According to a recent market report by Future Market Insights (FMI), the global N-methyl pyrrolidone market size is expected to increase at a CAGR of 4.6% over the forecast period. The market is estimated to attain USD 1,536.4 million by 2033, rising from USD 979.9 million in 2023. Growing demand for N-methyl pyrrolidone (NMP) from various end-use sectors around the world, such as petrochemicals, paints & coatings, agrochemicals, and others, is likely to drive up demand over the forecast period.
The sales of N-methyl pyrrolidone (NMP) have contributed around 35% to 40% to global maleic anhydride market revenue in 2022.
Rising demand from turbine manufacturers is the key factor pushing the demand graph for N-methyl pyrrolidone (NMP) upwards. Notable growth in industries over the last couple of years has elevated the demand for targeted products. With the integration of positive strategies by manufacturers in the market, this demand graph is expected to rise further over the forecast period.
Attribute | Details |
---|---|
N-methyl Pyrrolidone (NMP) Market Value (2018A) | USD 845.22 million |
N-methyl Pyrrolidone (NMP) Market Size (2022A) | USD 938.4 million |
N-methyl Pyrrolidone (NMP) Market Estimation (2023E) | USD 979.9 million |
N-methyl Pyrrolidone (NMP) Market Forecast (2033F) | USD 1,536.4 million |
Value CAGR (2023 to 2033) | 4.6% |
Collective Value Share: Top 3 Countries (2023E) | 51.0% |
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Research and development of focused products is the only way to develop new production techniques, increase agility, and innovate the product's technical specifications. Because of the aforementioned factors, research and development procedures are identified as a vital means of boosting any market's growth rate. These initiatives are sometimes responsible for the discovery of other substitutes or alternatives to the intended product. This is a degrading aspect that is causing the market to grow at a slow rate
Consistent research and development for product innovation in a market like the global NMP market, where products have many alternatives. It is a critical success factor for manufacturers operating in the market to acquire an edge over available alternatives.
Commercially, NMP is manufactured through the condensation of GBL (gamma-butyrolactone) and MA (methylamine), petroleum-based products. Attributing to the low production volume and extreme care required during the manufacturing process, the production cost becomes high as compared to that of regular grades.
The use of N-methyl pyrrolidone (NMP) hence is limited to certain high-cost, specialty, and niche applications that necessitate significantly high levels of purity and performance characteristics. For the same reason, the overall NMP market is significantly small as compared to other industrial solvents.
Efforts to develop alternatives to NMP have gained momentum over the recent past. Health safety reasons and costs involved are likely to result in the development of viable alternatives for NMP. This is expected to emerge as a primary concern for NMP manufacturers in the forthcoming years.
Growing investment in the expansion of the healthcare industry around the world is likely to boost the market in the coming years. NMP is utilized in the pharmaceutical industry to extract, purify, and crystallize numerous pharmaceutical compounds used in the production of medications and other components. Its use in the pharmaceutical industry is estimated to drive sales over the assessment period.
NMP is a polar aprotic solvent that is good at keeping different types of nanoparticles dispersed in industrial and pharmaceutical environments. It is safe and capable of solubilizing a wide range of pharmaceuticals. Consequently, it makes NMP a popular solvent for implant formation and long-term drug delivery. It also works as a co-solvent and a complexing agent in several medication formulations, enhancing the solubility and permeability of a variety of substances.
Apart from drug research, the chemical is also utilized in hospitals and pharmaceutical production facilities to disinfect metal, plastic, and leather surfaces. In the coming years, the industry is expected to benefit from increased pharmaceutical sales.
Demand for N-methyl pyrrolidone (NMP) expanded at 2.6% CAGR between 2018 and 2022. Impressive growth in end-use industries resulting in a notable rise in demand for N-methyl pyrrolidone (NMP) was the key factor propelling growth in the market over the historical assessment period.
Various end-use industries namely electronics, petrochemicals and plastics/polymers, agrochemicals, and paints & coatings are likely to register steady growth during the forecast period. With the integration of the correct strategy, key NMP manufacturers can relish maximum opportunity in the market and drive their company’s growth at an extreme pace.
There has been significant growth in the electronics industry owing to the rising demand for industrial and consumer electronic products. This, in turn, has been fueling the demand for NMP, required for the manufacturing and maintenance of electronic components, thereby driving the market for NMP at a global level.
During the forecast period, the Li-ion battery market is anticipated to expand at a strong rate owing to the rapid adoption of electric vehicles across the globe. This, in turn, is
Estimated to propel the demand for NMP from 2023 to 2033.
CAGR from 2018 to 2022 | 2.6% |
---|---|
CAGR from 2023 to 2033 | 4.6% |
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2023 Value Share Analysis of Global N-methyl Pyrrolidone (NMP) Market:
Countries | Value Share (2023) |
---|---|
The United States | 19.8% |
Germany | 4.2% |
Japan | 5.1% |
Australia | 0.6% |
Value CAGR (2023 to 2033)
Countries | CAGR (2023 to 2033) |
---|---|
The United Kingdom | 2.9% |
China | 5.9% |
India |
The N-methyl pyrrolidone (NMP) market in the United States is predicted to account for 19.8% market share in 2023. In 2022, the market reached a total valuation of USD 182.4 million.
