The global pyrrolidone market is expected to grow on account of increasing demand for natural gas in developing as well as the developed economies. Natural gas is an efficient fuel with clean-burning properties. Pyrrolidone is extensively used for natural gas extraction from a mixture of crude oil as a result of its organic properties of being a hygroscopic liquid. Natural gas is dehumidified in the crude form in the presence of pyrrolidone, hence finding its application in the dehumidifying liquid industry. This significant property of the compound is expected to drive the market over the forecasted period. Technological advancements in extraction processes have led to an increase in the production of natural gas worldwide. The use of natural gas extracted by pyrrolidone, as a domestic fuel has triggered the demand for pyrrolidone globally. Pyrrolidone application in the end-use industries, predominantly in the PVC production, has been instrumental in driving the global market. Other major applications of pyrrolidone include drugs, pigments, herbicides, insecticides, and fungicides manufacturing. Potential pyrrolidone application in cosmetics formulation is expected to provide growth opportunities over the next seven years. Pyrrolidone also has a substantial application in the desulfurization of gases dawdled by pharmaceutical and agrochemical markets. Extractive distillation process enables pyrrolidone in recovering hydrocarbons and this property of convalescing pure hydrocarbon is expected to foster the global market over the next seven years.
On the basis of types, the pyrrolidone market is segmented into 2-pyrrolidone, n-methyl pyrrolidone, n-octylpyrrolidobe and n-vinylpyrrolidone, with these products finding a diverse range of applications that include gas desulfurization, fungicides, pharmaceutical drugs, and pigments. N-methyl pyrrolidone emerged as the leading product segment on account of its increasing application in hydrocarbon recovery. N-methyl pyrrolidone extensively used in the automotive, plastics, and paints & coatings industries. 2-pyrrolidone is used as a solvent in manufacturing pharmaceutical drugs and other personal care products. Increasing utilization of N-vinylpyrrolidone in the food & beverage industry is projected to escalate the global pyrrolidone demand over the forecast period.
Based on applications the pyrrolidone market is segmented into agrochemicals, paints & coatings, plastics, unadulterated hydrocarbon recovery, and pharmaceuticals. Diversified pyrrolidone application across many end-use industries puts forth an attractive advantage for global market growth. Owing to increasing government regulation associated with worker exposure to hazardous chemicals, many manufactures are considering the use of pyrrolidone as it biodegrades readily as well as possesses low toxic content as compared to other organic chemicals. Such regulatory policies are expected to further strengthen the global market growth.
Asia Pacific is expected to witness significant growth rates over the forecast period on account of increasing pyrrolidone consumption in various end-use industries. Increasing pharmaceuticals production in India, China, and Philippines is expected to further complement pyrrolidone demand in the region. Indian chemical laws and regulations such as the Factories Act, Explosives Act, and Petroleum Act have also led to pyrrolidone consumption on a large scale. Although Europe and North America were the largest consumers of pyrrolidone in the past, these regions are expected to witness stagnant growth over the forecast period due to the health regulations imposed by the government regarding high exposure levels of pyrrolidone. In terms of demand growth, Middle East & Africa is expected to follow Asia Pacific. High oil & gas E&P in the Middle East and North African countries is expected to drive demand for hydrocarbon recovery which in turn is expected to positively impact the regional market.
With the increasing scope of natural gas and its consequent use in various end-use industries, the market is likely to observe a significant growth in the future. Key players operating in the global pyrrolidone market include Mitsubishi Chemical Engineering Corporation, Nippon Shokubai Co. Ltd., BASF SE, Ashland Inc., Abtonsment Chemical Co., Ltd., J&K Chemical Ltd, and LyondellBasell Industries.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.