Market Size of Pyrrolidone Industry
| 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.
