N-Methyl-2-Pyrrolidone Market

N-Methyl-2-Pyrrolidone Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global N-Methyl-2-Pyrrolidone Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 843.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.3% and is expected to reach a valuation of US$ 1,554.1Mn by 2032 end.

The market will continue to expand due to expanding applications in the chemical, electronics, pharmaceutical, and oil & gas industries. In addition, applications in electronics, industrial cleansers, and natural and synthetic gas purification are projected to spur expansion.

Market Dynamic

THE ELECTRONIC INDUSTRY’S GROWING DEMAND FOR N-METHYL-2-PYRROLIDONE IS LIKELY TO DRIVE MARKET EXPANSION

N-Methyl-2-Pyrrolidone demand is expected to increase, likely leading to market growth. Another factor contributing to the development of the global N-Methyl-2-Pyrrolidone (NMP) market is the electronic industry’s increased output of consumer electronics.

The demand for N-Methyl-2-Pyrrolidone from the automotive industry is predicted to increase as more cars require electrical inputs. Additionally, N-market Methyl-2-Pyrrolidone is projected to grow over time due to expanding industrialization and rising demand for NMP from the pharmaceutical business.

SIDE EFFECTS ASSOCIATED WITH EXTENDED EXPOSURE TO NMP ARE EXPECTED TO RESTRICT PRODUCT USE, CONSTRAINING MARKET GROWTH

It is anticipated that side effects from prolonged exposure to NMP will limit product use, which will restrain the market growth. N-Methyl-2-Pyrrolidone use may be restricted due to the potential for long-term skin, eye, and other health concerns caused by NMP exposure. Throughout the forecast period, market growth is anticipated to accelerate due to manufacturers’ increased attention to undertaking various R&D activities to provide an ideal replacement for NMP with toxicity.

THE WIDENING APPLICATIONS OF N-METHYL-2-PYRROLIDONE WILL CONTINUE TO BE THE MOST VITAL FACTOR DRIVING THE GLOBAL MARKET

The most important driver propelling the global N-Methyl-2-Pyrrolidone (NMP) Market will continue to be the expanding uses of N-Methyl-2-Pyrrolidone by a larger circle of industries. The booming medicines sector is another important aspect projected to support NMP demand over the last four years. An increase in initiatives to increase the sales of electric vehicles is also impacting the market for N-methyl-2-pyrrolidone (NMP), which is expected to increase demand for NMP.

Market Segments Covered in Report

By Application:

• Petrochemical Processing
• Paints & Coatings
• Industrial Cleaners
• Electronics
• Agrochemicals
• Pharmaceutical

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is the demand in the electronic industry surging?

Applications-wise, sales in the electronics sector are anticipated to have 19.2% of the market share. NMP is a photoresist remover for defluxing, degreasing, and cleaning in the electronics sector. Additionally, it serves as a solvent in creating epoxy, polyurethane coatings, and polyamide/polyimide wire enamels.

In the upcoming years, it is anticipated that rising sales of electronics, especially consumer items, will accelerate market expansion. Electric vehicle sales are also fueled by changing consumer preferences for fuel-efficient vehicles. These vehicles run on lithium-ion batteries, whose manufacturing process uses NMP and boosts market sales.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 44.2%, Asia Pacific is anticipated to continue to be the world’s largest market for NMP. During the forecast period, this market in Asia Pacific is expected to develop at the highest CAGR.
• Europe will continue to be a mature market and is predicted to grow gradually over the forecast period. Strict regulatory controls over particular NMP applications that necessitate prolonged human exposure to hazardous chemicals are likely hindering market growth in these two regions.

Competition Analysis

Leading N-Methyl-2-Pyrrolidone market companies are pursuing mergers, acquisitions, and collaborations to obtain a competitive advantage. Players intend to expand production facilities through this to meet the rising demand. In addition, players are spending money on R&D to broaden their product offerings and increase their marketability.

The key developments in the Global N-Methyl-2-Pyrrolidone Market:

• In December 2020, in Europe, BASF SE announced price increases for butanediol (BDO) and its derivatives, effective immediately or as permitted by preexisting contracts. Engineering plastics, polyurethanes, pharmaceuticals, solvents, and elastic spandex fibers are all made with BDO and its derivatives.
• In October 2022, in a statement, LyondellBasell said that PT Polytama Propindo would employ its Spheripol technology to expand its current facilities. The 300 KTA polypropylene plant, scheduled to be finished in 2024, will be constructed in Balongan, West Java, Indonesia, using the process technology.

A list of some of the key suppliers present in the market are:

• BASF SE
• LyondellBasell Industries Holdings B.V
• Ashland
• Eastman Chemical Company
• Mitsubishi Chemical Corporation
• Hefei TNJ Chemical Industry Co., Ltd
• Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd
• Zhejiang Realsun Chemical Co., Ltd
• Puyang Guangming Chemicals Co., Ltd
• Abtonsmart Chemicals (Group) Co., Ltd
• Balaji Amines
• Binzhou Yuneng Chemical Co., Ltd
• Binzhou City Zhanhua District Ruian Chemical Co., Ltd
• Hefei Tengchao Chemical Material Co., Ltd
• Shanghai Poochun Industry Co., Ltd.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.