Pyrrolidone Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pyrrolidone Market Analysis
The market for pyrrolidone is expected to register a CAGR of about 4% during the forecast period. The major factor driving the market studied is the increasing demand from the chemical processing industry. On the flip side, health hazards caused by N-Methyl-2-Pyrrolidone (NMP) and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The development of 2-Pyrrolidone derivatives as pharmaceutical drugs is expected to offer various opportunities for the growth of the market.
- The chemical processing and cosmetics sectors are likely to be the dominant segments, in terms of demand, over the forecast period.
- Asia-Pacific dominates the market across the world, with the largest consumption from countries, such as China, Japan, South Korea, and India.
Pyrrolidone Market Trends
This section covers the major market trends shaping the Pyrrolidone Market according to our research experts:
Increasing Demand from Chemical Processing Industry Segment
- 1-Methyl-2-Pyrrolidone, 2-Pyrrolidone, and N-Methyl-2-Pyrrolidone are intensively used in the chemical processing industry, which is anticipated to register a CAGR of about 5%, globally, during the forecast period.
- Major applications of the pyrrolidone derivates in the chemical processing industry are in extracting agents, reaction solvents, equipment washing, surface coating solvents, de-colorants, and plasticizers.
- Pyrrolidone is heavily used in major unit operations present in refineries and petrochemical plants to extract the various useful chemicals. For example, N-Methyl Pyrrolidone (NMP) is used for the extraction of aromatics from heavier lube distillates for improving the viscosity index. The refining and petrochemicals market is growing at about 4% per year, indicating a stable demand from the sector.
- The chemical processing industry is expected to dominate the pyrrolidone market over the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the dominant market in pyrrolidone consumption, as the region dominates the market for the end-user industries, such as chemical processing, electronics, and cosmetics. In countries, like China, Japan, South Korea, and India, the demand for pyrrolidone has been increasing.
- Pyrrolidone is also used as an ingredient in cosmetic formulations. Japan, Singapore, South Korea, Hong Kong, and China are among the top 10 global cosmetics exporters, and the overall Asian cosmetic market is expected to register a CAGR of about 5% during the forecast period.
- N-Methyl-2-Pyrrolidone also finds application as a photoresist stripper, degreasing agent, and coating polyamides in the electronics industry. The Asian electronics market is expected to register a CAGR of more than 5%, with China, Japan, India, and South Korea among the top 10 global electronics manufacturers.
- Thus, the rising demand from the aforementioned end-user industries is expected to drive the growth in the Asia-Pacific region.
Pyrrolidone Industry Overview
The pyrrolidone market is fragmented with the presence of both international and domestic players. The major companies include BASF SE, Ashland, Eastman Chemical Company, Johnson Matthey, and Mitsubishi Chemical Corporation.
Pyrrolidone Market Leaders
BASF SE
Ashland
Eastman Chemical Company
Johnson Matthey
Mitsubishi Chemical Corporation
*Disclaimer: Major Players sorted in no particular order
Pyrrolidone Market Report - Table of Contents
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1. Introduction
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. Research Methodology
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3. Executive Summary
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4. Market Dynamics
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4.1 Drivers
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4.1.1 Increasing Demand from Chemical Processing Indsutry
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4.1.2 Other Drivers
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4.2 Restraints
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4.2.1 Health Hazards Caused by N-Methyl-2-Pyrrolidone
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4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porters Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Buyers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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4.5 Technological Snapshot
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4.6 Regulatory Policies
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5. Market Segmentation
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5.1 Type
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5.1.1 1-Methyl-2-Pyrrolidone
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5.1.2 2-Pyrrolidone
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5.1.3 N-Methyl-2-Pyrrolidone
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5.1.4 Other Types
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5.2 Application
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5.2.1 Solvent
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5.2.2 Decolorant
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5.2.3 Plasticizers
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5.2.4 Other Applications
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5.3 End-user Industry
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5.3.1 Electronics
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5.3.2 Cosmetics
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5.3.3 Chemical Processing
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5.3.4 Pharmaceuticals
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5.3.5 Other End-user Industries
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5.4 Geography
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5.4.1 Asia-Pacific
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5.4.1.1 China
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5.4.1.2 India
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5.4.1.3 Japan
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5.4.1.4 South Korea
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5.4.1.5 Rest of Asia-Pacific
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5.4.2 North America
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5.4.2.1 United States
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5.4.2.2 Mexico
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5.4.2.3 Canada
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5.4.3 Europe
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5.4.3.1 Germany
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5.4.3.2 United Kingdom
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5.4.3.3 Italy
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5.4.3.4 France
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5.4.3.5 Rest of Europe
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5.4.4 South America
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5.4.4.1 Brazil
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5.4.4.2 Argentina
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5.4.4.3 Rest of South America
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5.4.5 Middle-East and Africa
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5.4.5.1 Saudi Arabia
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5.4.5.2 South Africa
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5.4.5.3 Rest of Middle-East and Africa
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6. Competitive Landscape
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Arkema Group
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6.4.2 Ashland
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6.4.3 BASF SE
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6.4.4 Chemex Organochem Pvt. Ltd
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6.4.5 Covestro AG
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6.4.6 DuPont
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6.4.7 Eastman Chemical Company
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6.4.8 Huntsman Corporation
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6.4.9 INEOS Composites
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6.4.10 Johnson Matthey
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6.4.11 LyondellBasell
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6.4.12 Merck KGaA
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6.4.13 Mitsubishi Chemical Corporation
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- *List Not Exhaustive
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7. Market Opportunities and Future Trends
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7.1 Development of 2-Pyrrolidone Derivatives as Pharmaceutical Drugs
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7.2 Others
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Pyrrolidone Industry Segmentation
The scope of the pyrrolidone market report includes:
| Type | |
| 1-Methyl-2-Pyrrolidone | |
| 2-Pyrrolidone | |
| N-Methyl-2-Pyrrolidone | |
| Other Types |
| Application | |
| Solvent | |
| Decolorant | |
| Plasticizers | |
| Other Applications |
| End-user Industry | |
| Electronics | |
| Cosmetics | |
| Chemical Processing | |
| Pharmaceuticals | |
| Other End-user Industries |
| Geography | |||||||
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Pyrrolidone Market Research FAQs
What is the current Pyrrolidone Market size?
The Pyrrolidone Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Pyrrolidone Market?
BASF SE, Ashland, Eastman Chemical Company, Johnson Matthey and Mitsubishi Chemical Corporation are the major companies operating in the Pyrrolidone Market.
Which is the fastest growing region in Pyrrolidone Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Pyrrolidone Market?
In 2024, the Asia Pacific accounts for the largest market share in Pyrrolidone Market.
What years does this Pyrrolidone Market cover?
The report covers the Pyrrolidone Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pyrrolidone Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pyrrolidone Industry Report
Statistics for the 2024 Pyrrolidone market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pyrrolidone analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