The United States is a significant consumer of N-methyl pyrrolidone (NMP). It has a huge presence for industries owing to high industrialization and the urban population in the country. This created high demand for industrial products, such as solvents, metals, machinery, and others.
NMP is a key industrial solvent and its demand has surged significantly in the country over recent years. To cater to this remarkable rise in demand, NMP manufacturers based in the United States are engaged in the expansion of their production capacities.
China is one of the prominent consumers of N-methyl pyrrolidone (NMP) in Asia. The country is expected to consume around one-fourth of N-methyl pyrrolidone (NMP) produced globally. The extraordinary presence of end-use industries in the country is expected to be a key driver bolstering the market valuation of the N-methyl pyrrolidone (NMP) market in the country.
The country is considered a manufacturing hub across the globe owing to low labor costs and manufacturer-friendly governmental policies. Owing to such a high presence of industries and manufacturers, China exhibits high demand for N-methyl pyrrolidone (NMP) annually.
The electronic industry is one of the dominant consumers of NMP in the country. The electronics industry in China is growing at a remarkable pace. It is expected to witness never-before growth over the upcoming assessment period. Growth in the electronic industry is likely to bolster the demand for the NMP market over the forecast period.
Category | Grade |
---|---|
Segment | Standard |
Value Share in 2023 | 49.2% |
Category | Application |
---|---|
Segment | Petrochemical Processing |
Value Share in 2023 | 14.1% |
N-methyl pyrrolidone (NMP) comes in a variety of grades based on product quality, specification, application, and other factors. The global NMP market has been divided into four categories: standard, electronic, pharmaceutical, and others. The extensively used grade of NMP in the world is standard grade NMP.
Standard grade is expected to account for roughly half of the global market, i.e., 49.2% value share, in 2023, according to FMI. Standard-grade NMP is significantly consumed for various industrial applications. Petrochemical processing, paints & coatings, and a few industrial applications are examples. These industries are witnessing significant growth, which is projected to increase demand for NMP shortly.
Among various application industries, the electronics and semiconductor sectors are vital consumers. NMP finds increasing application in the electronics industry. The electronics industry is anticipated to consume more than 45,616 tons of NMP in 2023 and the number is growing at a notable rate.
Due to the significantly increasing demand for both industrial and consumer electronic products, the NMP market is projected to exhibit strong growth over the forecast period. During the projected period, the Li-ion battery market is expected to grow at a prominent pace. Consequently, the demand for NMP is expected to rise.
Leading manufacturers involved in the production of N-methyl pyrrolidone (NMP) are emphasizing research and development activities to strengthen their product portfolio. These activities are aimed at changing consumer specifications depending on various factors.
Key N-methyl pyrrolidone (NMP) market companies are focusing on increasing production capacity. These companies further aim at acquiring small and medium-sized market players to strengthen their market positions.
To meet domestic demand and save costs, several end users and distributors import N-methyl pyrrolidone (NMP) from other nations. However, the emergence of diverse alternatives remains a significant issue for market players. For Instance,
Similarly, exhaustive coverage of key developments has been tracked by Future Market Insights in its latest report on N-methyl pyrrolidone (NMP).
Attribute | Details |
---|---|
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | USD million for Value |
Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; and the Middle East & Africa |
Key Countries Covered | The United States, Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, BENELUX, Nordic, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, Northern Africa, and South Africa. |
Key Segments Covered | Grade, Application, and Region |
Key Companies Profiled | BASF SE; LyondellBasell Industries NV; 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. |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
Australia currently accounts for 8.2% of the global wine tourism market share in 2023.
The net worth of the global market is estimated to be USD 979.9 million in 2023.
The global demand for N-methyl pyrrolidone is expected to rise at 4.6% CAGR through 2033.
The global market value is projected to be around USD 1,536.4 million by 2033.
BASF, LyondellBasell, and Ashland are the top suppliers of N-methyl pyrrolidones.
1. Executive Summary | N-Methyl Pyrrolidone (NMP) Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Grade 5.1. Standard 5.2. Electronics 5.3. Pharmaceutical 5.4. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Petrochemical Processing 6.2. Paints & Coatings 6.3. Industrial Cleaners 6.4. Electronics 6.5. Agrochemicals 6.6. Pharmaceuticals 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. BASF SE 15.2. LyondellBasell Industries NV 15.3. Ashland Inc. 15.4. Eastman Chemical Company 15.5. Balaji Amines 15.6. Mitsubishi Chemical Corporation 15.7. Hefei TNJ Chemical Industry Co. ltd. 15.8. Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd. 15.9. Zhejiang Realsun Chemical Co. Ltd. 15.10. Puyang Guangming Chemicals Co. Ltd. 15.11. Binzhou Yuneng Chemical Co. Ltd. 15.12. Binzhou City Zhanhua District Ruian Chemical Co. Ltd. 15.13. Hefei Tengchao Chemical Material Co. Ltd. 15.14. Shanghai Poochun Industry Co. 16. Assumptions & Acronyms Used 17. Research Methodology
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