Global N-Methyl-2-Pyrrolidone (Nmp) Market Size 2024, Forecast To 2033
11 Mar, 2024
The n-methyl-2-pyrrolidone (nmp) market size has experienced robust growth in recent years, escalating from $1.04 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. This expansion in the historic period can be ascribed to the heightened demand for lithium-ion batteries and the increased need for electronic products. Anticipating the future, the market is poised for continued strength, with a projected size of $1.47 billion in 2028, sustaining a CAGR of 7.0%. Factors contributing to this growth in the forecast period encompass the surging demand from the pharmaceutical industry, the escalating need for electric vehicles, and rapid urbanization. Notable trends include the persistent uptrend in pharmaceutical demand, the rising appetite for electric vehicles, and the ongoing pace of urban development.
Global N-Methyl-2-Pyrrolidone (NMP) Market Key Driver
The N-Methyl-2-Pyrrolidone (NMP) market is poised for growth, driven by the increasing demand from the oil and gas industries. The oil and gas sector, characterized by capital-intensive processes, complex systems, and advanced technology requirements, utilizes NMP for re-refining lubricating oil. This application enhances viscosity index, oil performance, and overall efficiency, contributing to solvent extraction processes. According to the International Energy Agency (IEA), global oil consumption is projected to rise to 104.1 million barrels per day by 2026. The surge in demand from the oil and gas industry establishes itself as a pivotal factor propelling the growth of the NMP market, with market sizes in 2023, 2024, and 2028 playing a crucial role in understanding industry dynamics.
Get A Free Sample Of The Global N-Methyl-2-Pyrrolidone (NMP) Market ReportGlobal N-Methyl-2-Pyrrolidone (NMP) Market Segments
The n-methyl-2-pyrrolidone (nmp) market covered in this report is segmented –
1) By Type: Recycled, Fresh
2) By Purity: 99.90%, 99.50%, Other Purities
3) By End User: Paints and Coatings, Electronics, Automotive, Chemicals, Pharmaceuticals, Agrochemicals, Other End Users
By Geography:The regions covered in the n-methyl-2-pyrrolidone (nmp) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the n-methyl-2-pyrrolidone (NMP) market in 2023. The regions covered in the n-methyl-2-pyrrolidone (nmp) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major N-Methyl-2-Pyrrolidone (NMP) Industry Players
LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,Balaji Amines Limited, Binzhou Yuneng Chemical Co Ltd, Zhejiang Realsun Chemical Industry Co Ltd, Hefei TNJ Chemical Industry Co., Ltd., Tokyo Chemical Industry Co., Ltd, RX Chemicals, Manas Petro Chem, Jaewon Industrial Co., Ltd, Shanghai Poochun Industry Co., Ltd, Shandong Hualu Hengsheng Group Co., Ltd, Hefei Tengchao Chemical Material Co., Ltd., Shandong Qingyun Changxin Chemical Science-tech Co., Ltd., Hammond Chemicals, VWR International, Dow Inc, Abtonsmart Chemicals Co., Ltd, Saudi Arabian Oil Group, Sharjah Chemical, Wego Chemical Group
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N-Methyl-2-Pyrrolidone (NMP) Market Overview
N-methyl-2-pyrrolidone (NMP) is a water-miscible solvent. It is used as a drug solubilizer and penetration enhancer in humans and animals, yet its bioactivity properties remain elusive.
N-Methyl-2-Pyrrolidone (NMP) Global Market Report 2023 provides data on the global n-methyl-2-pyrrolidone (nmp) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The n-methyl-2-pyrrolidone (nmp) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.