Market Trends of Pyridine Derivatives Industry
This section covers the major market trends shaping the Pyridine Derivatives Market according to our research experts:
Increasing Demand for Beta Picoline
- Beta Picoline, additionally called 3-Picoline or 3-Methylpyridine is a clear organic fluid. It is totally soluble in water, alcohol, and ether. The biggest use of beta picoline is in the production of vitamin B3 (Niacinamide). This vitamin is used for various pharmaceutical applications like to lower the risk of high cholesterol, promote digestive functions, treat skin diseases, etc.
- Moreover, beta picoline is also a significant intermediate for agrochemicals like chlorpyrifos, haloxyfop, fluazifop butyl, and pharmaceutical intermediates.
- The market value of the agrochemicals business is estimated to be USD 243.1 billion in 2019, and it is expected to increase to nearly USD 300 billion by 2024.
- In 2019, total global spending on research and development of pharmaceuticals is estimated to be USD 182 billion, and it is forecasted to reach a value of USD 213 billion by 2024 which is expected to increase the demand for pyridine derivatives in the market.
- According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector is expected to reach USD 100 billion by 2025. Furthermore, as of November 2020, India's pharmaceutical exports was valued at about USD 15.86 billion in FY 2021 and USD 16.28 billion in FY 2020.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is projected to have a prominent share in the pyridine derivatives market globally and is also expected to dominate the market during the period of forecast.
- The application of alpha picoline is widely in the rubber industry. China has a production capacity of around 27% of the global synthetic rubber.
- Besides, in 2019, the total sales volume of chemical pesticides in China amounted to over 2 million ton.
- India is among the world's biggest suppliers of conventional medication and as of FY 2019 all-out estimation of Indian pharmaceutical fares is USD 19.1 billion.
- Moreover, India exported about 461 thousand metric ton of agrochemicals to other countries in 2019, an increase from 410 thousand metric ton compared with the previous year.
- Pyridine derivatives are used in textile dyeing purposes. According to the India Brand Equity Foundation (IBEF), India's domestic textiles and apparel market estimated at USD 100 billion in FY 2019. The Indian textiles and apparel industry contributed 2% to the GDP, 12% to export earnings and held 5% of the global trade in textiles and apparel in FY19.
- In 2019, the sales value of textile wholesale was valued at about USD 27 billion in Japan, with a decline rate of about 4% compared to the previous year, which, in turn, negatively impacts the demand for the studied market.
- Overall, the aforementioned factors are expected to show significant impact on the market in the coming years.
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