The global N – Methyl Pyrrolidone market is estimated to expand at 4.7% CAGR over the forecast period between 2022 and 2032, finds Future Market Insights (FMI) in a recent market analysis.
Electronics, petrochemicals and plastics/polymers, agrochemicals, and paints and coatings are among key end-use industries in the NMP market. With the right plan in place, top NMP manufacturers can take advantage of every opportunity in the industry and catapult their businesses to new heights.
Due to the increasing demand for both industrial and consumer electronic products, sales of NMP are slated to rise. NMP is necessary for the manufacturing and maintenance of electronic components. Their application within the electronics industry will boost the global market for NMP.
However, consistently growing threat of alternatives owing to the growing research and development activities is expected to remain a big hurdle in the growth of overall NMP market over the forecast period.
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“Remarkable growth in end-use industries such as electronics and others resulted in elevated demand for N – Methyl Pyrrolidone over the forecast period,” says an FMI analyst.
Key Takeaways:
- Global N – Methyl Pyrrolidone market is expected to reach a value over US$ 1.4 Bn by the end of the forecast period growing at a CAGR of 4.7% over the forecast period.
- Standard Grade is the most widely used grade of NMP across the globe owing to its variety of applications in industries. Rapid Industrialization is the key factor promoting the growth of standard grade NMP.
- The electronics industry is one of key consumers of NMP. Rapid adoption of electric vehicles also is expected to promote the use of NMP in battery manufacturing over the forecast period.
- East Asia is expected to be the dominant region in terms of production and consumption of N – Methyl Pyrrolidone owing to strong presence of various end-use industries in the region.
Competitive Landscape
Key Manufacturers of N – Methyl Pyrrolidone (NMP) includes BASF SE, LyondellBasell Industries NV, Ashland Inc., Eastman Chemical Company, Balaji Amines, Mitsubishi Chemical Corporation, Hefei TNJ Chemical Industry Co. ltd., Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd., Zejiang Realsun Chemical Co. Ltd, Puyang Guangming Chemicals Co. Ltd., Binzhou Yuneng Chemical Co. ltd., Binzhou City Zhanhua District Ruian Chemical Co. Ltd., Hefei Tengchao Chemical Material Co. ltd., Shanghai Poochun Industry Co. Ltd., and others.
N – Methyl Pyrrolidone (NMP) Market By Category
By Grade :
- Standard
- Electronics
- Pharmaceutical
- Others
By Application :
- Petrochemical Processing
- Paints & Coatings
- Industrial Cleaners
- Electronics
- Agrochemicals
- Pharmaceuticals
- Others
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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N – Methyl Pyrrolidone (NMP) Market Opportunities
The growing demand for N-Methyl-2-Pyrrolidone from agrochemical products is expected to offer enormous growth opportunity to the market of NMP. The growth of the NMP market is also attributed to the rising production of agrochemicals due to the rising production of Foodgrain and horticulture. This growing demand for agrochemicals for food grains production is expected to fuel market growth.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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