According to ChemAnalyst report,” Global Pyridine Market – Plant Capacity, Production, Operating Efficiency, Demand & Supply, Grade, End-Use, Type, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030” The Global Pyridine Market is projected to grow at a CAGR of 4.95% on extensive demand for vitamin B3 additive in pharmaceutical drugs along with food and beverages for adding the nutritious value. Pyridine is a flammable and toxic compound, highly soluble in water and other organic solvents. Continuous surge in utilization of Pyridine for manufacturing agrochemicals such as herbicides and pesticides for improvising the crop growth is anticipated to bolster the demand for Pyridine in the forecast period. In addition, demand for Pyridine as a denaturing agent in antifreeze mixture is anticipated to contribute well to propel its growth in the coming years.
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Pyridine is actively utilized as a starting ingredient in synthesis of around 20% of the top 200 drugs manufactured in pharmaceutical industry. Initially, it was difficult to synthesize large volumes of Pyridine and get prominent yield by conventional synthesis process. This caused significant decline in profit margins of the pharmaceutical companies as large part of the manufacturing cost was spent in the synthesis of active ingredient. To overcome this hurdle, Virginia Commonwealth University (VCU) Researchers innovated the efficient and novel mechanism for manufacturing of various Pyridine compounds. In this new technology, they have stepped down the five-step batch process of synthesis, to a single continuous step process by incorporating flow reactors. This innovation showcased the cost reduction of synthesis of active ingredient by over 75% and increase in the yield by 34%, thus resulting in an enhanced profit bearing for the Pharmaceutical Industries.
Sudden outbreak of Coronavirus in final quarter of FY 20 has caused high panic among people, resulting in enhanced procurement of pharmaceutical supplies for prevention as well as for treatment of various symptoms. It has thus caused an appreciable increase in the demand for Pyridine which is utilized as a starting ingredient in the manufacturing process of a wide variety of drugs. This demand for Pyridine is likely to surge in the coming years over uncertainties regarding the complete abatement of virus till the attainment of a proper vaccine. Moreover, increase in crop rotation practices in the global agriculture industry to provide the economies enough food supply in times of pandemic has further propelled the demand for Pyridine. However, the prices of Pyridine dropped marginally from previous year on low seasonal demand for the product in the first quarter followed by production cut in several end-user industries as several economies imposed lockdown to contain Coronavirus spread. The prices of the product are anticipated to recover by the first quarter of FY 21 at the back of outgrown demand for the product from Pharmaceutical and Agriculture industry after Coronavirus pandemic.
According to ChemAnalyst report,” Global Pyridine Market – Plant Capacity, Production, Operating Efficiency, Demand & Supply, Grade, End Use, Type, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”. Asia-Pacific region accounts for majority of the global consumption of Pyridine owing to the rapidly expanding Pharmaceutical industry encompassing massive productive capacity. Hence, China followed by India incorporates more than 50% of the worldwide total capacity to produce Pyridine. In the coming years, Europe is likely to witness prominent surge in demand at the back of the rising interest of companies to tap the growing pharmaceuticals and agrochemical market of the region. Major companies operating in the manufacturing of Pyridine in global market include Vertellus Specialties Incorporation, Jubilant Life Sciences, Red Sun Group, Lonza Group Limited, Weifang Sunwin Chemical Company Limited, Shangdong Luba Chemical Corporation Limited, Resonance Specialties Limited, Koei Chemical Company Limited, Hubei Sanonda, Prochem Incorporation, Chang Chun Petrochemicals Corporation Limited, Bayer AG and Mitsubishi Chemicals etc. In past few years there have been no additions in Pyridine capacity in the global market due to stable market dynamics of the product.
“Coronavirus crises in Q4 of FY 20 has hard hit the chemical and petrochemical industry, taking down the demand for various product to record low. In these tough times, Pharmaceutical and Specialty chemicals have been the only leveraged sectors to uphold the stocks of chemical market. The demand for pharmaceuticals and specialty chemical products have witnessed incredible surge on bulk procurement for drugs and hygiene products to grapple Coronavirus. As Pyridine is widely consumed in Pharmaceutical industry to produce Vitamin B3 for its nutritious value, high inclination of people towards nutritious food to attain sufficient immunity has shown a huge uptrend in the demand for the product in pharmaceutical as well as food and beverage industry. In addition as Pyridine is also synthesized as an active initiator in the production of various pharma drugs, the demand for Pyridine is likely to boost in the coming years as large number of companies are emerging in global Pharmaceutical market to widen their profit margins in times of bulk demand. Moreover, increasing demand for agrochemicals from agricultural sector on account of rising crop rotation practices around the globe will continue to drive the consumption of Pyridine in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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Source : ChemAnalyst