LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global pyrrolidone market to grow at a CAGR of close to 6% during the period 2018-2022, according to their latest report.
This market research report segments the global pyrrolidone market into the following products (n-methylpyrrolidone, n-vinylpyrrolidone, and n-octylpyrrolidone) and key regions (the Americas, APAC, and EMEA). The report also presents a detailed analysis of the drivers, trends, and challenges that are expected to impact the market.
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In this report, Technavio analysts highlight the growing consumption in petrochemicals industry as a key factor contributing to the growth of the global pyrrolidone market:
Growing consumption in petrochemicals industry
Though pyrrolidones are used in a diversified range of industries, they are extensively used in the petrochemicals industry. N-methylpyrrolidone, a pyrrolidone derivative, is used as an extraction medium in the petrochemicals industry to extract natural gas from a mixture of crude oil or gas. Natural gas is an efficient fuel that provides a cleaner alternative to coal and other fossil fuels, assisting in lessening the carbon and other harmful emissions. With the increasing demand for natural gas in developing nations as well as developed nations, the consumption of pyrrolidone will increase at a substantial rate.
Increasing R&D activities and technological advancements in the extraction process of natural gas have led to the increased production of natural gas across the globe. Furthermore, the use of natural gas extracted by the pyrrolidones as a domestic fuel has fostered the demand for pyrrolidone all over the world. The high consumption of pyrrolidones is also supported by the increasing downstream activities in countries such as Saudi Arabia, Russia, Mexico, the US, Qatar, Iran, and some of the Middle East countries.
According to a senior analyst at Technavio for specialty chemicals, “In addition to natural gas extraction, pyrrolidone derivatives are also widely used to recover hydrocarbons. N-methlpyrrolidone is used as a solvent for the separation of olefins, to recover acetone from petroleum gas, and to extract naphthalenic hydrocarbons from various hydrocarbon mixtures. Increasing activities for petroleum extraction will foster the demand for pyrrolidones across the globe.”
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Global pyrrolidone market segmentation
Of the three major products, the n-methylpyrrolidone segment held the largest market share in 2017, accounting for nearly 60% of the market. It was followed by the n-vinylpyrrolidone and n-octylpyrrolidone product segments respectively.
APAC was the leading region for the global pyrrolidone market in 2017, accounting for a market share of approximately 44%. It was followed by EMEA that accounted for the second largest share in the market and the Americas that accounted for the least share in the market.
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