Press release
N-Methyl-2-Pyrrolidone (NMP) Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
N-Methyl-2-Pyrrolidone (NMP) Market Share
As per the report, 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 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%.
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Rising Oil And Gas Industry Demand Fuels Growth In N-Methyl-2-Pyrrolidone (NMP) Market
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.
Pharmaceutical Industry Surge Drives Growth In N-Methyl-2-Pyrrolidone Market
Increasing demand from the pharmaceutical industry is expected to drive the growth of the N-methyl-2-pyrrolidone market during the forecast period. N-Methyl-2-Pyrrolidone is used in the pharmaceutical industry as an intermediate and to enhance the solubility of poorly soluble drugs. The compound is expected to experience significant growth in the coming years, driven by its diverse applications in various industries, including the pharmaceutical industry. According to Mint, an Indian business and financial daily newspaper, during FY18 to FY23, the Indian pharmaceutical industry logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. Therefore, increasing demand from the pharmaceutical industry will propel the growth of the N-methyl-2-pyrrolidone market.
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
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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
Contents of the report:
1. Executive Summary
2. N-Methyl-2-Pyrrolidone (NMP) Market Report Structure
3. N-Methyl-2-Pyrrolidone (NMP) Market Trends And Strategies
4. N-Methyl-2-Pyrrolidone (NMP) Market - Macro Economic Scenario
5. N-Methyl-2-Pyrrolidone (NMP) Market Size And Growth
…..
27. N-Methyl-2-Pyrrolidone (NMP) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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