N-Methyl-2-Pyrrolidone: Anticipated to Grow US$ 985.3 Mn by the end of 2020
Posted by arno on January 17th, 2017
The global N-Methyl-2-Pyrrolidone (NMP) market is expected to observe modest growth over a five-year forecast period, 2015-2020. Expanding at a 5.4% of CAGR during the assessed period, the global NMP market will possibly attain the revenues of US$ 985.3 Mn by 2020 end.
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The market for NMP in developing Asian countries will be primarily driven by increasing urbanization and industrialization, coupled with rampantly evolving infrastructure development realm. Attributed to its chemical properties, such as higher flame point and lower volatility, N-Methyl-2-Pyrrolidone finds various applications several end-use industries. This will remain a key factor driving the demand on a global level. Industrial applications in a sweeping range of verticals, including electronics, pharmaceuticals, petrochemical, agrochemical, paints and coatings, and industrial cleaning will also continue to drive the market for N-Methylpyrrolidone over the next few years.
The flourishing consumer electronics sector is likely to generate substantial demand for NMP. With soaring demand for electronics production, the consumption of N-Methylpyrrolidone will also witness a significant hike. Moreover, increasing demand for agrochemicals is expected to elevate the revenue sales in the next few years. Another industrial sector estimated to support the growth of the global N-Methyl-2-Pyrrolidone market is pharmaceuticals. Growing market in Asia Pacific are expected to play a vital role in boosting the demand throughout the forecast period, eventually fostering the market for NMP globally.
Stringent regulations regarding usage of N-Methyl-2-Pyrrolidone may remain a long-term restraint to market growth. Moreover, the market has been experiencing a rapid setback in certain verticals, such as paints and coatings, and industrial cleaning. This can also be a major limiting factor impacting the market growth by 2020 end.
By application, the electronics application segment is expected to remain dominant over other segments, including agrochemicals, petrochemical processing, industrial cleaners, pharmaceuticals, paints and coatings, and others. Electronics application segment will possibly capture around 23% share of the entire market revenues in 2020, witnessing an optimistic CAGR of 6.7% during 2015-2020. Pharmaceuticals will continue to be the second largest application segment that was evaluated at US$ 122.7 Mn in 2015. This segment is anticipated to demonstrate a moderate CAGR of 6.3% by 2020 end, accounting for nearly 15% market value share.
According to Persistence Market Research’s regional analysis, Asia Pacific is foreseen to remain the global leader with over 36% share of the market revenues in 2016. This growth is predominantly attributed to lower production costs in Asian countries. The second largest regional market, North America, will contribute around 30% share to the market in 2016.
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A few key market players include LyondellBasell Industries N.V., BASF SE, Ashland Inc., Abtonsmart Chemical (Group) Co. Ltd., and Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd. A few other notable companies competing in the N-Methyl-2-Pyrrolidone marketplace are Zhejiang Realsun Chemical Industry Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Puyang Guangming Chemicals Co., Ltd., and Balaji Amines Limited.
Long-term Outlook: The global N-Methyl-2-Pyrrolidone market is likely to reach a value of US$ 985.3 Mn by the end of the forecast period, 2015-2020.
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