Global Pyrrolidone Market 2018-2022
Pyrrolidone is an organic solvent that consists of a 5-membered lactam. Pyrrolidone has excellent solvency and is miscible with water and other most commonly used organic solvents. Pyrrolidone is obtained by the reaction of butyrolactone with ammonia.
Technavio’s analysts forecast the global pyrrolidone market to grow at a CAGR of 5.65 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global pyrrolidone market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of pyrrolidone.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pyrrolidone Market 2018-2022
Technavio recognizes the following companies as the key players in the global pyrrolidone market: Ashland, BASF, Eastman Chemical Company, LyondellBasell Industries Holdings, Mitsubishi Chemical Corporation, and NIPPON SHOKUBAI
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing use in the pharmaceutical industry. Pyrrolidones are extensively used in pharmaceuticals and biomedical applications. For instance, Nmethylpyrrolidone is used as co-solvents or solvents in the pharmaceutical industry. As the use of pyrrolidones in pharmaceuticals is gaining attention, its adoption rate is increasing at a steady rate. It also acts as a very strong solubilizing agent; as solubilizing excipient used in parenteral and oral medications. It also finds extensive use as an important solvent for the extraction, purification, and crystallization of drugs. It is also used in veterinary medicines.”
According to the report, one of the major drivers for this market is Growing consumption in petrochemicals industry. Although pyrrolidones are used in a diversified range of industries, it is extensively used in the petrochemicals industry. N-methylpyrrolidone, a pyrrolidone derivative, is used as an extraction medium in petrochemicals industry to extract natural gas from a mixture of crude oil or gas. Natural gas is an efficient fuel, which provides a cleaner alternative to coal and other fossil fuels resulting in lowering the carbon and other harmful emissions. With the rising demand for natural gas in developing nations as well as developed nations, the consumption of pyrrolidone will increase at a significant rate.
Further, the report states that one of the major factors hindering the growth of this market is Increasing usage of substitutes. The global pyrrolidone market is facing a threat due to the presence of substitutes such as ethylene glycol, toluene, benzene, isophorone, and dimethyl sulfoxide (DMSO). Among these, polyacrylamides are used in the hydrocarbons recovery. Partially hydrolyzed polyacrylamide, as well as polyacrylamidebased gels, is used in the hydrocarbons production at a large scale. Also, DMSO is among the important solvents owing its excellent solvency and solubility in both polar and non-polar compounds.
Ashland, BASF, Eastman Chemical Company, LyondellBasell Industries Holdings, Mitsubishi Chemical Corporation, and NIPPON SHOKUBAI