Categories: Chemicals

Global N-Methyl-2-Pyrrolidone (NMP) Market Forecast 2023-2032

The N-Methyl-2-Pyrrolidone (NMP) Global Market Report 2023 by The Business Research Company, provides N-methyl-2-pyrrolidone (NMP) market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s N-Methyl-2-Pyrrolidone (NMP) Global Market Report 2023, the market size is expected to grow from $0.98 billion in 2022 to $1.05 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market is of global N-methyl-2-pyrrolidone (NMP) expected to reach $1.34 billion in 2027 at a CAGR of 6.3%.

Increasing demand from the oil and gas industries is expected to boost the growth of the N-Methyl-2-Pyrrolidone (NMP) market going forward. The oil and gas industry refers to the industries that are involved in the processes and systems of producing and distributing oil and gas that are capital-intensive, highly complex, and require state-of-the-art technology. NMP is used in the oil and gas industry to re-refining the lubricating oil, helping in improving the viscosity index and oil performance, and also responsible for improving oil efficiency and solvent extraction.

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The N-methyl-2-pyrrolidone (NMP) market is segmented:

1) By Type: Recycled, Fresh

2) By Purity: 99.90%, 99.50%, Other Purities

3) By End-Use: Paints And Coatings, Electronics, Automotive, Chemicals, Pharmaceuticals, Agrochemicals, Other End-Uses

The increasing demand for electric vehicles is expected to drive the growth of the n-methyl-2-pyrrolidone (NMP) market going forward. Electric vehicles are powered partially or completely by electricity. N-Methyl-2-Pyrrolidone is used as an auxiliary material in the preparation of lithium batteries, thereby increasing the demand for N-Methyl-2-Pyrrolidone. For example, according to the International Renewable Energy Agency, a United Arab Emirates-based renewable and sustainable energy intergovernmental organization, the number of electric passenger cars is expected to reach 200 million by 2030 and light-duty vehicles and electric buses are expected to reach 10 million by 2030. Hence, increasing demand for electric vehicles will propel the demand in the N-Methyl-2-Pyrrolidone market.

The N-methyl-2-pyrrolidone (NMP) market report table of contents includes: