Pyrrolidone Market Size, Share, Company Overview, Growth and Forecast by 2028

The global pyrrolidone market size is expected to gain momentum owing to the increasing demand from the industrial sector during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, "Pyrrolidone Market, 2022-2029." It is an organic compound created by converting an ester to an amide in an industrial setting. It's a white liquid made up of five lactam members that can be combined with water, and most organic solvents. It's found in a variety of medications, fungicides, insecticides, and herbicides.

COVID-19 Impact-

Detrimental Impact of Covid-19 on Chemical Industry

Several countries were compelled to go into lockdown due to the pandemic which resulted in the closing of practically every industry's manufacturing facilities for a period of time. The Covid-19 had a significant impact on the oil and gas industries, medicines, and electronics, which are key consumers of pyrrolidone.

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Segments-

By type, the market is segmented into 2-pyrrolidone, N-Methylpyrrolidone, N- Octylpyrrolidone, N-Vinylpyrrolidone. On the basis of end-use industry, the market is segregated into chemicals, pharmaceuticals, personal care, electronics, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

What does the Report Offer?

The market report offers integrated information on the key drivers, constraints, and opportunities driving industry growth. The research goes on to generate data volume by component, end consumer, and demographic.

Drivers & Restraints-

Increasing Demand from Electronic Segment to Stimulate Growth

The global pyrrolidone market growth is expected to grow due to the increasing demand from the electronic segment during the projected period. It is becoming more commonly employed in the electronics sector due to its usage in the manufacture of lithium-ion battery - powered electric cars, semiconductor device production, and wire enameled coatings. It is also utilized to get rid of roughness during the manufacturing of certain electronic systems.

REGIONAL INSIGHTS

Increasing Demand from End-User Industry to Promote Growth in Asia Pacific

Asia Pacific is expected to hold the largest global pyrrolidone market share during the forecast period. The demand is rising in countries like China, Japan, and India, due to significant expansion in several end-user industries such as oil and gas, pharmaceuticals, and electronics are major contributing factors in the market.

North America is expected to have a sizable share of the market. This is due to significant growth due to increasing natural gas exploration activities in the region is expected to drive the market forward.

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Competitive Landscape-

Manufacturers Focus on R&D Investments to Strengthen their Position

The suppliers are looking for acquisition and regional growth plans to have a stronger footing. However, brand awareness, and strong marketing make it difficult for new entrants into this area. To strengthen their position in the industry, they have implemented a variety of methods such as partnership, expansion, collaboration, and joint ventures.

Industry Development-

December 2020: BASF SE's business is divided into two segments: Agricultural Solutions and Others. N-Methylpyrrolidone and N-Methylpyrrolidone Life Science are two of the company's products for diverse industrial uses.
List of Key Players Profiled in the Global Market for Pyrrolidone:

BASF
Ashland
Eastman Chemical Company
Mitsubishi Chemical Corporation
Johnson Matthey
J & K Chemicals
Abtonsment Chemical
Lyondellbasell

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This release was published on openPR.