Global 2 Pyrrolidone Market Overview:
The 2 Pyrrolidone Market Size was estimated at 1.62 (USD Billion) in 2022. The 2 Pyrrolidone Market Industry is expected to grow from 1.69(USD Billion) in 2023 to 2.6 (USD Billion) by 2032. The 2 Pyrrolidone Market CAGR (growth rate) is expected to be around 4.88% during the forecast period (2024 - 2032).
Key 2 Pyrrolidone Market Trends Highlighted
Important market trends in the global 2-pyrrolidone market include the rising demand for solvents in the electronics industry, the growth of the pharmaceutical industry, and the increasing use of 2-pyrrolidone in personal care products. The electronics industry is a major consumer of 2-pyrrolidone, which is used as a solvent in the manufacture of printed circuit boards and other electronic components. The pharmaceutical industry is another major consumer of 2-pyrrolidone, which is used as a solvent in the production of antibiotics, vitamins, and other drugs. The personal care industry is also a growing market for 2-pyrrolidone, which is used in the manufacture of cosmetics, toiletries, and hair care products.
Key market drivers for 2-pyrrolidone include the increasing demand for electronics, the growth of the pharmaceutical industry, and the rising use of personal care products. Opportunities for growth in the 2-pyrrolidone market include the expansion of the electronics industry in emerging markets, the development of new applications for 2-pyrrolidone in the pharmaceutical industry, and the increasing use of 2-pyrrolidone in personal care products.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Pyrrolidone Market Drivers
Increasing Demand for Vinylpyrrolidone
Vinylpyrrolidone is one of the major feedstock used for the production of 2-pyrrolidone. The latter is mainly used for manufacturing polyvinylpyrrolidone, a versatile polymer widely used in many industries. The on-going demand for PVP in pharmaceuticals, personal care, and food enhancement contributes to the ever-growing need in the above-mentioned raw material. Water soluble and film-forming properties, as well as biocompatibility of PVP supports its status of a multi-applicable ingredient put into various formulations.Therefore, it can be stated that 2-pyrrolidone market may expect further expansion as a result of growing PVP consumption.
Growing Pharmaceutical Applications
In the pharmaceutical industry, 2-pyrrolidone serves as an excipient in the preparation of different types of medicinal products. The compound is used as a solvent, solubilizer, and stabilizer. The mixture of 2-pyrrolidone and water enhances the solubility and stability of active pharmaceutical ingredients and increases their bioavailability. Since the process of developing new drugs has become more active and there is a need for highly effective systems for delivering medicinal agents, the 2-pyrrolidone market in the pharmaceutical sector is growing.
Expansion of Personal Care and Cosmetics Industry
The substance is relevant for the personal care and cosmetics sector. The properties of 2-pyrrolidone as a moisturizing, film-forming, and hair conditioning agent are used in shampoos, hair conditioners, hairsprays, and skin care solutions. Furthermore, the increasing demand for personal care products in emerging markets has a positive impact on the growth of the 2-pyrrolidone market within this sector.
2 Pyrrolidone Market Segment Insights:
2 Pyrrolidone Market Application Insights
The 2 Pyrrolidone Market is segmented on the basis of various applications including Pharmaceuticals, Agrochemicals, Personal Care Products, Textile Dyeing and Printing, Electronics and Other Applications. Pharmaceuticals: The pharmaceutical industry is expected to be the largest consumer of 2-pyrrolidone in the coming years. 2-pyrrolidone is used as a solvent in the production of pharmaceuticals, and it is also used as an excipient in various drug formulations. The growing demand for pharmaceuticals is expected to drive the growth of the 2-pyrrolidone market in this segment.Agrochemicals: 2-pyrrolidone is used as a solvent in the production of agrochemicals, such as herbicides, pesticides, and fungicides. The growing demand for agrochemicals is expected to drive the growth of the 2-pyrrolidone market in this segment. Personal Care Products: 2-pyrrolidone is used as a solvent in the production of personal care products, such as shampoos, conditioners, and lotions. The growing demand for personal care products is expected to drive the growth of the 2-pyrrolidone market in this segment. Textile Dyeing and Printing: 2-pyrrolidone is used as a solvent in the production of textile dyes and printing inks.The growing demand for textiles is expected to drive the growth of the 2-pyrrolidone market in this segment. Electronics: 2-pyrrolidone is used as a solvent in the production of electronic components, such as semiconductors and printed circuit boards. The growing demand for electronics is expected to drive the growth of the 2-pyrrolidone market in this segment. Other Applications: 2-pyrrolidone is also used in a variety of other applications, such as the production of plastics, adhesives, and coatings. By 2032, it should reach a value of USD 2.6 billion.The growth of the market can be attributed to the increasing demand for 2-pyrrolidone in various applications, such as pharmaceuticals, agrochemicals, personal care products, textile dyeing and printing, electronics, and other applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Pyrrolidone Market End User Insights
The 2 Pyrrolidone Market is segmented into various end-user industries, including pharmaceutical companies, agrochemical companies, cosmetics and personal care manufacturers, textile and apparel industry, electronics manufacturers, and other end users. Pharmaceutical companies are expected to dominate the 2 Pyrrolidone Market, accounting for a significant share of the overall market revenue in 2024. This dominance is attributed to the increasing demand for 2 Pyrrolidone in the production of various pharmaceutical products, such as antibiotics, anti-inflammatory drugs, and vitamins.
