The n-methyl-2-pyrrolidone market is anticipated to grow at a stable CAGR of 4.70% from its estimate of USD 1,028.70 million in 2024 to USD 1,628.40 million by 2034.
N-methyl-2-pyrrolidone is an important solvent in many industries, including pharmaceuticals, electronics, and petrochemicals. This noteworthy upsurge in income is a promising sign for the N-Methyl-2-Pyrrolidone industry and designates a positive trend.
| Attributes | Details |
|---|---|
| Market Value for 2024 | USD 1,028.70 million |
| Projected Market Value for 2034 | USD 1,628.40 million |
| Value-based CAGR of Market for 2024 to 2034 | 4.70% |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
The Electronic Industry Sees Rising Demand For N-methyl-2-pyrrolidone
The N-Methyl-2-Pyrrolidone market is likely to grow substantially due to the increasing demand from the electronic industry and the production of consumer electronic products.
The market is predicted to quicken due to economic growth and a rise in per capita income over the forecast period.ectronic products. The market is predicted to quicken due to economic growth and a rise in per capita income over the forecast period.
Auto Industry Sees Surge In N-methyl-2-pyrrolidone Demand
The demand for N-methyl-2-pyrrolidone is expected to witness an outpouring in growth due to its amplified usage in the automotive industry for electronic vehicle inputs and industrialization. The pharmaceutical industry's rising demand for the product is also expected to contribute to market growth.
Substitute Use for N-methyl-2-pyrrolidone to Cause Market Decline
N-methyl-2-pyrrolidone prices are often high due to low production volume and strict manufacturing processes. This is because production costs are higher than standard grades and limited to high-cost, specialty applications requiring high purity and performance properties.
Due to high costs and health safety concerns, businesses are seeking alternatives. The Asia Pacific region is expected to display moderate green product production, which may hinder global market growth.
The Potential Health Effects of N-methyl-2-pyrrolidone
N-methyl-2-pyrrolidone is a drug with significant health and reproductive risks. It is banned in Europe for new processes and can cause symptoms similar to alcohol intoxication.
Overexposure can lead to long-lasting effects on the nervous system and personality changes. While strict restrictions exist in Europe and North America, no regulations have been enforced in Asia Pacific.
Pharmaceutical Industry Sees Surge In N-methyl-2-pyrrolidone Demand
The market growth of n-methyl-2-pyrrolidone is predicted to upsurge due to intensifying demand from the pharmaceutical industry and its potential applications in industrial cleaners, waterborne paints, and solvent-borne coatings.
Nanoparticles Used in Magnetic Wire Coatings Production Are Increasing
The n-methyl-2-pyrrolidone market growth is expected to accelerate due to its increasing application in magnetic wire coating manufacturing, rising demand for Li-ion batteries in electronic products, and a flourishing chemical industry presenting lucrative opportunities for the market.
| Attributes | Details |
|---|---|
| By Grade | Standard |
| Market Share (2024) | 49.20% |
Standard n-methyl-2-pyrrolidone is expected to account for 49.20% of the market share in 2024. The standard n-methyl-2-pyrrolidone is widely used in chemicals in the paint and coatings sector.
The collaboration between industries promoting innovation and adoption, such as stakeholders and sustainability are key industry trends influencgrowth industry.ing the growth industry.
Prominent companies in the NMP market include Ashland, Eastman Chemical Company, BASF SE, LyondellBasell Industries Holdings B.V., and Mitsubishi Chemical Corporation.Prominent companies in the NMP market include Ashland, Eastman Chemical Company, BASF SE, LyondellBasell Industries Holdings B.V., and Mitsubishi Chemical Corporation.
| Attributes | Details |
|---|---|
| Application | Industrial Cleaner |
| Market Share (2024) | 18.80% |
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
N-methyl-2-pyrrolidone (NMP) is a chemical compound widely used in pharmaceuticals, electronics, and petrochemicals. The market is estimated to grow steadily in upcoming years due to the mounting demand for n-methyl-2-pyrrolidone in various industries.
The demand for n-methyl-2-pyrrolidone is intensifying in various industries, with the United States, Germany, and China are the largest markets, while South Africa and Mexico are also showing significant growth potential.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United State | 2.60% |
| Canada | 2.1% |
| Germany | 2.0% |
| China | 5.20% |
| India | 7.00% |
The United States market is expected to experience a CAGR of 2.60% in the forecast period, largely due to various key factors. The United States market is expanding for n-methyl-2-pyrrolidone due to increasing demand in pharmaceuticals, electronics, and petrochemicals.
The country is investing in research and development projects to enhance the manufacturing of n-methyl-2-pyrrolidone, which is expected to boost the market growth shortly.
The Canada n-methyl-2-pyrrolidone market is expected to experience a CAGR of 2.1% from 2024 to 2034. Canada is driven by the growth of the n-methyl-2-pyrrolidone market in the pharmaceutical industry. The country is perceiving an intensification in the intake of n-methyl-2-pyrrolidone in the electronics industry, which is expected to drive market growth.
Germany’s market is expected to experience a CAGR of 2.0% in the forecast period. The growing demand for n-methyl-2-pyrrolidone in automotive and chemical industries in Germany. The chemical industries in Germany are investing in new research and innovations to develop several applications of n-methyl-2-pyrrolidone, which is expected to drive market growth.
The Chinese market is expected to experience a CAGR of 5.20% over the forecast period. China is one of the largest manufacturers of electronics in the world and that is witnessing the increasing demand for n-methyl-2-pyrrolidone as a cleaning agent for electronic components. In China, it is used as a solvent in drug formulation, which is expected to drive market growth.
India’s market is expected to experience a CAGR of 7.00% during the forecast period. In India, the agrochemical industry is using n-methyl-2-pyrrolidone with the pharmaceutical industry.
It works as a pesticide, increasing demand for N-Methyl-2-Pyrrolidone, predicted to drive market growth.n-methyl-2-pyrrolidone with the pharmaceutical industry. It works as a pesticide, which increases demand for N-Methyl-2-Pyrrolidone which is predicted to drive market growth.
The n-methyl-2-pyrrolidone (NMP) market is highly modest and fragmented, with numerous players operational. The market is determined by the growing demand for NMP in various end-use industries such as pharmaceuticals, electronics, and petrochemicals.
The key players in the market include BASF SE, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, Mitsubishi Chemical Corporation, and Ashland Global Holdings Inc.BASF SE, a leading player in the NMP market, offers a diverse range of products for pharmaceuticals, agrochemicals, and electronic materials.
Recent Developments in the N-Methyl-2-Pyrrolidone Market
The n-methyl-2-pyrrolidone market is estimated to be USD 1,028.70 million in 2024.
The n-methyl-2-pyrrolidone market is expected to increase at a CAGR of 4.70% over the forecast period.
The N-Methyl-2-Pyrrolidone market is expected to register a CAGR of 5.20% in China from 2024 to 2034.
The n-methyl-2-pyrrolidone market is forecasted to have reached a size of USD 1,628.40 million by 2034.
Some companies are BASF SE, LyondellBasell Industries Holdings B.V, and Ashland.
| Market Estimation (2023E) | USD 979.9 million |
|---|---|
| Market Forecast (2033F) | USD 1,536.4 million |
| Value CAGR (2023 to 2033) | 4.6% |
| Expected Market Value (2022) | USD 1.8 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 2.45 Billion |
| Projected Growth Rate (2022 to 2032) | 4.5% CAGR |
Explore Hydrocarbons, Petrochemicals, and Organic Chemicals Insights
View Reports
N-Methyl-2-Pyrrolidone Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
