N-Methyl-2-Pyrrolidone (NMP) Market will be Worth US$ 985 Million by 2020

N-Methyl-2-Pyrrolidone, also known as N-Methylpyrrolidone or simply NMP, is an organic, colourless, polar aprotic solvent characterised by relatively lower volatility and higher flame point. It is obtained through the process of condensation of gamma butyrolactone and monomethylamine. The exceptional properties exhibited by N-Methyl-2-Pyrrolidone have rendered it useful in a variety of applications across diverse industries, such as electronics, petrochemical processing, agrochemicals, pharmaceuticals, paints & coatings, industrial cleaners among others. Of the US$ 3.2 trillion global chemicals market, NMP accounted for around US$ 660 Mn in 2013.

The global N-Methyl-2-Pyrrolidone (NMP) market is expected to register a steady growth, amplifying at a CAGR of 4.7% to reach a market value of around US$ 985 Mn by the end of forecast period 2015?2020.

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Drivers & Trends

The growth of NMP end-use industries is expected to emerge as a key driving factor for the global N-Methyl-2-Pyrrolidone market during the forecast period. Moreover, growing demand from developing countries, especially from those in Asia Pacific region, is expected to fuel the growth of global NMP market between 2015 and 2020. However, N-Methyl-2-Pyrrolidone has been identified as a developmental, reproductive toxin by regulatory bodies across the globe, especially in Europe and North America. As such, the use of NMP in applications, such as paints & coatings and industrial cleaners is expected to witness restrictions and/or stringent regulations in the near future, especially in Europe and North America. This is likely to translate to slower growth of NMP market in these applications.

Market Taxonomy

Future Market Insights has segmented the market into various key segments considering geographic regions and various applications as the basis for market segmentation. Depending on the regions of the globe, global NMP market has been segmented into five key segments, North America, Europe, Asia Pacific, Middle East & Africa and South America. On the other hand, depending on the applications of NMP, the global N-Methyl-2-Pyrrolidone market has been segmented into following seven segments, electronics, petrochemical processing, pharmaceuticals, agrochemicals, paints & coatings, industrial cleaners, and others.

NMP Market: Analysis by Region

The N-Methyl-2-Pyrrolidone market in Asia Pacific is expected to register a relatively faster growth, expanding at a CAGR of 7.5% in terms of market value during the forecast period 2015-2020. The region is expected to dominate the global NMP market in terms of NMP consumption, accounting for over 40% of NMP market value by 2020. The industrial growth in the region is expected to be the primary growth driving factor for NMP consumption in the region. Also, relatively lower cost of production coupled with availability of feedstock are likely to drive the growth of NMP market in the region. Mature markets namely Europe and North America on the flip side are expected to register relatively slower growth as regards consumption of NMP registering CAGRs (2015-2020) of 3.2% and 3.9% respectively in terms of market value. The likelihood of stringent restrictions and regulations on the use of NMP in certain applications which involve prolonged human exposure to chemicals is one of the factors that is likely to act as an impediment to the growth of NMP market in the regions. South America and Middle East & Africa account for relatively lower share in global NMP consumption. NMP markets in these regions are expected to register steady growth during the forecast period.

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In terms of production capacity and annual production of N-Methyl-2-Pyrrolidone, Asia Pacific NMP market dominates the global NMP market accounting for the major share in both production capacity of NMP and the overall annual production of N-Methyl-2-Pyrrolidone. This can be attributed to the lower costs of production in the region leading to a shift of manufacturing towards the region. Also, growing domestic demand for NMP is another factor that has led to growth in production of the chemical in the region.

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This release was published on openPR.