Agrochemical companies are also expected to contribute significantly to the 2 Pyrrolidone Market, driven by the growing demand for 2 Pyrrolidone in the production of pesticides and herbicides. The cosmetics and personal care industry is another key end user of 2 Pyrrolidone, as it is used in a wide range of products, including hair care products, skincare products, and cosmetics. The textile and apparel industry also utilizes 2 Pyrrolidone in the production of various fabrics and textiles. Electronics manufacturers are expected to witness steady growth in their demand for 2 Pyrrolidone, which is used in the production of electronic components and devices.Other end users of 2 Pyrrolidone include industries such as food and beverage, leather goods, and metal processing. The 2 Pyrrolidone Market is expected to exhibit significant growth in the coming years, driven by the increasing demand from these end-user industries.
2 Pyrrolidone Market Grade Insights
The market growth is attributed to the increasing demand for 2-pyrrolidone in various applications, such as solvents, chemical intermediates, and pharmaceuticals. Based on grade, the market is segmented into technical grade, pharmaceutical grade, and laboratory grade. The technical grade segment accounted for the largest share of the market in 2023, and is expected to continue its dominance during the forecast period. This is primarily due to the wide range of applications of technical grade 2-pyrrolidone, including as a solvent in the electronics industry, a chemical intermediate in the production of pharmaceuticals, and a component in cleaning products.The pharmaceutical grade segment is expected to witness significant growth during the forecast period, owing to the increasing demand for 2-pyrrolidone in the production of pharmaceuticals, such as antibiotics, anti-inflammatory drugs, and cardiovascular drugs. The laboratory grade segment is expected to grow at a steady pace during the forecast period, driven by the increasing demand for 2-pyrrolidone in research and development activities.
2 Pyrrolidone Market Regional Insights
The 2 Pyrrolidone Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to increasing demand from the pharmaceutical and personal care industries. Europe is expected to be the second-largest market, followed by APAC. APAC is expected to witness the highest growth rate during the forecast period, due to rising demand from emerging economies such as China and India. South America and MEA are expected to account for a small share of the global market.Overall, the 2 Pyrrolidone Market is expected to grow at a CAGR of 4.88% from 2023 to 2032, reaching a valuation of USD 2.6 billion by 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Pyrrolidone Market Key Players And Competitive Insights:
Major players in the 2 Pyrrolidone Market industry are constantly striving to gain a competitive edge by investing heavily in research and development, expanding their global footprint, and forming strategic partnerships. The leading 2 Pyrrolidone Market players are focusing on developing innovative products and solutions that cater to the evolving needs of end-users. The 2 Pyrrolidone Market development is also being driven by the growing adoption of 2 Pyrrolidone in various industries, such as pharmaceuticals, personal care, and automotive.BASF is a leading global chemical company with a strong presence in the 2 Pyrrolidone Market. The company has a diverse portfolio of products and solutions, including 2 Pyrrolidone. BASF is committed to innovation and sustainability, and it invests heavily in research and development to bring new products and technologies to market. The company has a global presence and a strong customer base, which gives it a competitive edge in the 2 Pyrrolidone Market.Evonik Industries is another major player in the 2 Pyrrolidone Market. The company is a leading supplier of specialty chemicals, including 2 Pyrrolidone. Evonik Industries has a strong focus on innovation and sustainability, and it invests heavily in research and development to bring new products and technologies to market. The company has a global presence and a strong customer base, which gives it a competitive edge in the 2 Pyrrolidone Market.
Key Companies in the 2 Pyrrolidone Market Include:
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The Dow Chemical Company
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BASF SE
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Mitsubishi Chemical Corporation
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Oxea GmbH
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Royal DSM N.V.
