Market Insights:
The global Pyrrolidone Market was valued at USD 2.7 Bn in 2021 and is anticipated to grow at a CAGR of 4.5% and is expected to reach USD 4.1 Bn by 2030.
Driver:
The increased adoption of Pyrrolidone in the Organic Chemicals industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Pyrrolidone also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Pyrrolidone in many sectors also boosts the market growth during the forecast period.
Pyrrolidone, also known as 2-pyrrolidone, is an organic molecule that is the most basic of the gamma-lactams. It is made up of a 5-membered lactam. It is colorless hygroscopic liquid, soluble in water and most common organic solvents. It is frequently employed in the production of Pyrrolidone derivatives, which are widely used in the industrial sector. It is used in the extraction of natural gas from a crude oil mixture. It is also utilized in synthesis of numerous medications, herbicides, fungicides, pesticides, and insecticides.
Pyrrolidone Market Research Report” was just released by Market Research Community. It is divided into several categories, including type (1-Methyl-2-Pyrrolidone, 2-Pyrrolidone, N-Methyl-2-Pyrrolidone, Other Types), application (Solvent, Decolorant, Plasticizers, Other Applications), End Use (Electronics, Cosmetics, Chemical Processing, Pharmaceuticals, Other End-user Industries) and companies (Ashland Inc., Abtonsment Chemical Co., Ltd., J&K Chemical Ltd, and LyondellBasell Industries, Chemical Engineering Corporation, Nippon Shokubai Co. Ltd., BASF SE), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 4.5%, over the forecast period of 2022–2030
Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 4.1 Billion |
| CAGR (2022-2030) | 4.5% |
| By Type | 1-Methyl-2-Pyrrolidone, 2-Pyrrolidone, N-Methyl-2-Pyrrolidone, Other Types |
| By Application | Solvent, Decolorant, Plasticizers, Other Applications |
| By End Use | Electronics, Cosmetics, Chemical Processing, Pharmaceuticals, Other End-user Industries |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Ashland Inc., Abtonsment Chemical Co., Ltd., J&K Chemical Ltd, and LyondellBasell Industries, Chemical Engineering Corporation, Nippon Shokubai Co. Ltd., BASF SE |
Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Pyrrolidone market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Ashland Inc., Abtonsment Chemical Co., Ltd., J&K Chemical Ltd, and LyondellBasell Industries, Chemical Engineering Corporation, Nippon Shokubai Co. Ltd., BASF SE
Market Segment Analysis:
By Type
- 1-Methyl-2-Pyrrolidone
- 2-Pyrrolidone
- N-Methyl-2-Pyrrolidone
- Other Types
By End-user Industry
- Electronics
- Cosmetics
- Chemical Processing
- Pharmaceuticals
- Other End-user Industries
By Application
- Solvent
- Decolorant
- Plasticizers
- Other Applications
Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Pyrrolidone industries in the region.
Key Pyrrolidone Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Pyrrolidone Market segments.
– Largest Market Share Held by Industry to Industry for Pyrrolidone
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Pyrrolidone Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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Research Methodology
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