According to a recent market report by Future Market Insights (FMI), the N-Methyl Pyrrolidone market is expected to grow at a 4.7% CAGR between 2022 and 2032.
Several important end-use industries in the NMP market include electronics, petrochemicals and plastics/polymers, agrochemicals, and paints and coatings. Top NMP producers can grow their companies to new heights and capitalise on every business opportunity with the correct strategy in place.
Sales of NMP are anticipated to increase as a result of the rising demand for both industrial and consumer electrical products. For the creation and upkeep of electronic components, NMP is required. Their use in the electronics sector will expand the NMP market internationally.
But over the course of the forecast period, the consistently rising threat of substitutes brought on by expanding R&D activities is anticipated to remain a significant barrier to the growth of the overall NMP market.
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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 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.
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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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https://www.atoallinks.com/2022/pag-compressor-oil-market-size-share-demand-trends-by-2033/
About 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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