N-Ethyl-2-Pyrrolidone Market is forecast to reach $1.4 Million by 2025, after growing at a CAGR of 5.59% during 2020-2025. Surgery of N-Ethyl-2-Pyrrolidone is performed to resolve the root cause of peripheral artery disease, plaque reduction, and others. They are part of minimum invasive surgery to redirect blood supply to the other part of the lungs where oxygenated blood flow was blocked by the blood clot. Globally, the advancement of powerful and advanced technologies and rising demand are the key growth drivers of the global N-Ethyl-2-Pyrrolidone market for industrial usage in the petrochemical industry. In addition, improved use of N-Ethyl-2-Pyrrolidone for peripheral artery diseases will build new prospects for the global demand for N-Ethyl-2-Pyrrolidone in developing economies such as China, India and others.
N-Ethyl-2-Pyrrolidone Market Segment Analysis - By Application
Pharmaceuticals industry has been the major market for N-Ethyl-2-Pyrrolidone by growing at a CAGR of 4.96% during forecast period 2020-2025. Because of the higher prevalence of cancer patients, the pharmaceutical industry has the largest market share in the global N-Ethyl-2-Pyrrolidone market. It is used as a raw material for the manufacturing of many antipsychotics and antibiotics in the pharmaceutical industry and also serves as a solvent for diclofenac in topical preparations, a solvent for acne treatments and a transdermal transport enhancer. Rising demand worldwide for the pharmaceutical industry is driving the growth of the market for N-Ethyl-2-Pyrrolidone.
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N-Ethyl-2-Pyrrolidone Market Segment Analysis - Geography
APAC dominated the N-Ethyl-2-Pyrrolidone Market share with more than 33%, followed by North America and Europe. During the forecast period, the region will give market vendors many growth opportunities. Increased investment in industrial operations, coupled with lower regulations in APAC countries, would significantly drive the development of the demand for N-ethyl-2-pyrrolidone in the region over the projected period. With growing demand throughout the Asia Pacific region in various industries such as pharmaceuticals, and paint & coatings. Due to economic growth, developing economies and rising pharmaceutical industries, China, India and Japan are projected to be the fastest growing markets over the estimated timeframe in the near future.
N-Ethyl-2-Pyrrolidone Market Drivers
Increasing demand due to replacement of NMP
Regulatory agencies such as the Environmental Protection Agency (EPA) - the U.S. and European Chemical Agency - have investigated the use of NMP in applications such as paints & coatings and industrial cleaners requiring extended exposure to the chemical (ECHA). It has been characterized as a reproductive toxin and it is expected that its use in these applications will be subject to stringent regulations and/or restrictions. NEP, which exhibited similar properties to those of NMP, was deemed an apt substitution for NMP. However, NEP has already been identified as a reproductive toxin and as such, it is predicted that its use in some applications would suffer the same fate as NMP. The rise of the end-use sectors, however is likely to lead to growth in demand for NEP. In exchange, these aforementioned factors are projected to lead to slow growth in the global demand for N-Ethyl-2-Pyrrolidone over the forecast period.
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N-Ethyl-2-Pyrrolidone Market Challenges
Higher research and development costs are the main constraints of the global demand for N-Ethyl-2-Pyrrolidone
However, the higher cost of R&D and along with the price fluctuations of materials are expected to slow down the growth of the market. Owing to volatility in the supply of raw materials coupled with adverse weather conditions, raw materials are experiencing a surge in their prices, due to which manufacturers are looking for more economical raw materials.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the N-Ethyl-2-Pyrrolidone Market. In 2019, the market of N-Ethyl-2-Pyrrolidone has been consolidated by the top five players accounting for xx% of the share. Major players in the N-Ethyl-2-Pyrrolidone Market are Pu Eastman, Puyang Guangming Chemicals, BASF, Ashland, Hangzhou Colorific Chemicals, Anhui Jinao Chemical, Jiangxi Hengxiang Chemical, Zhejiang Liansheng Chemical, Wuhan Hengwo Technology and among others.
Key Takeaways
N-Ethyl-2-Pyrrolidone, usually known as NEP, is a strongly polar protic solvent with a C6H11NO chemical structure. The chemical is used as either a catalyst or a surfactant or as a solvent, depending on the application. This incredibly stable, weak organic alkaline solvent exhibits full water miscibility and is soluble in organic solvents. In addition, N-Ethyl-2-Pyrrolidone is a colorless to yellow liquid that is distinguished by an odor-like amine and is used in several chemical reactions including among others, hydrolysis, condensation, polymerization.
NEP is also used as a replacement for N-Methyl-2-Pyrrolidone (NMP), which is used in various industries on a larger scale. Various industries, such as paints & coatings, factory cleaners, petrochemical manufacturing, gas desulfurization, among others, absorb NEP.
The COVID-19 pandemic and resulting suspension of development activities shall have an effect on the availability of a number of green chemicals to the supply. In addition, recent trade tensions would also have a significant effect on the supply of chemical stocks in import-dependent countries.
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