N-Methyl-2-Pyrrolidone (NMP) Market is expected to reach a value of over US$ 1,200 Mn by 2028, growing at a CAGR of 4.6% during the forecast period 2018 - 2028

NMP or N-Methyl-2-Pyrrolidone is a hygroscopic, highly polar compound with great thermal and chemical stability. It is slowly oxidised by air and easily purified by fractional distillation. NMP is used for many applications, and is highly prevalent in the industry as it is biodegradable and recyclable. A new research report by Future Market Insights projects the market scenario of NMP for the years ahead. According to this comprehensive research report titled ‘N-Methyl Pyrrolidone (NMP) Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028’, the global NMP market is expected to reach a value of over US$ 1,200 Mn by the end of 2028, growing at a CAGR of 4.6% during the forecast period.

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N-Methyl-2-Pyrrolidone Market: Snapshot

With the rise in demand for NMP in the global market, many companies are adopting the strategy of innovating their product offerings. There are various companies moving strong in the market, and are forced to come up with innovative products in order to compete efficiently in the market. Innovation and sustainability initiatives are anticipated to be major factors responsible for competiveness. Consumers do not mind paying a premium for green chemistry and environmental preservation initiatives. This, along with more stringent regulatory constraints, may further increase the importance of innovation in this market. Regional expansion is another strategic move undertaken by top manufacturers to efficiently cater to consumer demands. Manufacturers are also expanding their production plants in different regions with improved capacity levels. These moves also serve as a driver for the global NMP market, boosting product supply and demand.

Some of the key players in the market include companies such as LyondellBasell Industries Holdings, 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. All these companies play a crucial role in influencing the dynamics of the global NMP market.

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NMP Market Anticipated to Face Growth Restrictions in North America and Europe Due to New Regulatory Framework

According to the market analysis for the years 2018-2028, China is expected to record the highest consumption of NMP in excess of 120,000 MT by the end of 2028. However, in terms of growth rate, the SEA & Pacific region is expected to witness good growth during the forecast period. North America also holds a lucrative position with a high market value estimated by the end of 2028.

The report also highlights the fact that the application of NMP in industrial cleaners and paints or coatings will decline exceptionally in Europe and North America, due to a stringent regulatory framework. In Europe, the use of NMP in consumer products is expected to decline owing to its entry in Annex VI of the CLP Regulation including Repr. 1B H360D with a specific concentration level (SCL) of 5% (current consumer product limit). If this is applied, it will confine the use of NMP in consumer applications to less than 0.3% and would thereby prohibit NMP from being used in such products as NMP would have no functionality at this level in the current consumer applications.

N-Methyl-2-Pyrrolidone (NMP) Market Taxonomy

By Application
• Petrochemical
• processing
• Paints & Coatings
• Industrial Cleaners
• Electronics
• Agrochemicals
• Pharmaceutical
• Others

By Region
• North America
• Latin America
• Western Europe
• Eastern Europe
• SEA & Pacific
• Japan
• MEA
• China

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Increasing production of electronics to boost the application of NMP and fuel market revenue growth

Demand for NMP is anticipated to increase in some end use applications such as electronics during the forecast period. There is no direct exposure to NMP in the electronics industry as most processes are conducted in isolated clean rooms. Over the last few years, the electronic goods market in Europe has been growing steadily with a higher growth rate than the global industry production. The Li-ion battery market is also anticipated to expand at a strong rate during the forecast period, which in turn will trigger the growth of the NMP market worldwide.

However, within Europe, Germany is the largest producer of electronic goods. The production growth rate of the electronics industry in Germany has been above the European average. Approximately 40% of the electronic products manufactured in Germany are exported. The German electronics industry is recognised as one of the strongest and is also the most research and development intensive, thereby making it the most lucrative regional market for NMP.

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.