N-octyl Pyrrolidone Market Forecast and CAGR
According to latest research, the N-octyl Pyrrolidone market is projected to expand between 7.0% and 8.0% CAGR during the assessment period 2021-2031. The growth of the market is attributed to major applications of pesticide formulation and pharmaceutical excipients for veterinary injection.
The use of this compound in other applications include its uses in wetting agent in printing process and is used for metal cleaning. They are also driving its consumption. The growing demand for improved properties and quality is expected to provide growth opportunities for the N-octyl Pyrrolidone market.
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What is Driving Demand for N-octyl Pyrrolidone Market?
Major factors driving the market are the growing demand from the agriculture industry and because of the agriculture industry the demand of the substance is increasing. It accounted for the largest share of the overall N-octyl Pyrrolidone market. It is also widely used in printing industry because it acts as a wetting agent and is also used in fountain solution formulations for offset printing.
Industrial cleaning and washing industry are also becoming one of the major driving demand sectors for this, as this compound is rich in low foam surfactant characteristics.
Agriculture Industry Remains a Key Segment for the Consumption of N-octyl Pyrrolidone Market.
Increasing demand from the agriculture industries is one of the major factors driving the world’s N-octyl Pyrrolidone market. The agriculture industry is one of the key end-user industries of this compound as this sector accounts for the largest share in terms of consumption. It is used in the industry to produce a cosolvent in crop protection, it also contributes to formulation wetting due to its surfactant nature.
Additionally, owing to the COVID-19 outbreak, there has been increase in the demand for industrial cleaning and washing industry to prevent the spreading of the virus. This has resulted in an increase in demand for the compound across the world, at an exponential growth rate.
Fuel cell is key technology which has demonstrated its benefits and has immense future growth potential. This compound is used for the formation of proton exchange membrane in fuel cells. In the long run the demand from this sector will show tremendous impact on the growth of this compound.
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Asia Pacific N-octyl Pyrrolidone Market Outlook
Asia Pacific region is anticipated to remain the fastest growing region all over the globe. With the substantially growing industrial sector in this region especially in China, South Korea, Japan, India etc., the growth rate of this region is projected to remain high during the forecast period. APAC is expected to account for the largest value share of the global market usage in 2021.
The market is primarily driven by the strong demand from the pharmaceutical and agriculture industry.
China is expected to boost the demand of N-octyl Pyrrolidone during the forecast period. Various manufacturers from developed regions are shifting their manufacturing units to APAC because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Indonesia, and Thailand.
Furthermore, economic growth, rising population, and growing urbanization are the important drivers of the global N-octyl Pyrrolidone market in APAC region.
North America Demand Outlook for N-octyl Pyrrolidone Market Outlook.
North America is also expected to witness significant market growth of this compound on account of rising production output coupled with expected rebound in agricultural activities over the forecast period.
However, Demand in this region is supposed to grow at a moderate pace due to the slowdown in production in end use industries. The capacity additions in the region of US and Canada are predicted to increase the market call over the outlook period.
Who are the Key Manufacturers and Suppliers of N-octyl Pyrrolidone?
Some of the leading manufacturers and suppliers include
- Ashland (USA)
- BASF (Germany)
- Eastman chemicals (Malaysia)
- LyondellBasell Industries Holdings (Hong Kong)
- Mitsubishi chemical corporation (Japan)
- Nippon shokubai industries (Indonesia)
- Wego chemical group (USA)
- Rugao Wanli Chemical Industry Co. Ltd. (China)
- Victrex (UK)
- Hannong chemicals (Korea).
Several key market participants are focusing on new & innovative product development to cater the growing demand from the end use sector. Key players are investing an enormous amount in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to decrease the carbon emission.
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