N-METHYL-2-PYRROLIDONE MARKET ANALYSIS

N-Methyl-2-Pyrrolidone MarketSize and Trends

Global N-Methyl-2-Pyrrolidone market was valued at US$ 1054.1 Mn in 2022, exhibiting a CAGR of 5.8% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1654.3 Mn by 2030. N-Methyl-2-Pyrrolidone is a chemical compound with a high boiling point and excellent solvency for a wide range of organic and inorganic chemical compounds. It has high thermal and chemical stability, which makes it ideal for use in coating resins and engineering polymers application. It is also used as a cleaning and paint-stripping solvent agent due to its low surface tension. N-Methyl-2-Pyrrolidone can be used in the formulation and synthesis of various electronic products, polymers, paints, and coatings. Petrochemical, agrochemicals, and wire wrappers are some of the other applications of N-Methyl-2-Pyrrolidone.

Regionally, Asia Pacific dominated the global N-methyl-2-pyrrolidone market in 2022, reporting 42.40% market share in terms of revenue, followed by North America and Europe, Middle East & Africa and Latin America respectively. In Asia-Pacific the N-methyl-2-pyrrolidone market will continue to flourish its dominance during the forecast period due to the large-scale growth of different industries, such as agrochemicals, pharmaceuticals, and lithium-ion battery production.

Europe and North America will continue to project the highest CAGR for this period because of the highly stringent regulatory measures regarding specific N-methyl-2-pyrrolidone applications.

Global N-Methyl-2-Pyrrolidone Market - Trends

• Growth in the refinery projects growth in the refinery projects

Growth in the refinery projects coupled with the economic development across emerging countries, such as China and India is expected to augment the market growth of N-Methyl-2-Pyrrolidone over the forecast period. Moreover, the low cost of production of NMP and various companies are adopting smart strategies such as marketing their product offering in the market is further expected to accelerate the market growth of NMP over the forecast period.