Global Pyridine Market to reach $773 million by 2023

According to a new report from Allied Market Research, global pyridine market was valued at $542 million in 2016, and is expected to reach $773 million by 2023, registering a CAGR of 5.1% from 2017 to 2023. 

The chemicals segment offers maximum market potential, and is expected to register a CAGR of 6.1% during the forecast period, owing to increase in demand for pyridine and its derivatives for several chemical synthesis reactions and as a catalyst. Moreover, rise in demand for efficient agrochemicals is another key aspect fueling the demand for pyridine market globally. The use of pyridine in chemical synthesis has witnessed major developments, due to constant growth in per capita disposable income and rise in demand for pyridine and its derivatives. However, stringent environmental regulations and threat of substitutes are expected to affect the overall market growth in the developed and the developing countries. Furthermore, investments in R&D activities to produce innovative and less hazardous pyridine and its derivatives are expected to provide opportunities for market growth in the future.

The agrochemicals application segment dominated the global market in 2016, and is anticipated to maintain this trend throughout the forecast period, growing at a CAGR of 4.8% during the forecast period.

Asia-Pacific accounted for more than 60% share of the total revenue in 2016, followed by Europe and North America. The developing countries in Asia-Pacific are anticipated to register steady growth rate, owing to increase in growth of the overall economy. Moreover, rise in investments by key manufacturers is another key aspect that fuels the market growth.

The key players have made high investments in R&D activities to develop advanced products to cater to the requirements of the market. These players operating in the industry include Jubilant Life Sciences, Resonance Specialties Limited, Lonza Group Ltd., Vertellus Specialties Inc., Red Sun Group, Shangdong Luba Chemical Co. Ltd., Koei Chemical Company Limited, Weifang Sunwin Chemical Company Limited, Mitsubishi Chemical Company, and Bayer AG.