Pyrrolidone Market to Expand at 6.0% CAGR between 2014 and 2020 Driven by Hydrocarbon Recovery Applications
A new report has been published by Transparency Market Research, titled “Pyrrolidone Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”.TMR, a market intelligence company based in the U.S., estimates in its report that the global pyrrolidone market will expand at a CAGR of 6.0% between 2014 and 2020 and will stand at US$2.47 billion by 2020.This TMR report states that Pyrrolidone, a hygroscopic liquid, is utilized in dehumidifying liquids. Because of this property, pyrrolidone is broadly used for the extraction of natural gas from the blend of crude oil. In the crude form, natural gas obtained is dehumidified with the assistance of pyrrolidone. Pyrrolidone is usually segregated into four types: 2-Pyrrolidone, N-Methylpyrrolidone, N-Vinylpyrrolidone, and N-Octylpyrrolidone. These are utilized as a part of an extensive variety of applications. 2-Pyrrolidone is utilized as a solvent, in home and personal care applications and pharmaceutical drugs, among others.
N-Methylpyrrolidone is the biggest product segment and represented more than 70% share of the worldwide pyrrolidone market revenue in 2013. N-Methylpyrrolidone is utilized as a part of paints and coatings as well as automobile and plastics industries. N-Vinylpyrrolidone has applications in the food and beverage industry as well as in the manufacture of cosmetics. Likewise, compounds manufactured utilizing pyrrolidone include cosmetics, drugs, pigments, fungicides, pesticides, and herbicides.According to this report, the demand for pyrrolidone has expanded fundamentally because of a growing interest for natural gas in developing as well as developed economies. Consequently, desulfurization of gases is seen to be a significant application, trailed by agrochemicals and pharmaceuticals, among others. Pyrrolidone is also utilized as a part of recovery of hydrocarbons in large-scale operations by extractive distillation. Recovery of unadulterated hydrocarbons in petrochemical processing is predicted to drive the worldwide pyrrolidone market during the forecast horizon. Pyrrolidone can also prove hazardous to health – a factor that will restrain the worldwide pyrrolidone market.
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The pyrrolidone market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2013, Asia Pacific’s share exceeded 40% of the worldwide pyrrolidone market. Development of the end-use industries of pyrrolidone here is predicted to make it the fastest developing region in the global pyrrolidone market from 2014 through 2020. The geographical regions of Africa, Brazil and the Middle East could gather pace and emerge as the second-fastest developing geographical segment of the global pyrrolidone market during the forecast horizon. Despite the fact that North America and Europe were the major consumers of pyrrolidone, these areas will exhibit comparatively stagnant development because of health regulations connected with exposure to pyrrolidone.Major global players in the pyrrolidone market are BASF SE, Mitsubishi Chemical Engineering Corporation, and NIPPON SHOKUBAI Co. Ltd.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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