Albany, NY, Nov. 27, 2014 (GLOBE NEWSWIRE) -- According to the report, the global pyrrolidone market was valued at USD 1.65 billion in 2013 and is anticipated to reach USD 2.47 billion by 2020, expanding at a CAGR of 6.0% between 2014 and 2020. In terms of volume, the global pyrrolidone market stood at 438.9 kilo tons in 2013.
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Increasing demand for pyrrolidone in desulfurization of gases and agrochemicals in petrochemical processing applications is driving the growth of the pyrrolidone market. Demand for pyrrolidone has increased in the market due to its hygroscopic property, which helps in dehumidifying liquids. Additionally, the agrochemicals segment is expected to boost the pyrrolidone market. Pyrrolidone is employed in the manufacture of pesticide, which is used as an intermediate in the agricultural sector. Considering the factors mentioned above, demand for pyrrolidone is anticipated to rise significantly, especially in the U.S and Asia Pacific. However, potential side effects of pyrrolidone and strict regulations may hamper market growth in the next few years.
N-Methylpyrrolidone is used on a large scale in various applications. It accounted for over 70% share of the global pyrrolidone market in 2013. N-Methylpyrrolidone is used as an extraction solvent in lube oil processing, natural and synthetic gas purification and as decolorizing agent for oils and waxes. The market for N-Vinylpyrrolidone is expected to experience significant growth in the next few years. It is anticipated to grow at a CAGR of over 5% during the forecast period due to high demand in the end-user industries. Demand for pyrrolidone is likely to rise in the near future led by growth in the usage of 2-Pyrrolidone and N-Octylpyrrolidone.
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Desulfurization of gases and agrochemicals, among others, are the major applications of pyrrolidone in the market. Apart from being the major market, desulfurization of gases is projected to be the fastest growing application segment due to its increasing demand in petrochemical industries in developed and developing economies. Desulfurization of gases application accounted for a significant of the global market share in 2013. On the other hand, the pyrrolidone market for paints and coatings is likely to witness moderate growth due to health issues, especially in North America and Europe. The others segment that comprises pharmaceutical and electronic equipment manufacture is anticipated to boost demand for pyrrolidone in the near future.
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Asia Pacific accounted for the largest market share of over 40% of the global pyrrolidone market in 2013. Pyrrolidone is used in high quantities as a solvent in removal of paints, softener in metal cleaning, binder in manufacturing tablets and in dehumidifying liquids. Therefore, Asia Pacific is expected to be the largest and fastest growing market for pyrrolidone in the near future, due to expansion in end-use industries in the region. Rest of World (RoW) comprises Africa, the Middle East and Brazil. RoW was the second-fastest growing market for pyrrolidone in 2013. The pyrrolidone market is projected to experience sluggish growth in developed regions such as Europe and North America in the near future due to strict regulations and health concerns.
Key players in the pyrrolidone market include Ashland Inc, BASF SE, Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd., Mitsubishi Chemical Engineering Corporation, Balaji Amines, Quzhou Jianhua Nanhang Industrial Co., Ltd., and NIPPON SHOKUBAI Co. Ltd. The pyrrolidone market is highly concentrated, with the top five companies accounting for more than 55% share of the global market in 2013. Major companies are now focusing on backward integration to overcome volatility in availability and prices of raw materials, and gain competitive advantage over other key players in the market.
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The Report Segments The Global Pyrrolidone Market as :
Pyrrolidone Market - Product Segment Analysis
Pyrrolidone Market - Application Analysis
- Recover of pure hydrocarbons in petrochemical processing
- Paints and coatings
- Desulfurization of gases
- Others (Including pharmaceuticals, electronics, etc.)
Pyrrolidone Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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