N-methyl-2-pyrrolidone market is expected to reach USD 0.85 billion by 2023 | Key players are BASF SE, LyondellBasell Industries N.V., Abtonsmart Chemical (Group) Co. Ltd., Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd.

N-methyl-2-pyrrolidone market Size and Growth Rate:
N-methyl-2-pyrrolidone market was valued at USD 0.48 billion in 2017 and projected to reach USD 0.85 billion by 2023 growing at a CAGR of 6.59% during the forecast period 2018 to 2023.

N-methyl-2-pyrrolidone market Overview:
The n-methyl-2-pyrroliodine market is accelerated to have a steady pace during the forecast period. N-methyl-2-pyrrolidone has 5-membered lactam that is an organic compound, which is non-volatile solvent and widely used in the petrochemical and plastics industries. N-methyl-2-pyrrolidone is produced in a typical way by converting ester into amide and treating butyrolactone with methylamine. As it is easily soluble property, this is highly utilized to dissolve polymers and also as a solvent to treat surface of textiles, resins and metal coated plastics. Recent studies proved that the n-methyl-2-pyrrolidone is playing a crucial role in the pharmaceutical industries for formulating the drugs.

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N-methyl-2-pyrrolidone market Growth Drivers and Restraints:
The growing prevalence of n-methyl-2-pyrrolidone from the petrochemical industry is primarily driving the demand of the market. Another factor contributing for the growth of the market is stringent rules and regulations by the government. However, lack of sufficient knowledge in the utilization of these solvent in various forms is restraining the growth of the market. Availability of alternate compounds with the similar features and with easy manufacturing process is a challenging factor for the developers in this market.

The n-methyl-2-pyrrlidone market is set to have huge growth opportunities in the near future by increased scale of the pharmaceutical companies and raising incidences of health disorders as it used in the extraction and purification process of pharmaceuticals. The rise in the construction of buildings across the globe is also lucratively accelerating the growth of the market.

Geographic Insights of N-methyl-2-pyrrolidone market:
North America is anticipated to lead the largest shares of the market. The adoption of advanced technology and implementing innovative procedures in manufacturing the compound are main attributes for the growth of the market in this region. Asia Pacific is witnessed to lead the highest revenue shares of the market with the rise in the vertical scale of the pharmaceutical industries and also petrochemical industries. Europe is esteemed to have a quiet inclined growth during the foremost time span. Middle East & Africa are projected to have fastest growth rate throughout the review period.

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Key Market Players of N-methyl-2-pyrrolidone market:
BASF SE, Ashland Inc., LyondellBasell Industries N.V., Abtonsmart Chemical (Group) Co. Ltd., Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd., Puyang Guangming Chemicals Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Zhejiang Realsun Chemical Industry Co., Ltd., and Balaji Amines Limited are some ruling players of the n-methyl-2-pyrrolidone market.

N-methyl-2-pyrrolidone market Key Segmentation:

By Application:
• Petrochemical processing
• Pharmaceuticals
• Industrial cleaners
• Electronics
• Agrochemicals
• Paints and coatings
• Others

By Region:
• North America
• South America
• Europe
• Asia Pacific
• Middle East and Africa

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