Pyrrolidone is an organic compound produced by treating butyrolactone with ammonia. It is a colorless liquid, utilized for dehumidifying liquids. It is extensively employed to extract natural gas from the mixture of crude oil due to its dehumidifying property. The global pyrrolidone market is growing rapidly due to the increasing demand for natural gas in developed as well as the developing countries. Different application sector in which pyrrolidone is used extensively in the production of SBR latex, lube oil processing, metal finishing among others. It also used as intermediate for the synthesis of agrochemicals, pharmaceuticals, textile auxiliaries, plasticizers, stabilizers.
According to the report, global pyrrolidone market was valued at around USD 1.75 billion in 2014 and is expected to reach USD 2.50 billion in 2020, growing at a CAGR of around 6.0% between 2015 and 2020. In terms of volume, the global pyrrolidone market stood at above 460 kilotons in 2014. Zion Market Research has published a new report titled “Pyrrolidone (2-Pyrrolidone, N-Methylpyrrolidone, N-Vinylpyrrolidone, N-Octylpyrrolidone) Market for Recovery of Pure Hydrocarbons, Paints and Coatings, Desulfurization of Gases, Plastics, Agrochemicals and Others Applications – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”.
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Global pyrrolidone market is growing rapidly due to the rising demand for natural gases from developing as well as developed countries. The chemicals like pyrrolidone are essentially used in the recovery of pure hydrocarbons deals with petrochemical processing. This factor helps to drive the pyrrolidone market. Pyrrolidone has a broad range of applications in different industries such as paints and coatings, agrochemical, plastics etc. Growing demand for medicines and increasing use of pyrrolidone as an intermediate for the synthesis of pharmaceuticals is expected to drive the market during the forecast period.
2-pyrrolidone, N-methylpyrrolidone, N-vinylpyrrolidone, N-octylpyrrolidone are key product segments of pyrrolidone market. N-methylpyrrolidone was one of the largest product segments of pyrrolidone market with highest share in total volume consumption in 2014 owing to its wide range of industrial applications. N-vinylpyrrolidone was the second largest product segment of pyrrolidone market and is expected to grow rapidly during the forecast period.
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On the basis of applications, pyrrolidone market can be segmented as recovery of pure hydrocarbons, paints & coatings, desulfurization of gases, plastics, agrochemicals and others applications such as pharmaceuticals, electronics, etc. Recovery of pure hydrocarbons in petrochemicals process was one of the leading application segments. It accounted for highest share in 2014 and is expected to exhibit strong CAGR between 2015 and 2020. Paints & coatings and agrochemicals are other important outlets for pyrrolidone.
Asia Pacific was the leading regional market for pyrrolidone due to strong demand from emerging countries such as China and India. Asia Pacific was followed by North America and Europe. Asia Pacific is expected to grow at a rapid pace owing to increasing pharmaceuticals production in the region. Middle East & Africa is expected to witness a significant rise in demand for pyrrolidone during the forecast period.
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Key players operating in this market include Ashland Inc, BASF SE, J&K Chemical Ltd, Abtonsmart Chemical Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., NIPPON SHOKUBAI Co., Ltd., Balaji Amines Ltd., and LyondellBasell Industries.