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”. 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 kilo tons in 2014.
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Pyrrolidone is an organic compound which is obtained by reaction of butyrolactone with ammonia. Pyrrolidone is a colorless liquid, used in dehumidifying liquids. Due to this property, pyrrolidone is extensively used to extract natural gas from the mixture of crude oil. Increasing demand for natural gas in developed, as well as the developing countries, drives the global pyrrolidone market. Pyrrolidone is used in different applications such as the production of SBR latex, lube oil processing, metal finishing etc. It also used as intermediate for the synthesis of agrochemicals, pharmaceuticals, textile auxiliaries, plasticizers, and stabilizers.
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Pyrrolidone market is mainly driven by strong demand for natural gases from different countries worldwide. Pyrrolidone is used for recovery of pure hydrocarbons in petrochemical processing. The desulfurization of gases is the major application in which pyrrolidone is widely used. Pyrrolidone posses a broad range of applications in different industries such as paints and coatings, agrochemical, plastics etc., which boost the pyrrolidone market. Growing demand for medicines simultaneously increased the use of pyrrolidone as an intermediate for the synthesis of pharmaceuticals is expected to escalate demand for this compound in the years to come. However, health issues caused due to this chemical is expected to hamper the growth of pyrrolidone market.
On the basis of product type pyrrolidone market can be segmented into 2-pyrrolidone, N-methylpyrrolidone, N-vinylpyrrolidone, N-octylpyrrolidone. N-methylpyrrolidone was the largest product segment in 2014 and accounted for over 70% share of the total volume consumed. Owing to the use of N-methylpyrrolidone in various end-use sectors such as paints and coatings, automobile and plastics it is expected to maintain its dominance in the forecast period. N-vinylpyrrolidone was the second largest product segment of the global pyrrolidone market in 2014. However, N-octylpyrrolidone is expected to exhibit rapid growth owing to demand from chemicals, pesticides and fertilizers industry.
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Key application markets for pyrrolidone include recovery of pure hydrocarbons, paints and coatings, desulfurization of gases, plastics, agrochemicals and others applications such as including pharmaceuticals, electronics, etc. Recovery of pure hydrocarbons in petrochemical processing was the largest application segment for pyrrolidone in 2014, which accounted for about 25% of global consumption in 2014. Additionally, desulfurization of gases is also expected to fuel demand of pyrrolidone over the next few years. Desulfurization of gases application was the second largest application segment of pyrrolidone market.
Pyrrolidone market was dominated by Asia Pacific accounted for around 40% share in total 2014. North America and Europe was another major consumer of pyrrolidone. Asia Pacific is expected to further complement pyrrolidone demand in the region due to increasing pharmaceuticals production in India and China.
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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.
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