Global Pyrrolidone Market Overview
Natural gas is an resourceful fuel equipped with strong burning properties and increasing demand for oil & natural gas across the globe has an positive impact on global pyrrolidone market. On account of organic properties of being a hygroscopic liquid, pyrrolidone is widely used in extraction of natural gas from a crude oil mix. The dehumidification process of natural gas in crude form is carried out in presence of pyrrolidone, and thus this property is anticipated to drive the market for pyrrolidone compound over the forecasted period. Moreover, scientific improvements in crude oil extraction processes have directed towards the mounting production of natural gas across the globe. Some of the other key applications of pyrrolidone compound comprise manufacturing of pigments, medicinal drugs, insecticides, cosmetics, fungicides, herbicides, etc. Expanded application of pyrrolidone in numerous end-use industries lays forth a striking advantage for growth in the global pyrrolidone market.
Global Pyrrolidone Market Dynamics
Mounting applications of pyrrolidone in plastics, paints & coatings, pharmaceuticals, agrochemicals, recover of unadulterated hydrocarbon, etc. have provided a large push to the growth in global pyrrolidone market over the last few decades. Rise in consumption of pyrrolidone across many end-use industries are anticipated to add a major push to the pyrrolidone market over the forecast period. Countries such as China, India, Philippines, Indonesia, etc. have witnessed a substantial growth in manufacturing of pharmaceuticals products and are expected to further compliment the demand of pyrrolidone in the region. Moreover, chemical laws and regulations in India such as Explosives Act, Factories Act, Petroleum Act, etc. on a large scale have pushed the consumption of pyrrolidone owing to its organic properties of being a hygroscopic liquid.
Global Pyrrolidone Market Segmentation
The global pyrrolidone market can be segmented on the basis of product type, its applications, and the end-use industry served.
The global pyrrolidone market can be segmented on the basis of product type as
The global pyrrolidone market can be segmented on the basis of applications as:
The global pyrrolidone market can be segmented on the basis of serving in end-use industry as:
Global Pyrrolidone Market Regional Outlook
Geographically, the pyrrolidone market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
Even though North America as well as Europe stayed to be the largest pyrrolidone consumer in the recent past, are projected to display stationary growth over the forecast period as a result of imposing stringent health regulations by various government in the region regarding high exposure levels of pyrrolidone. In terms of demand, Middle East & Africa are likely to follow the foot-steps of Asia Pacific region. High oil & gas exploration & production in Middle East as well as the North African nations are projected to led the demand for recovery of hydrocarbon which are further expected to surely impact the pyrrolidone market in this region.
Overall, the market for global pyrrolidone is scheduled to witness a healthy CAGR over the forecast period.
Global Pyrrolidone Market Key Players
Some of the key players that currently operate in the global pyrrolidone market are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis includes: