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.

Portland, OR -- (SBWire) -- 08/05/2017 --Pyridine is a heterocyclic organic compound, which is basic in nature with the chemical formula C5H5N. Structurally, pyridine is similar to benzene, except one methine group is replaced by a nitrogen atom. The pyridine ring occurs in several different compounds such as vitamins, azines, niacin, and pyridoxine. Increase in demand for pyridine, specifically in pharmaceuticals, and as a denaturant in antifreeze mixtures drives the overall demand for pyridine globally.

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The global pyridine market is segmented based on type, application, and geography. Based on type, it is divided into pyridine N-oxide, alpha picoline, beta picoline, gamma picoline, and 2-methyl-5-ethylpyridine. On the basis of application, it is classified into agrochemicals, pharmaceuticals, chemicals, foods, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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.

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