The global N-methyl pyrrolidone (NMP) market is expected to witness significant growth, with a projected compound annual growth rate (CAGR) of 4.6% from 2023 to 2033, expanding from US$ 979.9 million to US$ 1,536.4 million. This growth is primarily driven by the booming petrochemical industry and increasing demand for NMP in the electronics sector, fueled by the production of consumer electronic products. Additionally, rising consumer incomes due to economic growth are expected to further boost the N-methyl pyrrolidone industry in the coming decade.
Heightened demand for NMP from the automotive industry to meet the electronic input demand in vehicles is expected to propel product sales. Besides, the rise in industrialization, in addition to the increasing demand for NMP as a drug solubilizer in the pharmaceutical industry is facilitating the market growth.
Stay Competitive and Request Your Sample Report to Explore Market Opportunities! https://www.futuremarketinsights.com/reports/sample/rep-gb-14327
Manufacturers producing N-methyl pyrrolidone must concentrate on electronic grade N-methyl pyrrolidone, which is deployed in lithium-ion batteries. This is projected to enhance their revenue streams and is likely to tap into key opportunities over the predicted time frame.
The market is, however, fraught with difficulties, resulting from the elimination of the chemical from the production process due to its toxicity. For instance, in 2023, Leclanché developed low-cobalt Li-ion cells having 20% extra energy density. For making this, the company eliminates the utilization of N-methyl pyrrolidone as a solvent.
Top Highlights from the FMI’s Analysis of the N-methyl Pyrrolidone Industry:
- N-methyl pyrrolidone (NMP) industry in the United States is estimated to account for 19.8% market share in 2023.
- In the Europe region, Germany and the United Kingdom are key markets for N-methyl pyrrolidone (NMP). Germany’s market is estimated to account for 4.2% market in 2023. Based on CAGR, the United Kingdom is anticipated to register a 2.9% CAGR over the estimated period.
- Asia Pacific region is predicted to showcase a healthy growth rate. For instance, India and China are forecasted to expand at 6.5% and 5.9% CAGR, respectively, over this decade.
- Based on grade, the standard segment is projected to account for 49.2% market share in 2023.
- In the application category, petrochemical processing is expected to account for 14.1% of the market share.
Get the Report Methodology Now! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-14327
Key Developments Taking Place in N-methyl Pyrrolidone Market
- In December 2020, BASF SE officially declared that the company is set to increase the prices of N-methyl pyrrolidone. The price change was announced for North America and Europe region. It came into effect from the 1st of January, 2021, or as per the existing contracts permit.
- In late 2020, Tesla’s CEO Elon Musk announced cutting down the costs of the extremely costly part of an EV by developing in-house batteries. The company faces a long process of enhancing its battery factory. This is further complicated by new plans to deploy innovative manufacturing technology known as dry electrode coating. This technique eventually lessens the mixing step and slurry preparation. It further reduces the drying period, and discards the toxic volatile fumes generated from N-methyl pyrrolidone, recycling systems, and solvent recovery.
Key Manufacturers in the N-methyl Pyrrolidone (NMP) Market
- BASF SE
- LyondellBasell Industries N.V.
- Ashland Inc.
- Eastman Chemical Company
- Balaji Amines
- Mitsubishi Chemical Corporation
- Hefei TNJ Chemical Industry Co. Ltd.
- Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd.
- Zhejiang Realsun Chemical Co. Ltd.
- Puyang Guangming Chemicals Co. Ltd.
- Binzhou Yuneng Chemical Co. Ltd.
- Binzhou City Zhanhua District Ruian Chemical Co. Ltd.
- Hefei Tengchao Chemical Material Co. Ltd.
- Shanghai Poochun Industry Co. Ltd.
Ask Us Your Questions About This Report: https://www.futuremarketinsights.com/ask-question/rep-gb-14327
N-methyl Pyrrolidone (NMP) Market by Category
By Grade:
- Standard
- Electronics
- Pharmaceutical
- Others
By Application:
- Petrochemical Processing
- Paints & Coatings
- Industrial Cleaners
- Electronics
- Agrochemicals
- Pharmaceuticals
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
