The global Opportunities in the Global N-Methyl-2-Pyrrolidone
Market is poised for significant growth driven by diverse
industrial applications and rising demand across key sectors.
- Pharmaceutical Industry: Increasing utilization of NMP
in pharmaceuticals, driven by its solvent efficacy, is set to
propel market growth.
- Industrial Cleaners: NMP's role in industrial cleaners
presents a burgeoning application area with substantial growth
opportunities.
- Paints and Coatings: The use of NMP as a coalescing
solvent in waterborne paints and solvent-borne coatings is expected
to augment market expansion.
- Magnetic Wire Coatings: NMP's application in
manufacturing magnetic wire coatings is a critical growth
driver.
- Li-ion Batteries: Rising demand for Li-ion batteries in
electronics enhances market potential for NMP.
- Chemical Industry: The flourishing chemical industry
offers lucrative opportunities, with NMP being vital in various
chemical processes.
NEWARK,
Del., July 24, 2024 /PRNewswire/
-- According to a Future Market Insights (FMI), the
N-Methyl-2-Pyrrolidone market, a crucial solvent in various
industries, is projected to grow at a stable CAGR of 4.70%
from USD 1,028.70 Million in
2024 to USD 1,628.40 Million
by 2034, indicating a positive trend in the industry.
N-methyl-2-pyrrolidone demand growth is driven by increasing
utilization in developing regions, industrialization, and industry
enhancement. The market is expected to experience positive effects
due to the surging usage and adoption of consumer electronic
products, high demand for lithium-ion batteries in electric
vehicles, and increasing demand from the pharmaceutical
industry.
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High investments from application industries and growth from
end-use verticals create ample opportunities for the
N-methyl-2-pyrrolidone market growth. However, high demands from
the pharmaceutical industries amid healthcare growth will impede
the growth of the N-methyl-2-pyrollidone market growth from 2024 to
2034.
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The global N-methyl-2-pyrrolidone market is segmented into four
kinds: reagent grade, electronics grade, industrial grade, and
standard grade. The Asia-Pacific
region dominates the market due to the large-scale growth of
various industries. At the same time, Europe and North
America project the highest CAGR due to stringent regulatory
measures regarding specific N-methyl-2-pyrrolidone applications.
The country section of the N-methyl-2-pyrrolidone market report
provides individual market-impacting factors and changes in market
regulation domestically that impact current and future trends.
Key Takeaways of N-Methyl-2-Pyrrolidone
Market:
- The N-Methyl-2-Pyrrolidone market is expected to grow at a CAGR
of 2.60% in the United
States.
- Canada's market is expected to
experience a 2.1% CAGR from 2024 to 2034.
- Germany's market is expected
to grow at a 2.0% CAGR due to increased demand in the
automotive and chemical industries.
- China's market is expected to
grow at a 5.20% CAGR due to its use as a cleaning agent for
electronic components and solvents in drug formulation.
- India's market is expected to
grow at a 7.00% CAGR due to its use as a pesticide in the
pharmaceutical industry.
"The n-methyl-2-pyrrolidone market is expected to witness
significant growth due to rising demand from the pharmaceutical,
industrial, and chemical industries. It is increasingly used in
drug formulation, manufacturing processes, industrial cleaners,
waterborne paints, and solvent-borne coatings. Additionally, the
increasing application of NMP in manufacturing magnetic wire
coatings and Li-ion batteries is expected to drive market growth
shortly." - opines Nikhil
Kaitwade (Associate Vice President at Future Market Insights,
Inc.).
Country-Wise Analysis
Countries
|
CAGR (2024 to
2034)
|
United
State
|
2.60 %
|
Canada
|
2.1 %
|
Germany
|
2.0 %
|
China
|
5.20 %
|
India
|
7.00 %
|
Competitive Landscape:
The N-Methyl-2-Pyrrolidone (NMP) market is fragmented and driven
by increasing demand in pharmaceuticals, electronics, and
petrochemicals. Key players include BASF SE, LyondellBasell
Industries Holdings B.V., Eastman Chemical Company, Mitsubishi
Chemical Corporation, and Ashland Global Holdings Inc. BASF SE
offers a range of products for pharmaceuticals, agrochemicals, and
electronic materials. Focus on innovation and development,
introducing a new NMP product for high-performance polymer
production.
Eastman Chemical Company is a global leader in specialty
chemicals, including NMP, for various applications.
Mitsubishi Chemical Corporation is a leader in sustainability
and environmental responsibility, introducing a new NMP product
using renewable energy sources. Focuses on product quality and
customer service.
Latest Development:
- Mitsubishi Chemical Corporation: Global chemical company
offering various products and solutions to various industries,
committed to sustainable development.
- Hefei TNJ Chemical Industry Co., Ltd: Leading chemical supplier
in China, specializing in
producing and distributing various chemicals, with excellent
customer service.
- Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd:
Chemical manufacturer specializing in the production of
N-Methyl-2-Pyrrolidone (NMP), committed to providing high-quality
products and services.
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Key Companies Operating in the Industry:
- 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.
N-Methyl-2-Pyrrolidone Market Segmentation Analysis:
By Grade:
- Standard
- Electronics
- Pharmaceutical
- Others
By Application:
- Petrochemical Processing
- Paints & Coatings
- Industrial Cleaners
- Electronics
- Agrochemicals
- Pharmaceutical
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Explore Future Market Insights, Inc. Extensive Coverage in
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