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N-Methyl-2-Pyrrolidone (NMP) Market to Surpass $1.55 Billion by 2029 | Key Trends & Insights
N-Methyl-2-Pyrrolidone (NMP)
How Will the N-Methyl-2-Pyrrolidone (NMP) Market Grow by 2025 in Terms of Size and Growth?
The market for n-methyl-2-pyrrolidone (nmp) has experienced robust growth in the past few years. Its size will increase from $1.11 billion in 2024 to $1.17 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.4%. This expansion during the historic period can be linked to a surge in the demand for lithium-ion batteries and a rise in the consumption of electronic goods.
What Are the Estimated Growth Rates for the N-Methyl-2-Pyrrolidone (NMP) Industry Through 2029?
In the coming years, the n-methyl-2-pyrrolidone (nmp) market is projected to experience robust growth. By 2029, it's predicted to reach a value of $1.55 billion, with a compound annual growth rate (CAGR) of 7.2%. This anticipated growth is largely due to a rise in demand from the pharmaceutical sector, an uptick in the need for electric vehicles, and rapid urbanization. The forecast period will likely see these trends continue, with increased needs from both the pharmaceutical industry and the electric vehicle market, coupled with the effects of quickening urbanization.
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What Are the Strategic Drivers Boosting N-Methyl-2-Pyrrolidone (NMP) Market Performance?
The N-Methyl-2-Pyrrolidone (NMP) market is anticipated to grow due to rising requirements from oil and gas sectors. This industry, with its intricate and capital-demanding procedures of producing and transporting oil and gas leveraging advanced technology, relies heavily on NMP. NMP is applied to re-refine lubricating oil in this industry, enhancing the viscosity index and the efficiency of the oil, alongside facilitating solvent extraction. For example, govt data from September 2023 showed an increase in UK's oil and gas production's total government revenues. As per GOV.UK, these revenues rose from $1.54 billion (£1.4 billion) in 2021-2022 to $9.90 billion (£9 billion) in the fiscal year of 2022-2023, an escalation of $8.36 billion (£7.6 billion). Thus, the surge in demand from the oil and gas industry is fostering the growth of the NMP market.
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What Are the Segments in the N-Methyl-2-Pyrrolidone (NMP) 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
Subsegments:
1) By Recycled: Distillation Process, Membrane Filtration Process
2) By Fresh: Industrial Grade, Pharmaceutical Grade
What Are the Key Adoption Trends in the N-Methyl-2-Pyrrolidone (NMP) Market?
Leading enterprises in the n-methyl-2-pyrrolidone (nmp) market are centred around the implementation of investment tactics such as the fabrication of chemical intermediates, aimed to satisfy the increasing demand for these multi-use substances and provide a dependable worldwide supply. This process of constructing chemical intermediates comprises the production of vital components including Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP) which are essential for a global supply for uses in areas such as crop protection, electronics, coating, and the manufacture of detergents. Illustratively, in August 2022, Germany's chemical firm BASF SE disclosed its intention to ramp up the production of N-(2-Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP) at their facility in Geismar, Louisiana, Verbund site. The launch of production was slated for the latter half of 2022, guaranteeing a stable global supply of HEP and NOP. HEP, a valuable chemical intermediate, plays a key part as a co-solvent in the formulation of crop protective substances, electronic coatings, and inkjet formulation. In the same vein, N-Octyl-2-Pyrrolidone (NOP), a further valuable chemical intermediate, is mainly utilized as a solvent and a minimally foaming surfactant. NOP is multi-purposeful, used as a solvent in crop protection active components production, a wetting agent in dishwashing detergent, and various car-related applications.
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Which Companies Lead the Competitive Landscape of the N-Methyl-2-Pyrrolidone (NMP) Industry?
Major companies operating in the N-methyl-2-pyrrolidone (NMP) market include 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
Where Are the Key N-Methyl-2-Pyrrolidone (NMP) Market Opportunities by Region?
Asia-Pacific was the largest region in the n-methyl-2-pyrrolidone (NMP) market in 2024. 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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Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267,
Email: saumyas@tbrc.info
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