2-Pyrrolidone Market Overview
Global 2-pyrrolidone market size is forecast to reach
US $595.76 million by 2030, after growing at a
CAGR of 3.8% during 2024-2030. Increasing usage of 2-pyrrolidone as a precursor for N-vinylpyrrolidone synthesis, a solvent for
animal injection, an optical co-solvent in the formulation of water-based inks, a process solvent for membrane filters, and a copolymer for floor polishes, is driving the growth of the market. Also, the rising demand for 2-pyrrolidone as a pharmaceutical derivative in cotinine, doxa pram, piracetam, povidone, and ethosuximide is uplifting the global 2-pyrrolidone market growth. Additionally, 2-pyrrolidone is widely used as raw materials in the cosmetics industry. The increasing demand for 2-pyrrolidone from various applications, such as pesticide production, synthetic resin production, polyvalent alcohol production, inks production, pharmaceuticals, and others is driving market demand, This rising growth of the cosmetics sector is estimated to propel the global 2-pyrrolidone industry forward over the forecast period.
Market Snapshot:
COVID – 19 Impact:
The Covid-19 pandemic negatively impacted the growth of the global 2-pyrrolidone industry in the year 2020. Halt in several ongoing construction activities declined the demand for paints and coatings which dipped the demand of the market. For instance, according to the Journal published by the Institute of Physics Organization, the COVID-19 outbreak caused a US$5 billion loss in the Australian construction sector. Also, the shutdown of several other end-use sectors such as the cosmetics, pharmaceutical, electronics, detergents and other industries impacted the demand for 2-pyrrolidone. Thus, this reduced the consumption of 2-pyrrolidone which widely declined the market growth.
Despite the challenges posed by the pandemic, the 2-pyrrolidone market is showing resilience and growth. The market is expected to grow by USD 388.99 million during the period from 2022 to 2024. Various factors contribute to this growth, including demand from end-user industries and technological advancements.
Report Coverage
The report "2-Pyrrolidone Market Report – Forecast (2024-2030)" by Industry ARC covers an in-depth analysis of the following segments of the global 2-pyrrolidone industry.
By Form: Powder and Liquid.
By Grade: Pharma Grade, Technical Grade, and Lab Grade.
By Packaging: Drum, Oilcan, Bags, Jars, and Others.
By Application: Solvent (Synthetic resin, Agricultural Chemicals, and Printing Inks), Decolourant (Fatty acid, Kerosene, and Rosin), Plasticizers, and Others.
By End-Use Industry: Cosmetics, Pharmaceutical, Electronics, Detergents, Chemicals, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)
Key Takeaways
• The APAC region dominates the global 2-pyrrolidone market due to the huge government investments made in the pharmaceutical industries in emerging economies such as China, Japan, India, and South Korea.
• Rapidly rising demand for 2-pyrrolidone owing to its high boiling point, chemically and thermally stable, and non-corrosive nature in solvents, plasticizers, and other applications, is estimated to drive the growth of the industry.
• Furthermore, rising acute health effects will hinder the growth of the global 2-pyrrolidone market in the forecast period.
2-Pyrrolidone Market Segment Analysis – By Application
Solvents held the largest share in the global 2-pyrrolidone market and is expected to continue its dominance over the period 2024-2030. Owing to the alluring characteristics, 2-pyrrolidone is the widely used solvent. It has a high boiling point and is miscible with practically all other organic solvents such as (ethers, alcohols, aromatic hydrocarbons, esters, carbon disulfide, chlorinated hydrocarbons, and others). Additionally, the usage of global 2-pyrrolidone as solvents in synthetic resin, agricultural chemicals, and others is driving the growth of the industry. Synthetic resin is widely used in the production of glues, surface coatings, and synthetic textile fibers. In the upcoming years with the rising growth of the paints & coatings industry, the demand for synthetic resins is set to rise. Thus, which would further drive the growth of the global 2-pyrrolidone industry.
2-Pyrrolidone Market Segment Analysis – By End-Use Industry
The cosmetics sector dominated the global 2-pyrrolidone market with 24.12% in 2023 and is projected to grow at a CAGR of 4.7% during 2024-2030. The cosmetics industry is the largest consumer of 2-pyrrolidone, which is used as solvents in the skin care products. Also, 2-pyrrolidone is majorly used as a raw material in the cosmetic production. Rising growth and increasing demand for cosmetics is one of the major factors determining the growth of the global 2-pyrrolidone industry. For instance, according to the International Trade Administration, China is estimated to become the largest global market for cosmetic products within the next five years. In recent years, China's cosmetics business has grown steadily, driven by increased demand for premium products and an increase in the number of working women. By 2025, the personal care and cosmetic items in China is predicted to incline by 6.3%.
2-Pyrrolidone Market Segment Analysis – By Geography
The global 2-pyrrolidone market size was estimated at around USD 1.21 billion in 2023 and is expected to grow at a CAGR of 4.5% from 2024 to 2030, reaching USD 1.48 billion by 2030. The market in the region is witnessing expansion with the increasing consumption of 2-pyrrolidone in several end-use sectors such as electronics, chemicals, cosmetics, and others. Currently, rising growth of the chemicals, electronics, cosmetics, sector has uplifted the growth of the 2-pyrrolidone industry. The major end-user industries include pharmaceutical, cosmetics, printing inks, chemicals, and others. The major regions include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
2-Pyrrolidone Market Drivers
Increasing demand for 2-pyrrolidone in the pharmaceutical sector.
Global 2-pyrrolidone is used as a raw material in the pharmaceutical industry. 2-pyrrolidone derivatives, such as cotinine, doxa pram, povidone, and ethosuximide, and racetams, are used in a range of pharmaceutical medications. Globally, in the formulation of drugs 2-pyrrolidone is widely adopted. Rising growth of the pharmaceutical industry in emerging economies are driving the global 2-pyrrolidone market. For instance, as per Invest India, the pharmaceutical business in India inclined at a CAGR of 26.21% between 2023 and 2030 to reach US$ 55 billion. In recent years, an increase in the production and sales of drugs has also increased 2-pyrrolidone consumption in the pharmaceutical sector.
2-Pyrrolidone Market Challenges
Health Effects Associated With 2-pyrrolidone
One of the major challenges that the 2-pyrrolidone market faces is acute health effects. 2-pyrrolidone causes serious eye irritation and damage in some people. This material can even cause skin inflammation. Also, reproductive toxicity is caused due to 2-pyrrolidone. With such growing health effects, the demand for 2-pyrrolidone would slightly decline, thus, which is estimated to hinder the growth of the market over the projected period.
2-Pyrrolidone Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global 2-pyrrolidone market. Global 2-pyrrolidone top 10 companies include:
1. NIPPON SHOKUBAI co. ltd
2. BASF SE
3. Ashland
4. TCI Chemicals
5. Mitsubshi Chemicals
6. Solvay
7. Eastman Chemical Company
8. Lyondellbasell
9. Shandong Qingyun Changxin Chemical Science-Tech Co. Ltd.
10. Hefei TNJ Chemical Industry Co. Ltd. and others
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