Pyridine is the parent compound of various naturally occurring organic compounds and serves as an important reagent and solvent. The growing usage of pyridine in the pharmaceuticals and agrochemicals sectors has boosted the growth of the global pyridine market. The global pyridine market stood at a valuation of US$786.4 mn in 2015 and is estimated to be worth US$1,741.4 mn by 2025.
Demand from Agrochemicals Sector to Drive Global Pyridine Market
While pyridine has been used as a solvent in adhesives, chemicals, and pharmaceuticals, pyridine derivatives are being increasingly used in the manufacturing of agrochemicals, food-flavouring additives, and others. Pyridine derivatives act as denaturants for antifreeze mixtures as well. Rise in demand for synthetic pyridine, growing applications of pyridine in herbicides and pesticides, and advancement in biocatalysts processes are expected to augment the growth of the global pyridine market.
The key applications of pyridine include agrochemicals, pharmaceuticals, food, chemicals, and others including alcohol and dyestuff. In 2015, the agrochemicals segment held majority share in the market and is expected to drive the growth of the market in the near future. The extensive usage of pyridine as a denaturant in the chemicals sector will also contribute significantly towards the growth of the market.
Key Players Focus on Expanding Pyridine Market in Asia Pacific
Some of the key players in the global pyridine market are Resonance Specialities Ltd., Jubilant Life Sciences Ltd., Vertellus Specialities Inc., Lonza Group Ltd., Red Sun Group, Koei Chemical Co. Ltd., Shandong Luba Chemical Co. Ltd., and Weifang Sunwin Chemicals Co. Ltd. The key players in the market are strengthening their presence across the regulated markets in Europe and North America.
However, Asia Pacific is the most lucrative market for pyridine. Countries such as India where domestic production of pyridine is expected to rise by 40% are propelling the growth of the market in the region. In fact, India has accounted for a share of 24.4% in the Asia Pacific pyridine market in 2015. The growing demand for pyridine across the agrochemicals, pharmaceuticals, and food industries will further augment the growth of this regional market.
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Jubilant Life Sciences to Benefit from Reduction of Anti Dumping Duty on Pyridine Imports in China
The major players in the global pyridine market are partnering with local companies to strengthen their regional presence. Jubilant Life Sciences has announced that it will benefit from the Chinese government’s decision to lower anti dumping duty on the imports of pyridine. In China, pyridine is mainly used across the pharmaceutical sector. But the Indian company has not revealed that how much it would gain from this decision and is yet to disclose the value of pyridine exports to China.
According to a statement released last month, the company has mentioned that the Chinese Ministry of Commerce has lowered the anti-dumping duty on its pyridine to 17.6% from the current 24.6%. The company had filed a review petition for the reduction in anti-dumping duty. The company added that it will continue to observe the market conditions in China to benefit from the reduced duty.