NMP (N-Methyl-2-pyrrolidone) Market worth 795.8 Million USD by 2022
The report “NMP (N-Methyl-2-Pyrrolidone) Market by Application (Petrochemicals, Electronics, Paints & Coatings, Agrochemicals, Pharmaceutical) and Region (Asia Pacific, Europe, North America, Middle East & Africa, South America) — Global Forecast to 2022”, The NMP market size is projected to grow from USD 572.5 Million in 2017 to USD 795.8 Million by 2022, at a CAGR of 6.8% during the forecast period. NMP is used in petrochemicals (butadiene recovery and extraction of aromatic hydrocarbons), electronics (lithium-ion battery production, semiconductor device fabrication, and wire enamel coating), pharmaceutical, and other industries. Other applications include adhesives & sealants, dyes, inks, plastic, rubber, cosmetics & personal care products, and industrial & household cleaning reagent.
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Petrochemicals segment is projected to be the largest application of the NMP market from 2017 to 2022.
The petrochemicals application segment of the NMP market includes butadiene recovery and extraction of aromatic hydrocarbons, such as Benzene, Toluene, and Xylene (BTX). NMP is also used in lube oil purification. The demand for NMP in the petrochemical industry is growing due to its high solvency and low degradation rate as compared to other chemicals. NMP faces competition from other polar aprotic solvents, such as acetonitrile, furfural, sulfolane, and dimethylformamide. APAC and the Middle East & Africa are increasing the production of BTX, thereby fueling the demand for NMP during the forecast period.
Asia Pacific is projected to be the fastest-growing market for NMP.
Asia Pacific is projected to be the fastest-growing market for NMP. China is expected to be the largest market for NMP in the Asia Pacific region. China, Japan, and South Korea are leading manufacturers of lithium-ion batteries in the world. These countries are likely to increase their battery production capacities to meet the rising demand from the electric vehicle industry across the globe. China and India are the leading manufacturers of pharmaceuticals and agrochemicals and are increasing their domestic production of these products to meet their rising domestic as well as international demand. The growing production of lithium-ion batteries, pharma products, and agrochemicals in countries such as China, India, and South Korea is expected to fuel the demand for NMP in the region during the forecast period.
Key companies operating in the NMP market are Ashland (US), Balaji Amines (India), BASF (Germany), Lyondellbasell (US), and Mitsubishi Chemical Corporation (Japan).
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