Albany, NY -- (SBWIRE) -- 03/09/2015 -- The unique characteristic of natural gas to provide an energy-efficient fuel has made it an indispensible part of domestic usage. Owing to these reasons natural gas is being extracted on a large scale, a process that uses pyrrolidone quite extensively. Pyrrolidone is an organic compound that is used for extraction of natural gas from crude oil. The demand for pyrrolidone is directly proportional to the global demand for natural gas. Thus, the higher the demand for natural gas, the more the demand grows for pyrrolidone.

Drivers and Restraints for Pyrrolidone Market

The global pyrrolidone market is also witnessing exponential growth due to its increasing use in end-user industries such as PVC, automobiles, paints and coatings, and food and plastics, where it is used for making pharmaceutical drugs, solvents, and home and personal care products. Pyrrolidone also finds important usage in the recovery of hydrocarbons with extractive distillation process. The process of recovering pure hydrocarbons from petrochemical processes is likely to drive the global pyrrolidone market in the coming few years. However, the biggest restraint for the global pyrrolidone market is its adverse effect on human health. The biggest opportunity for the global pyrrolidone market is in the Asia Pacific market, thanks to its booming pharmaceutical industry.

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Recovery of Pure Hydrocarbons in Petrochemical Processes will Drive Pyrrolidone Market

The global pyrrolidone market is segmented on the basis of product, application, and region. The product segments of the global pyrrolidone market include 2-Pyrrolidone, N-Methylpyrrolidone, N-Vinylpyrrolidone, and N-Octylpyrrolidone. The categorization by application covers paints and coatings, desulfurization of gases, agrochemicals, recovery of pure hydrocarbons in petrochemical processing, pharmaceuticals, and electronics. Geographically, the global pyrrolidone market is segmented on the basis of regions such as North America, Europe, Asia Pacific, and Rest of the World.

Out of these segments pyrrolidone finds maximum application in the petrochemical industry. It is majorly used for desulfurization of gases and for removing pure hydrocarbons found in petrochemical processing. The latter of the two segments, recovery of pure hydrocarbons in petrochemical processing, held a 25% market share in the global pyrrolidone market in 2013. This organic compound is also used in the microelectronic fabrication industry and in the manufacture of various compounds. A wide range of herbicides, pesticides, fungicides, pigments, drugs, and cosmetics use compounds that are made through a manufacturing process that uses pyrrolidone in some way. Some of the more popular drugs using pyrrolidone are Piracetam, Doxapram, Povidone, Cotinine, and Ethosuximide. Pyrrolidone is also used as an alternative for chlorinated hydrocarbons. Furthermore, it is also used as an intermediate while making polymers such as polyvinylpyrrolidone.

Asia Pacific Region Promises Great Growth in Coming Years for Pyrrolidone Market

North America and Europe were the two regions leading the global pyrrolidone market due to its massive use for desulfurization of gases and recovery of pure hydrocarbons in petrochemical processing. However, in the coming few years, the market share of pyrrolidone is expected to drop drastically due to strict regulatory frameworks about its usage. However, Asia Pacific is likely to provide a fresh impetus to the global pyrrolidone market due to increasing demand for natural gas. This region accounted for nearly 40% of the market in 2013. Growth of industries such as agrochemicals, petrochemicals, and paints and coatings in Asia Pacific will lead this market to a larger market share in the coming years.

Some of the key players in the global pyrrolidone market are BASF SE, Ashland Inc, Shandong Qingyun Changxin Chemical Science-Tech Co. Ltd, Quzhou Jianhua Nanhang Industrial Co. Ltd., Balaji Amines, Mitsubishi Chemical Engineering Corporation, Nippon Shokubai Co. Ltd., and Zhejiang Realsun Chemical Industry Co., Ltd.

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