The global pyridine market reached a value of US$ 554.4 Million in 2018. Pyridine is a heterocyclic organic compound that is basic in nature and has the chemical formula of C5H5N. It is a colorless and water-soluble compound that has a strong odor and is toxic in nature. It can be synthesized from crude coal tar or through the chemical breakdown of various naturally occurring elements. It is widely used as a solvent and is added to ethyl alcohol to produce sulfapyridine and pyribenzamine along with drugs that are used for antibacterial and antihistaminic purposes.
The thriving pharmaceutical and agrochemical industries are the key factors driving the growth of the market. Pyridine derivatives such as beta picoline are used to manufacture vitamin B3 and B6, which help to improve digestion, maintain cholesterol levels, cure skin diseases and reduce the risk of cardiovascular problems. Furthermore, the growing production of insecticides, herbicides and fungicides have led to the increased utilization of pyridine as a raw material. Pyridine is also widely used as a solvent to produce medicines, chemicals and adhesives. Its derivatives are used as a denaturant for manufacturing antifreeze mixtures that are extensively used in cars, trucks and other automobiles. Moreover, rising industrialization along with expanding manufacturing and food & beverage industries, which use pyridine as a low-volume additive for flavoring products, is also projected to drive the market further. Other factors contributing to the market growth include increased focus on research and development (R&D) activities to develop pyridine with reduced toxicity. Looking forward, IMARC Group expects the market to reach a value of US$ 786.4 Million by 2024, registering a CAGR of around 6% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Vertellus, Red Sun Group, Jubilant Life Sciences, Lonza, Resonance Specialties, DowDuPont, Shandong Luba Chemical, Koei Chemical Company, Seidler Chemical Company, Weifang Sunwin Chemicals Company, Novasyn Organics, Nippon Steel & Sumikin Chemical Company, etc.
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