Pyridine Market is Anticipated to Witness High Growth Owing to Wide Application in Agrochemicals and Pharmaceuticals
Pyridine is an important intermediate raw material required for preparing agrochemicals and pharmaceuticals. It is extensively used in the synthesis of drugs like vitamins, antibiotics, anti-malarials, analgesics and anticancer compounds. It also finds application in the production of herbicides, insecticides, and fungicides. The ability of pyridine to act as a base makes it suitable for syntheses of nitrogen containing compounds. Rising demand from the pharmaceutical industry for active pharmaceutical ingredients is expected to drive the global pyridine market during the forecast period.
The Global Pyridine Market is estimated to be valued at US$ 1516.9 Mn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the pyridine market are Jubilant Life Sciences Ltd., Lonza Group Ltd., Vertellus Specialties Inc., Resonance Specialties Limited, Red Sun Group, Shandong Luba Chemical Co., Ltd., Koei Chemical Co., Ltd., and Weifang Sunwin Chemicals Co., Ltd.
Emerging economies with flourishing pharmaceutical industries such as India, China and Brazil offer lucrative growth opportunities for players in the global pyridine market. Growing penetration of generic drugs in developing nations will also augment the demand for pyridine.
Pyridine producers are focusing on expanding their global footprint by entering into long term supply agreements with major pharmaceutical companies and setting up manufacturing facilities in high growth regions. Jubilant Life Sciences recently commissioned a new pyridine production facility in Nanjing, China to cater to the growing demand from local pharmaceutical companies.
Market Drivers
Rising demand from the pharmaceutical industry for active pharmaceutical ingredients is expected to be a major driver for the Global Pyridine Market Insights. Pyridine acts as an important intermediate in producing a variety of drugs like vitamins, antibiotics, analgesics and anticancer compounds. Growing pharmaceutical output across both developing and developed nations will stimulate the consumption of pyridine. According to estimates, the global pharmaceutical market is expected to grow at a CAGR of 4-7% during the forecast period, thereby generating increased demand for pyridine
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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