Sales Revenue of Pyridine Market to Receive a Fillip Owing to Burgeoning Demand during the Forecast Period
According to a new market report published by Persistence Market Research, titled “Global Market Study on Pyridine: Increasing Demand for Synthetic Pyridine to Drive Growth During Forecast Period 2015 -2025 ”, the global pyridine market is estimated to reach US$ 1,741.4 Mn by 2025 from US$ 786.4 Mn in 2015.
Pyridine is a toxic and soluble flammable liquid base with a distinct, strong odor. It is often considered the parent compound of several naturally occurring organic compounds. It is the preferred choice as a precursor to agrochemicals and pharmaceuticals. Initially, pyridine was extracted from coal tar or obtained as a by-product of coal gasification. The process was very expensive and inefficient as coal tar constituted only 0.1–0.2% of pyridine after extraction. Currently, pyridine and its derivatives are produced synthetically. The most commonly used reactions for pyridine synthesis are Chichibabin synthesis, Bönnemann cyclization, and Cobalt-catalyzed alkyne-nitrile cyclotrimerization, etc.
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By region, the market in Asia Pacific has been estimated to account for 51.6% volume share of the overall pyridine market by 2015 end, followed by Europe and North America. Due to increase in usage of pyridine and its derivatives in agrochemicals and pharmaceuticals segments in Asia Pacific, the pyridine market in the region is projected to expand at a higher than average CAGR of 9.9% over 2015–2025 in terms of revenue. The U.S. pyridine market, which has been estimated to account for 89.5% revenue share of the overall market in North America by 2015 end, is expected to be driven by increasing adoption of pyridine and its derivatives in chemicals and pharmaceuticals segments. The pyridine market in the Middle East & Africa is estimated to register increased revenue due to a growth of pharmaceuticals and chemicals segments in the region. Europe market is anticipated to witness lower revenue growth in the coming years as compared to other regions due to the economic downturn in the region.
Globally, pyridine N-oxide segment volume is estimated to expand at a lower than average CAGR of 7.4% over 2015–2025. Demand for 2-Methyl-5-Ethylpyridine (MEP) and gamma-picoline is expected grow significantly due to increasing application of these product types in chemicals segment. Alpha picoline finds wide application as a solvent in chemicals, pharmaceuticals, and food industries. The segment is projected to exhibit moderate growth over the forecast period. Key growth contributor for alpha picoline segment is 2-vinylpyridine, which is used as a raw material for styrene-butadiene-2-vinylpyridine terpolymer latexes (SBV latexes). Beta picoline is used to produce Vitamin B3. In terms of value, beta picoline segment is projected to experience significant growth rate over the forecast period. This is mainly attributed to rising demand for niacin in developing regions such as APAC and Middle East & Africa.
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Asia Pacific is the most attractive region in terms of CAGR and market share in the global pyridine market. India has been estimated to account for 24.4 % of the total APAC pyridine market by 2015 end due to expected increase in domestic pyridine production by 40%. In terms of value, gamma-picoline segment is expected to experience the highest growth rate during the forecast period in the Asia Pacific market. The Middle East & Africa accounts for the smallest market share. However, it is expected to expand at a CAGR of 9.9% in terms of value over the forecast period. Food segment is expected to expand at the highest CAGR in terms of volume during the forecast period in the Middle East & Africa market. Pyridine manufacturers are strengthening their presence in the regulated markets of Japan, North America and Europe as well as in key emerging markets. They are also focusing on local tie-ups and out-licensing of local companies in order to strengthen their regional presence.