The global N-methyl-2-pyrrolidone (NMP) market value for the present year 2023 was estimated at around US$ 1.1 Billion. Furthermore, the net worth of the total sales is expected to reach nearly US$ 2.1 Billion by 2033. This promising growth is expected to be achieved by registering a CAGR of 6.2% by the market between 2023 and 2033.
The ever-expanding use of N-Methyl-2-Pyrrolidone by a greater number of industrial sectors is expected to remain the most important driver for the market in the coming years. Several new developments in pharmaceutical industries have increased the sales of N-Methyl-2-Pyrrolidone (NMP) in the last few years driving the global market already.
NMP chemical is also deployed to remove aromatic compounds from heavier lube distillates in order to improve their viscosity index. Resistance to oxidation, and minimizing the lubricant sludge are some of its other newfound advantages in this sector.
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Unfortunately, many side effects arising from prolonged NMP exposure are predicted to limit product use extensively. Further, it is predicted to remain a major challenge for the manufacturers as well as limiting their business expansion. The emphasis placed by manufacturers on undertaking different R&D activities in order to produce an acceptable alternative for NMP with toxicity is likely to boost market expansion during the projected timeframe.
Key Takeaways from the N-Methyl-2-Pyrrolidone (NMP) Market Report
- China is the dominant market with a large number of NMP manufacturing plants operating at present time. The china N-Methyl-2-Pyrrolidone Market accounts for more than 50% of the global sales. Moreover, it is anticipated to register the highest CAGR of 7.2% over the forecast years well.
- The US N-Methyl-2-Pyrrolidone market is second in top order but is far behind in production capacity. Moreover, the overall market is predicted to witness a sluggish growth rate of 3.8% over the next ten years and reach a valuation of nearly US$ 135 Mn by 2033.
- In Europe, Germany is the best-performing regional N-Methyl-2-Pyrrolidone market. The overall valuation of the sales of this product in Germany is expected to reach US$ 44.5 Mn by 2033. As per the market analysis report, it would be registering a CAGR of 4.1% from 2023 to 2033.
- Based on the purity of the N-Methyl-2-Pyrrolidone, the 99.90% market segment is performing better than the 99.50% market segment. This segment is also poised to register an average CAGR of 6.2% during the forecast years.
- As per the market survey report, the recycled N-Methyl-2-Pyrrolidone is getting more preferred by end users owing to its lower cost. This segment is projected to witness a year-on-year growth rate of 7.3% in the coming years.
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N-Methyl-2-Pyrrolidone (NMP) Market Players Diversifying their Product Portfolio to Attract New End Users
The global market for N-Methyl-2-Pyrrolidone is highly concentrated, particularly with large-scale providers in China and the United States having the lion’s share. Key strategies followed by these top market players include product offering diversification and acquisition of smaller manufacturers.
Key Companies Profiled
- BASF SE
- LyondellBasell Industries Holdings B.V
- Ashland
- Eastman Chemical Company
- 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
- Abtonsmart Chemicals (Group) Co., Ltd
- Balaji Amines
- Binzhou Yuneng Chemical Co., Ltd
- Binzhou City Zhanhua District Ruian Chemical Co., Ltd
- Hefei Tengchao Chemical Material Co., Ltd
- Shanghai Poochun Industry Co., Ltd.
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