LONDON–(BUSINESS WIRE)–#Chemicals—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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