N-Methyl-2-Pyrrolidone Market Current Top Trends | Ashland, BASF SE

N-Methyl-2-Pyrrolidone (NMP) Market Outlook 2031
• The global N-Methyl-2-Pyrrolidone (NMP) market was valued at US$ 1.0 Bn in 2021
• It is estimated to grow at a CAGR of 6.1% from 2022 to 2031
• The global N-Methyl-2-Pyrrolidone (NMP) market is expected to reach value of US$ 1.8 Bn by the end of 2031

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Analysts' Viewpoint on Global N-Methyl-2-Pyrrolidone (NMP) Market Scenario
The increase in consumption of N-Methyl-2-Pyrrolidone (NMP) is associated with the rise in its demand in automotive and pharmaceutical industries. Beneficial properties of N-Methyl-2-Pyrrolidone, such as good solvency for a wide range of organic and inorganic compounds, along with better miscibility in water at all temperatures, and high chemical as well as thermal stability are projected to boost the N-Methyl-2-Pyrrolidone (NMP) market. N-Methyl-2-Pyrrolidone is also widely used in petrochemicals and plastics industries. Manufacturers are also focusing on the optimization of the production of NMP through different processes in order to produce recycled NMP. Most manufacturers operating in the N-Methyl-2-Pyrrolidone (NMP) market should focus on electronic grade NMP, which is utilized in lithium ion batteries. This is estimated to boost their revenue streams and enable them to tap into incremental opportunities during the forecast period.

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Surge in Demand for N-Methyl-2-Pyrrolidone in Automotive and Paints & Coatings Industries
N-Methyl-2-Pyrrolidone is utilized in various end-use industries, including automotive, paints & coatings, agrochemicals, etc., due to its characteristic properties, such as high solvency, high boiling point, and low freezing point. It is chemically and thermally stable, and is non corrosive in nature. It is highly polar in nature, which makes it miscible with most of the organic solvents such as aromatic hydrocarbons, ether, chlorinated hydrocarbon, etc. NMP performs better than CFC solvents and hence, it is widely used as a cleaning or a release agent in various industrial applications.

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NMP is utilized in the separation of benzene, toluene, and xylene in the BTX process, and recovery and separation of pure single-ring aromatics such as xylene, benzene, and toluene from light hydrocarbon mixtures. In case of chemicals industry and in agrochemicals, it is widely applied in the dilution of emulsifiable concentrate, which is further used in the formation of pesticides. NMP is extensively employed as a solvent in the production of herbicides, pesticides, and fungicides.

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Analysis of Key Players in N-Methyl-2-Pyrrolidone (NMP) Market
The global N-Methyl-2-Pyrrolidone (NMP) market is consolidated with large-scale vendors controlling majority of the share. Diversification of product portfolios and mergers & acquisitions are notable strategies adopted by key players. Leading producers of N-Methyl-2-Pyrrolidone (NMP) across the globe include LyondellBasell Industries N.V., Ashland, BASF SE, Eastman Chemical Company, Mitsubishi Chemical Holdings Corporation, and Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd.
Each of these players has been profiled in the N-Methyl-2-Pyrrolidone (NMP) market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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