What Transformation Has the N-Methyl-2-Pyrrolidone (NMP) Market Undergone?
The n-methyl-2-pyrrolidone (nmp) market has seen considerable growth due to a variety of factors.
• In recent years, there has seen a significant expansion in the size of the N-methyl-2-pyrrolidone (NMP) market. It's expected to increase from $1.11 billion in 2024 to $1.19 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%.
The growth during the historic period is due to the escalation in the demand for lithium-ion batteries and the rising requirement for electronic products.
What are the Market Size and Expected Growth Rates for the N-Methyl-2-Pyrrolidone (NMP) Market?
The n-methyl-2-pyrrolidone (nmp) market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipation of robust growth in the N-methyl-2-pyrrolidone (NMP) market size in the coming years. It is expected to rise to $1.59 billion by 2029, with a compound annual growth rate (CAGR) of 7.6%.
The surge during the forecast period is attributed to factors such as the rising demand from the pharmaceutical sector, growth in the appeal for electric vehicles, and hasty urbanization. The prevailing trends during the forecast period comprise increased interest from the pharmaceutical sector, a rise in the need for electric vehicles, and fast-paced urban development.
What Are The Leading Drivers Of Growth In The N-Methyl-2-Pyrrolidone (NMP) Market?
The N-Methyl-2-Pyrrolidone (NMP) market is set to benefit from the rising requirements of the oil and gas industries. These industries, known for their capital-intensive nature, intricate procedures, and the need for cutting-edge technology, are pivotal to the production and distribution of oil and gas. NMP is an important component in these industries, contributing to the re-refinement of lubricating oil and improving its viscosity index and performance. It also boosts oil efficiency and assists in solvent extraction. As an example, in September 2023, GOV.UK reported that the total revenues acquired from UK oil and gas production escalated to $9.90 billion (£9 billion) in the 2022-2023 fiscal year, a significant increase from $1.54 billion (£1.4 billion) in the previous year, recording a rise of $8.36 billion (£7.6 billion). This growing demand from the oil and gas industry is thus propelling the growth of the N-Methyl-2-Pyrrolidone (NMP) market.
What Are The Key Segments Within The Global 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
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How Are New Trends Impacting The Size Of The N-Methyl-2-Pyrrolidone (NMP) Market?
Major corporations in the n-methyl-2-pyrrolidone (nmp) market are prioritizing investment tactics such as the formulation of chemical intermediates in order to meet the escalating demand for such multifaceted chemicals and secure a dependable international supply. This process involves the synthesis of principal ingredients like Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP) and is aimed at ensuring an international supply for uses in areas such as crop safety, electronics, coatings, and the manufacturing of detergents. As an example, BASF SE, a chemicals enterprise based in Germany, revealed in August 2022 their intention to amp up the manufacturing of N-(2-Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP) at their Verbund site in Geismar, Louisiana. Operations were anticipated to kick off in the latter half of 2022, guaranteeing a steady worldwide distribution of HEP and NOP. HEP, a versatile chemical intermediate, is essential as a co-solvent in the development of crop defense substances, electronic coats, and inkjet formulations. Likewise, N-Octyl-2-Pyrrolidone (NOP), another multi-functional chemical intermediate, is used mainly as a solvent and minimally foaming surfactant. NOP is pivotal to a range of functions, including being a solvent in the making of crop protection agents, a wetting ingredient in dish soaps, and for various automobile applications.
Who Are the Key Players in the N-Methyl-2-Pyrrolidone (NMP) Market?
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
What are the Regional Insights into the N-Methyl-2-Pyrrolidone (NMP) Market?
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.
