Widely applicable in a range of industrial verticals, including petrochemical, electronics, pharmaceuticals, agrochemicals, industrial cleaning, and paints and coatings, N-Methyl-2-Pyrrolidone is especially characterized on the basis of higher flame point and lower volatility. This colorless, organic, polar aprotic solvent is also known as N-Methylpyrrolidone (NMP). NMP forms a sizeable market in the global chemicals industry. Industrial applications will continue to drive the Driven by wide application in the electronics industry, the global n-methyl-2-pyrrolidone market is projected to expand at a healthy pace by the end of 2028. The escalating demand for lithium-ion batteries is paving the way for the use of n-methyl-2-pyrrolidone and creating new revenue prospects for the market players. Industrial cleaners are expected to emerge as the major revenue-generating end-use application during the forecast period.
The COVID-19 pandemic has halted the production of these batteries and cleaners, creating a challenge ahead of the market. However, this phase is expected to last soon with the upsurge in general business and industrial activities. The market in Europe is expected to exhibit a high growth rate in the coming years on the back of the flourishing electronics industry. Germany is expected to emerge as a global leader in the market with high rates of manufacturing and export of electronic products.
The market players are exploring growth prospects in the growing regions. They are strengthening their foothold in the electronics industry to enhance their market presence. Established players in the global market include Zhejiang Realsun Chemical Industry Co., LyondellBasell Industries N.V., Balaji Amines Limited (BAL), Puyang Guangming Chemicals Co., Ltd., and Ltd. and Hefei TNJ Chemical Industry Co., Ltd.market for N-Methylpyrrolidone over the next few years.
The global N-Methyl-2-Pyrrolidone market is likely to register a moderate CAGR of 5.4% over 2015-2020. The market is anticipated to attain the revenues worth US$ 985.3 Mn by the end of 2020.
Burgeoning applications of N-Methyl-2-Pyrrolidone by a variety of end-use industries will remain the most prominent factor bolstering the growth of the global NMP market. Exploding consumer electronics industry is expected to fuel the demand for N-Methylpyrrolidone in order to meet the electronics production requirement on a global level. Similarly, growing demand for agrochemicals will continue to create a market for NMP during the aforementioned forecast period. Flourishing pharmaceuticals industry is another key factor that is projected to sustain the demand for NMP over the next four years. Moreover, rising demand from developing economies, especially based in the Asia Pacific region, will remain one of the primary boosters to the market growth.
However, several regulatory bodies across the world – especially in North America and Europe, will continue to label N-Methyl-2-Pyrrolidone as a reproductive, developmental toxin. This will remain a long-term challenge to the growth of the global N-Methylpyrrolidone market. In addition, the market has been witnessing a decline in terms of applications in the industrial cleaning, and paints and coatings industry, which will continue during the forecast period, resulting in limited adoption of NMP in these end-user industries.
The global N-Methylpyrrolidone market can be segmented on the basis of application, into seven key segments viz. electronics, petrochemical processing, agrochemicals, pharmaceuticals, paints and coatings, industrial cleaners, and others. Among these, the electronics application segment is expected to witness the largest market with over 23% market value share by the end of 2020. This segment is likely to exhibit a promising CAGR of 6.7% over 2015-2020. The next major segment i.e. pharmaceuticals, registered the revenues of US$ 122.7 Mn in 2015, which are expected to grow at a CAGR of 6.3% by 2020. This segment will account for over 15% share of the entire market value by 2020 end.
On the basis of regional analysis, the global N-Methyl-2-Pyrrolidone market is classified as North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). The NMP market will however witness the highest growth in APAC, registering a healthy CAGR of 7.5% during 2015-2020. This regional is anticipated to record the maximum consumption of NMP globally, dominating the market with almost 40% revenue share. This growth is primarily driven by the rising rate of industrialization, urbanization, and infrastructure development in emerging economies within the Asia Pacific region, followed by relatively lower production costs. The NMP market in North America will remain the second largest market with over 28% market share in 2020; however, the CAGR will remain as sluggish as 3.9% over 2015-2020. Europe will also remain a mature market, witnessing gradual growth throughout the forecast period. The key factor restraining the growth of market in these two regions is likely to be the stringent regulatory measures regarding specific NMP applications, which demand prolonged human exposure to hazardous chemicals.
Key Players Analysis
Some of the most prominent companies operating in the global N-Methyl-2-Pyrrolidone market, include BASF SE, Ashland Inc., LyondellBasell Industries N.V., Abtonsmart Chemical (Group) Co. Ltd., Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd., Puyang Guangming Chemicals Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Zhejiang Realsun Chemical Industry Co., Ltd., and Balaji Amines Limited.
This report by Persistence Market Research on the global N-Methyl-2-Pyrrolidone market for the period 2015–2020 presents an outlook of the market across the globe. The primary objective of the report is to offer updates on market opportunities in the global N-Methyl-2-Pyrrolidone market. The report is categorically divided into four sections namely, by application and by region, to understand and offer insights on the global N-Methyl-2-Pyrrolidone market. The report provides analysis of the global NMP market in terms of market value (US$ Mn) and shipment (Units).
The report starts with an overview of the global N-Methyl-2-Pyrrolidone market. This section includes PMR’s analyses of key trends, drivers, and restraints from the supply, demand, and macroeconomic perspectives. Impact analysis of key growth drivers based on the weighted average model are included in the report to better equip and arm clients with crystal-clear and decision-making insights.
Next section included in the report is on the basis of application that analyzes the market and presents the forecast in terms of shipment and value for the next five years. On the basis of application, the global N-Methyl-2-Pyrrolidone market has been segmented into following seven key segments:
The next section of the report includes analysis of the global N-Methyl-2-Pyrrolidone market on the basis of region. The global NMP market is segmented into four key regions:
In the final section of the report, the HCS market competitive landscape is included to provide report audiences with a dashboard view of the market players and company analysis, based on categories of providers across the value chain, their presence in the N-Methyl-2-Pyrrolidone product portfolio and key differentiators. Some of the major market players featured in this section, include:
To deduce market size, the report considered the average adoption rate of N-Methyl-2-Pyrrolidone across geographies. Furthermore, data points such as regional split and market split by application and qualitative inputs from primary respondents have been incorporated to arrive at suitable market estimates. The forecast presented in the report evaluates the total revenue that is expected to be generated across the N-Methyl-2-Pyrrolidones market over forecast period (2015–2020). When developing the market forecast, the starting point involved sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the characteristics of the market, PMR triangulated the data on the basis of various analysis based on both supply side and demand side. However, quantifying the market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them at the end of the forecast period.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze the market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities. All these sub-segments or categories have been analyzed in terms of Basis Points (BPS) to understand the individual segment’s relative contribution to market growth. This detailed level of information is important for identification of many key trends in the N-Methyl-2-Pyrrolidone market.
Another key feature of this report is the analysis of the N-Methyl-2-Pyrrolidone market by region, application, and its revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global N-Methyl-2-Pyrrolidone market. In order to understand key growth segments in terms of growth and performance of the N-Methyl-2-Pyrrolidone market, Persistence Market Research developed a market attractiveness index. The resulting index should help providers identify real market opportunities.