Overview and Scope
N-methyl-2-pyrrolidone (NMP) is a water-miscible solvent. It is used as a drug solubilizer and penetration enhancer in humans and animals, yet its bioactivity properties remain elusive.
Sizing and Forecast
The n-methyl-2-pyrrolidone (nmp) market size has grown strongly in recent years. It will grow from $1.04 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased demand for lithium-ion batteries, and increased demand of electronic products.
The n-methyl-2-pyrrolidone (nmp) market size is expected to see strong growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing demand from the pharmaceutical industry, increasing demand for electric vehicles, and rapid urbanization. Major trends in the forecast period include increasing demand from the pharmaceutical industry, increasing demand for electric vehicles, and rapid urbanization.
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Segmentation & Regional Insights
The n-methyl-2-pyrrolidone (nmp) market covered in this report is segmented –
1) By Type: Recycled, Fresh
2) By Purity: 99.90%, 99.50%, Other Purities
3) By End User: Paints and Coatings, Electronics, Automotive, Chemicals, Pharmaceuticals, Agrochemicals, Other End Users
Asia-Pacific was the largest region in the n-methyl-2-pyrrolidone (NMP) market in 2023. The regions covered in the n-methyl-2-pyrrolidone (nmp) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand from the oil and gas industries is expected to boost the growth of the N-Methyl-2-Pyrrolidone (NMP) market going forward. The oil and gas industry refers to the industries that are involved in the processes and systems of producing and distributing oil and gas that are capital-intensive, highly complex, and require state-of-the-art technology. NMP is used in the oil and gas industry to re-refine the lubricating oil, helping in improving the viscosity index and oil performance, and also responsible for improving oil efficiency and solvent extraction. For instance, according to the report published by the International Energy Agency(IEA), a France-based inter-governmental organization, shaping energy policies for a secure & sustainable future, in 2021, global oil consumption is anticipated to increase to 104.1 mb/d (millions of barrels per day) by 2026. Therefore an increase in demand from the oil & gas Industry is driving the growth of the N-Methyl-2-Pyrrolidone (NMP) market.
Key Industry Players
Major companies operating in the n-methyl-2-pyrrolidone (NMP) market report are LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc., Balaji Amines Limited, Binzhou Yuneng Chemical Co Ltd., Zhejiang Realsun Chemical Industry Co Ltd., Hefei TNJ Chemical Industry Co., Ltd., Tokyo Chemical Industry Co., Ltd., RX Chemicals, Manas Petro Chem, Jaewon Industrial Co., Ltd., Shanghai Poochun Industry Co., Ltd., Shandong Hualu Hengsheng Group Co., Ltd., Hefei Tengchao Chemical Material Co., Ltd., Shandong Qingyun Changxin Chemical Science-tech Co., Ltd., Hammond Chemicals, VWR International, Dow Inc., Abtonsmart Chemicals Co., Ltd., Saudi Arabian Oil Group, Sharjah Chemical, Wego Chemical Group
The n-methyl-2-pyrrolidone (nmp) market report table of contents includes:
1. Executive Summary
2. N-Methyl-2-Pyrrolidone (NMP) Market Characteristics
3. N-Methyl-2-Pyrrolidone (NMP) Market Trends And Strategies
4. N-Methyl-2-Pyrrolidone (NMP) Market – Macro Economic Scenario
5. Global N-Methyl-2-Pyrrolidone (NMP) Market Size and Growth
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31. N-Methyl-2-Pyrrolidone (NMP) Market Other Major And Innovative Companies
32. Global N-Methyl-2-Pyrrolidone (NMP) Market Competitive Benchmarking
33. Global N-Methyl-2-Pyrrolidone (NMP) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The N-Methyl-2-Pyrrolidone (NMP) Market
35. N-Methyl-2-Pyrrolidone (NMP) Market Future Outlook and Potential Analysis
36.Appendix
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