also likely to occur in North America, the Middle East, and Africa owing to an increased demand for pyridine from the pharmaceuticals and agrochemicals sectors. However, the same cannot be said for Europe, which is anticipated to witness slow growth due to the recent economic downturn.
Increase in Demand for Gamma-picoline and MEP due to Increasing Application in Chemicals Industry
By product type, the pyridine market is segmented into alpha picoline, beta picoline, gamma picoline, pyridine N-oxide, and 2-Methyl-5-Ethylpyridine (MEP.) Out of these product types, the pyridine N-oxide segment is anticipated to grow at a 7.4% CAGR over the period from 2015 to 2025. Alpha picoline is expected to exhibit moderate growth, while the beta picoline segment is expected to show a higher growth rate in the coming years. The beta picoline market is expanding due to its use in the production of vitamin B3 and also because a large number of developing nations in Asia Pacific have a high demand for niacin, which is produced with the help of pyridine. Demand for gamma picoline and 2-Methyl-5-Ethylpyridine (MEP) from the chemicals industry will ensure robust growth for these segments.
By application, the global pyridine market is segmented into food, agrochemicals, pharmaceuticals, chemicals, alcohol, and dyestuffs. The growing use of pyridine in various industries will continue to boost the market for pyridine. Additionally, improvements in the market and reduced cost of pyridine production will ensure healthy growth of the pyridine market.
Key companies operating in the pyridine market are: Jubliant Life Sciences Limited, Resonance Specialities Limited, Lonza Group Ltd., Vertellus Specialties Inc., Red Sun Group, Shandong Luba Chemical Co., Ltd., Koei Chemical Co., Ltd., and Weifang Sunwin Chemicals Co., Ltd.
Browse Full Global Pyridine Market Research Report With Complete TOC @ http://www.persistencemarketresearch.com/market-research/pyridine-market.asp