US$ 985 Mn N-Methyl-2-Pyrrolidone (NMP) Market to Witness Steady Growth in 2020

The global N-Methyle-2-Pyrrolidone (NMP) market is anticipated to witness expansion at 4.7% CAGR over the assessment period (2015-2020). NMP accounted for approximately US$ 660 Mn in 2013 and projected to reach over US$ 980 Mn by the end of 2020.N-Methyl-2-Pyrrolidone, also known as N-Methylpyrrolidone is a polar aprotic, colourless, organic solvent characterized by comparatively higher flash point and lower volatility. It is derived from the process of condensation of monomethylamine and butyrolactone. Due to these properties, NMP is utilized across diverse industries in various end-uses.

Based on End-Use: Expansion in the end-use industry is anticipated to emerge as the key factor fueling growth of the global NMP market over the forecast period. Additionally, rising demand from developing economies across the world, especially those in Asia-Pacific, is also anticipated to propel growth of the market during forecast period. However, NMP has been highlighted as the

reproductive and developmental toxin by regulatory bodies across the world, especially in North America and Europe. On the other hand applications of NMP in coatings & paints as well as industrial cleaners segment is anticipated to be negatively affected in foreseeable future, particularly in North America and Europe Markets. This will reduce growth of the aforementioned segments in the market throughout the forecast period.

Regional Analysis: Geographically, the global NMP market has been categorized into Europe, Middle East & Africa, North America, South America and Asia-Pacific. Further, on the basis of application type, the market has been segmented into petrochemical processing, agrochemicals, industrial cleaners, electronics, pharmaceuticals and paints & coatings.

In terms of revenues, Asia Pacific is estimated to account for the highest market share, due to industrial expansion. Also, this trend if anticipated to continue throughout the forecast period. This region is estimated to expand at impressive growth rate in terms of value and will remain dominant throughout the assessment period. However, mature markets like Europe and North America are poised to exhibit comparatively slower growth, in terms of NMP consumption over the assessment period.

By Application Type: The electronic segment, by application type is anticipated to grow at higher rate compared to other application-based segments and is estimated to exhibit steady expansion at single-digit CAGR throughout the forecast period. Whereas, several other key segments such as agrochemicals, pharmaceuticals and petrochemical processing are also anticipated to exhibit steady y-o-y growth throughout the assessment period.

Zhejiang Realsun Chemical Industry Co., Ltd, BASF SE, LyondellBasell Industries N.V., Hefei TNJ Chemical Industry Co. Ltd, Ashland Inc., and Shandong Qingyun Changxin Chemical Science-Tech Co. Ltd are some leading market players performing in the market.

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Yogesh

Yogesh Sengar is an experienced digital marketing professional. He tracks the latest trends and happenings in the digital marketing landscape, also offering his opinion on their impact on businesses. He has experience in both B2C and B2B markets. His hobbies include reading books and travelling.