What is the current Pyrrolidone Market size?

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

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. Read More

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). Read More

Which region has the biggest share in Pyrrolidone Market?

In 2024, the Asia Pacific accounts for the largest market share in Pyrrolidone Market. Read More

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. Read More

Pyrrolidone Market Trends

Statistics for the 2023 & 2024 Pyrrolidone market trends, created by Mordor Intelligence™ Industry Reports. Pyrrolidone trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Pyrrolidone Industry

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.

Understand The Key Trends Shaping This Market

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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.