Pyrrolidone Market Size (2024 - 2029)

The pyrrolidone market is projected to experience growth, driven primarily by increasing demand from the chemical processing industry. However, challenges such as health concerns related to N-Methyl-2-Pyrrolidone and the impact of the COVID-19 pandemic are impeding market expansion. Opportunities for market growth are anticipated through the development of 2-Pyrrolidone derivatives for pharmaceutical applications. The chemical processing and cosmetics sectors are expected to be the leading segments in terms of demand. The Asia-Pacific region, particularly countries like China, Japan, South Korea, and India, holds a significant share of the market.

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Market Size of Pyrrolidone Industry

Pyrrolidone Market
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

Pyrrolidone Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Mexico
Canada
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Pyrrolidone Market Size Summary

The pyrrolidone market is poised for steady growth, driven primarily by increasing demand from the chemical processing industry. This sector utilizes pyrrolidone derivatives extensively for applications such as extracting agents, reaction solvents, and plasticizers, among others. The refining and petrochemical industries, which rely on pyrrolidone for processes like the extraction of aromatics, are also contributing to this demand. However, the market faces challenges due to health concerns associated with N-Methyl-2-Pyrrolidone and the lingering effects of the COVID-19 pandemic. Despite these hurdles, the development of 2-Pyrrolidone derivatives for pharmaceutical applications presents new growth opportunities. The chemical processing and cosmetics industries are expected to remain the dominant segments in terms of demand throughout the forecast period.

Regionally, Asia-Pacific is anticipated to lead in pyrrolidone consumption, supported by its robust end-user industries such as chemical processing, electronics, and cosmetics. Countries like China, Japan, South Korea, and India are at the forefront of this demand surge. The Asian cosmetics market, with significant contributions from countries like Japan and South Korea, is expected to grow, further bolstering pyrrolidone usage. In the electronics sector, N-Methyl-2-Pyrrolidone's role as a photoresist stripper and degreasing agent underscores its importance, with the region's electronics market also projected to expand. The pyrrolidone market is characterized by fragmentation, with key players including BASF SE, Ashland, Eastman Chemical Company, Johnson Matthey, and Mitsubishi Chemical Corporation, all vying for market share in this growing landscape.

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Pyrrolidone Market Size - Table of Contents

  1. 1. Market Dynamics

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from Chemical Processing Indsutry

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Health Hazards Caused by N-Methyl-2-Pyrrolidone

      2. 1.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porters Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Technological Snapshot

    6. 1.6 Regulatory Policies

  2. 2. Market Segmentation

    1. 2.1 Type

      1. 2.1.1 1-Methyl-2-Pyrrolidone

      2. 2.1.2 2-Pyrrolidone

      3. 2.1.3 N-Methyl-2-Pyrrolidone

      4. 2.1.4 Other Types

    2. 2.2 Application

      1. 2.2.1 Solvent

      2. 2.2.2 Decolorant

      3. 2.2.3 Plasticizers

      4. 2.2.4 Other Applications

    3. 2.3 End-user Industry

      1. 2.3.1 Electronics

      2. 2.3.2 Cosmetics

      3. 2.3.3 Chemical Processing

      4. 2.3.4 Pharmaceuticals

      5. 2.3.5 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Mexico

        3. 2.4.2.3 Canada

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Pyrrolidone Market Size FAQs

The Pyrrolidone Market is projected to register a CAGR of 4% during the forecast period (2024-2029)

BASF SE, Ashland, Eastman Chemical Company, Johnson Matthey and Mitsubishi Chemical Corporation are the major companies operating in the Pyrrolidone Market.

Pyrrolidone Market Report Snapshots

Pyrrolidone Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)