n-methyl-2-pyrrolidone | Coherent Market Insights

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N-Methyl-2-Pyrrolidone Market Analysis

• N-Methyl-2-Pyrrolidone Market, By Application
  (Electronics, Petrochemical Processing,
  Agrochemicals, Pharmaceuticals, Paints
  coatings, Industrial cleaners, Others), By Region
  (North America, Europe, Asia Pacific, Middle East
  Africa, Latin America) - Size, Share, Outlook,
  and Opportunity Analysis, 2020 - 2027

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The global N-methyl-2-pyrrolidone market is
projected to surpass US 1400 million by
the end of 2027, in terms of revenue, growing
at CAGR of 5.4 during the forecast period (2020
to 2027).

• Drivers
• Growing demand for N-Methyl-2-Pyrrolidone from
  the electronic industry is expected to propel the
  market growth. The growth of the
  N-Methyl-2-Pyrrolidone market is also attributed
  to growth in the electronic industry due to the
  increasing production of consumer electronic
  products. Moreover, increasing per capita income
  of the consumer due to economic growth is further
  expected to accelerate the market growth of
  N-Methyl-2-Pyrrolidone over the forecast period.

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• Rising demand for N-Methyl-2-Pyrrolidone from the
  automotive industry in terms of electronic inputs
  to vehicles is projected to augment market
  growth. Moreover, increasing industrialization
  coupled with the growth rising demand for NMP
  from the pharmaceutical industry is again
  expected to accelerate the market growth of
  N-Methyl-2-Pyrrolidone over the forecast period.
• Regionally, Asia Pacific dominated the global
  N-methyl-2-pyrrolidone market in 2019,
  reporting 33 market share in terms of revenue ,
  followed by North America and Europe,
  respectively.

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Figure 1. Global N-Methyl-2-Pyrrolidone Market,
Revenue Share (), By Region, 2019
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Market Restraints

• Side-effects associated with the prolonged
  exposure to NMP are projected to restrict the use
  of the product which in turn hampering the market
  growth. Prolonged exposure to NMP may cause skin,
  eye irritation, and other health issues which are
  expected to limit the use of N-Methyl-2-Pyrrolidon
  e
• Increasing focus of manufacturers on conducting
  various RD activities in order to develop an
  ideal substitute of NMP with toxicity is expected
  to accelerate the market growth over the forecast
  period.

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Market Opportunities

• The rising demand for N-Methyl-2-Pyrrolidone from
  pharmaceutical industry is expected to propel the
  market growth over the forecast timeframe.
  Increasing demand for industrial cleaners is
  expected to turn out to be a potential
  application area for N-Methyl-2-Pyrrolidone.
  Rising use of NMP as coalescing solvent in
  waterborne paints and solvent-borne coatings is
  further expected to augment the market growth of
  the NMP in the near future.

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• Increasing application of NMP in the
  manufacturing of magnetic wire coatings is
  expected to propel the market growth. Growing
  demand for Li-ion batteries for various
  electronic products is also expected to augment
  the market growth of N-Methyl-2-Pyrrolidone.
  Moreover, the flourishing chemical industry is
  another major factor offering lucrative
  opportunities to the market of N-Methyl-2-Pyrrolid
  one over the forecast period.

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Figure 2. Global N-Methyl-2-Pyrrolidone Market
Opportunity Analysis
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Market Trends

• Growth in the refinery projects coupled with the
  economic development across emerging countries
  such as China and India is expected to augment
  the market growth of N-Methyl-2-Pyrrolidone over
  the forecast period. Moreover, the low cost of
  production of NMP and various companies are
  adopting smart strategies such as marketing their
  product offering in the market which is further
  expected to accelerate the market growth of NMP
  over the forecast period.
• Regional as well as the global expansion is
  another major step undertaken by the manufacturer
  in order to meet the rising demand for NMP among
  consumers. The various manufacturer is also
  establishing new production plants in order to
  increase the production capacities of the NMP.
  This moves by major players will favor the market
  growth N-Methyl-2-Pyrrolidone over the forecast
  period.

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Figure 3. Global N-Methyl-2-Pyrrolidone Market,
Revenue Share (), By Application, In 2019
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Competitive Section

• Key players are operating in the global
  N-methyl-2-pyrrolidone market are BASF SE,
  LyondellBasell Industries N.V., Ashland Inc.,
  Shandong Qingyun Changxin Chemical Science-Tech
  Co., Ltd.,Hefei TNJ Chemical Industry Co., Ltd.,
  Puyang Guangming Chemicals Co., Ltd., Zhejiang
  Realsun Chemical Industry Co., Ltd., Abtonsmart
  Chemical Co. Ltd., and Balaji Amines Limited.

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  ight/n-methyl-2-pyrrolidone-market-3860

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