Growing Need to Enhance Agricultural Production to Meet Rising Global Food Demand Fueling Sales of Pyridine
Rockville , Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global pyridine market is valued at US$ 1.43 billion in 2023 and is forecasted to expand at a noteworthy CAGR of 7.3% during the forecast period (2023 to 2033), as per a new study by Fact.MR.
Due to the steadily rising need for pyridine-based chemicals across several industries, pyridine has become one of the most important interchangeable compounds in the industrial sector. With the ever-rising global population and the need to increase agricultural production, there is a greater need for agrochemicals, which is driving the expansion of the pyridine market. Market expansion is also being driven by the rising demand for pyridine in the pharmaceutical and agrochemical sectors.
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| Report Attribute | Details |
| Value Projection (2033) | US$ 2.88 Billion |
| Growth Rate (2023-2033) | 7.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 96 Tables |
| No. of Figures | 85 Figures |
Key Takeaways from Market Study
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The global pyridine market reached a size of US$ 1.3 billion in 2022.
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The market is projected to advance at 7.3% CAGR and reach US$ 2.88 billion by 2033-end.
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Pyridine-N-oxide accounts for 40.5% share of the pyridine market.
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The pharmaceutical segment holds 37.9% share of the global market in 2023.
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The market in China is projected to expand at 7.7% CAGR through 2033.
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The market in India is predicted to increase at a CAGR of 8.4% from 2023 to 2033.
“Growing agrochemical industry set to drive significant increase in worldwide demand for pyridine,” says a Fact.MR analyst.
Key Companies Profiled in This Report
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Vertellus Specialties Inc.
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Jubilant Life Sciences Limited
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Lonza Group Ltd.
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Red Sun Group
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Resonance Specialties Limited
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Shandong Luba Chemical Co., Ltd.
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Koei Chemical Co., Ltd.
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Weifang Sunwin Chemicals Co., Ltd.
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Bayer AG
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LOBA Feinchemie AG
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Merck KGaA
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The Dow Chemical Company
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Nippon Steel & Sumikin Chemical Co. Ltd.
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Labex Corporation
Market Growth Stratagems
Investing in R&D to create new and creative products is one of the primary methods used by players to stay competitive in the pyridine market. To meet the varied needs of end-user industries including pharmaceutical, agrochemical, and food, businesses are expanding their product portfolio.
Strategic alliances and collaborations are other areas on which players are focusing to improve their marketing and distribution networks. By investing in green technologies and sustainable practices, players are embracing a sustainability-focused strategy.