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.
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 Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.3%.
The electronic industry’s growing demand for n-methyl-2-pyrrolidone is likely to drive market expansion.
Major global N-Methyl-2-Pyrrolidone Market players 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.
Side effects associated with extended exposure to NMP are expected to restrict product use, constraining market growth.
Europe is expected to account for the largest market revenue share in the Global N-Methyl-2-Pyrrolidone market.
Let us Help you!
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst
Connect with Us!