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Perstorp Holding AB
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Nippon Shokubai Co., Ltd.
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Evonik Industries AG
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Arkema
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Vertellus Specialties Inc.
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Solvay S.A.
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Lonza Group
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Sasol Limited
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Repsol S.A.
2 Pyrrolidone Market Industry Developments
The global 2-pyrrolidone market is projected to reach USD 2.6 billion by 2032, exhibiting a CAGR of 4.88% during the forecast period. Rising demand for 2-pyrrolidone in various applications, including solvents, pharmaceuticals, and agrochemicals, is driving market growth. The increasing use of 2-pyrrolidone as a solvent in the electronics industry is further contributing to market expansion.Recent developments in the market include the launch of new products and the expansion of production capacities. For instance, in 2023, BASF announced plans to invest EUR 40 million to expand its 2-pyrrolidone production capacity in Ludwigshafen, Germany. Additionally, Evonik Industries AG launched a new grade of 2-pyrrolidone, TEGO Solve 950, which is specifically designed for use in the electronics industry.The market is expected to face challenges due to fluctuations in raw material prices and intense competition from alternative solvents. However, the growing demand from emerging economies and the development of new applications are expected to create opportunities for market growth.
2 Pyrrolidone Market Segmentation Insights
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2 Pyrrolidone Market End User Outlook
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Pharmaceutical Companies
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Agrochemical Companies
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Cosmetics and Personal Care Manufacturers
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Textile and Apparel Industry
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Electronics Manufacturers
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Other End Users
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.62(USD Billion) |
| Market Size 2023 |
1.69(USD Billion) |
| Market Size 2032 |
2.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.88% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
The Dow Chemical Company ,BASF SE ,Mitsubishi Chemical Corporation ,Oxea GmbH ,Royal DSM N.V. ,Perstorp Holding AB ,Nippon Shokubai Co., Ltd. ,Evonik Industries AG ,Arkema ,Vertellus Specialties Inc. ,Solvay S.A. ,Lonza Group ,Sasol Limited ,Repsol S.A. |
| Segments Covered |
Application ,End User ,Grade ,Regional |
| Key Market Opportunities |
Growing demand from personal care products Expanding use in pharmaceutical industry Rising consumption in oil and gas applications Increasing adoption in electronics industry Potential in emerging economies |
| Key Market Dynamics |
Increasing demand in cosmetic industry Rising use in personal care products Growing demand from pharmaceutical sector Expansion of automotive industry Technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global 2-pyrrolidone market size was valued at 1.69 billion USD in 2023 and is projected to reach 2.6 billion USD by 2032, exhibiting a CAGR of 4.88% during the forecast period.
Asia Pacific is expected to dominate the global 2-pyrrolidone market throughout the forecast period due to the increasing demand for 2-pyrrolidone in the manufacturing of electronic devices and personal care products in the region.
2-pyrrolidone finds applications in various industries, including electronics, personal care, pharmaceuticals, and agrochemicals. In electronics, it is used as a solvent in the production of printed circuit boards and electronic components. In personal care products, it is used as a humectant and emollient in skin care and hair care products. In pharmaceuticals, it is used as an excipient and a solvent in the production of drugs and drug intermediates. In agrochemicals, it is used as a solvent and a surfactant in the production of pesticides and fertilizers.
The key competitors in the global 2-pyrrolidone market include BASF SE, Evonik Industries AG, The Dow Chemical Company, LyondellBasell Industries Holdings, N.V., and Huntsman International LLC.
The growth of the global 2-pyrrolidone market is primarily driven by the increasing demand for electronic devices and personal care products. Additionally, the growing adoption of 2-pyrrolidone in pharmaceuticals and agrochemicals is further contributing to the market growth.
The global 2-pyrrolidone market is facing challenges due to the volatility in raw material prices and the stringent environmental regulations governing the production and use of chemicals.
The global 2-pyrrolidone market is expected to benefit from the growing demand for eco-friendly and sustainable products. Additionally, the increasing adoption of 2-pyrrolidone in emerging applications, such as bio-based solvents and bioplastics, is creating new opportunities for market growth.
The global 2-pyrrolidone market is projected to grow at a CAGR of 4.88% from 2023 to 2032.
Key trends in the global 2-pyrrolidone market include the increasing demand for bio-based and sustainable products, the development of new applications for 2-pyrrolidone, and the growing adoption of 2-pyrrolidone in emerging markets.
The major factors influencing the price of 2-pyrrolidone include the cost of raw materials, the production process, the demand and supply dynamics, and the overall economic conditions.
