The Global Pyridine & Pyridine Derivatives Market size is forecast to reach $1 billion by 2025, after growing at a CAGR of 6% during 2020-2025. Pyridine is a basic heterocyclic organic compound. Whereas, Pyridine & Pyridine Derivatives are defined by the presence of a six-membered heterocyclic ring consisting of five carbon atoms and one nitrogen atom. The growing uses of Pyridine & Pyridine Derivatives as a value-added intermediate for the manufacture of active ingredients in the pharmaceutical, agricultural, and nutritional industries as well as for corrosion inhibition in the oilfield is driving the growth of global Pyridine & Pyridine Derivatives market size over the study period. Besides, the surging uses of pyridine to produce pesticides and herbicides is also contributing to the growth of Pyridine & Pyridine Derivatives market share worldwide during the forecast period.
Type – Segment Analysis
The β-Picoline segment is projected to witness the highest CAGR of around 9% in the Pyridine & Pyridine Derivatives market during the forecast period due to widely used for producing vitamin B3. Vitamin B3 is widely used in various pharmaceutical applications like for diabetes, for the treatment of skin diseases, to lower the risk of high cholesterol, and to promote digestive functions. Moreover, vitamin B3 is also used in cosmetics and skincare products. Due to this wide use of β-Picoline in the pharmaceutical and beauty care sector drives the growth of this market. Additionally, in agrochemical industry β-Picoline is used as an intermediate for chlorpyrifos, haloxyfop, and fluazifop butyl.
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Application – Segment Analysis
The pharmaceutical segment is projected to witness the highest CAGR of 8% in the pyridine & pyridine derivatives market during the forecast period owing to the surging demand for vitamin B3 that is produced by using the pyridine derivative like β-Picoline. Pyridine and pyridine derivatives are used for the manufacture of pharmaceuticals like CNS stimulants and local anesthetics. Whereas, in the pharmaceutical industry, the γ-Picoline pyridine is used for the manufacture of an anti-tuberculosis drug and Isoniazid.
Geography – Segment Analysis
Among the regions, the APAC region held the largest share of more than 35% in 2019 and is projected to witness the highest CAGR of around 8% in the global Pyridine & Pyridine Derivatives market followed by North America and Europe during the forecast period. This growth is attributed to the rising population, surging demand food, and the growing pharmaceutical industry across the region. Additionally, the fastest-growing industrial sector is also contributing to the growth of this market in the APAC region. Moreover, China, Japan, India, Thailand, and Malaysia are the major countries that are driving the growth of pyridine & pyridine derivatives market in the APAC region.
Drivers – Pyridine & Pyridine Derivatives Market
Growing agrochemical industry
The global rise in population coupled with increasing demand for food products to attain domestic self-sufficiency is driving the growth of the agrochemical industry. The growth of the agrochemical industry further propels the growth of this market. Furthermore, the trend of using pyridine & pyridine derivatives like beta and alpha across various agrochemicals mainly as pesticides and insecticide is driving the market growth. Moreover, the usage of pyridine in agrochemicals can be treated as a risk-hedging technique and considered as a safe investment which has led to increased sales of fertilizers and pesticides. Besides, rising consumer demand for sustainable food and growing imperative to protect against crop losses and increase yields further drives the growth of agrochemical sector. Besides, the Kiwa Bio-Tech Products Gr (KWBT) has disrupted China agrochemicals market by developing a new fertilizer processing technology, in collaboration with Environmental Group of the Harbin University of Technology, the Institute of Bio-Agriculture of Shaanxi Academy of Sciences, and the Research Centre of Ultrasound Technology of the Harbin University of Technology. This growth in agrichemical sector will propel the growth of this market during the forecast period. As pyridine and pyridine derivatives are playing a crucial role as agrochemicals or pesticides including fungicides, insecticides/acaricides and herbicides.
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Challenges – Pyridine & Pyridine Derivatives Market
Fluctuating raw material prices
There are various internal and external factors responsible for the fluctuation of the raw materials such as geopolitical issues between countries, global trade war, foreign exchange movements, employability, labor cost, and growing population. For instance, in 2019, the trade war between the US and China has a major impact on the manufacturers, suppliers, and distributors of chemical products. Furthermore, due to the COVID-19 impact, various manufacturing sectors has shut down their operations owing to lack of workforce, disruption of supply chain networks globally, and lack of availability of raw material acts as a challenging factor for the growth of this market during the forecast period. For instance, in March 2020, Brazil’s pesticide and herbicides industry facing various challenges due to the pesticide supply disruption from China.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Pyridine & Pyridine Derivatives market report. Major players in the Pyridine & Pyridine Derivatives Market outlook are Resonance Specialties Ltd., Shandong Luba Chemical Co. Ltd., Hubei Sanonda Co. Ltd., Jubilant Life Sciences Ltd., Vertellus Holdings LLC., Lonza Group AG, Nanjing Redsun Co. Ltd., Chang Chun Petrochemical Co. Ltd., Koei Chemical Co. Ltd., and C-Chem Co., Ltd., among others.
In January 2018, Chinese company Nanjing Red Sun acquired a 60% stake in Argentine agrochemical and seed distribution company Ruralco.
In July 6 2017, Lonza Group AG completes acquisition of Capsugel to create leading integrated solutions provider to the global pharma and consumer healthcare and nutrition industries.
In North America region, in 2019, the USA and Canada are the major market for the Pyridine & Pyridine Derivatives owing to developing healthcare industry across the nations.
Nuclear magnetic resonance use for the analysis of pyridine derivatives
The due to stringent regulations and restriction on paraquat usage in European countries are hindering the growth of global market.
The outbreak of COVID-19 is also hampering the growth of this market globally.
In China, increased niacinamide production drives the market growth. Whereas, China ban the use of paraquat by 2020 will further impact on the market growth during the forecast period.
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