What are the recent trends in market size and growth for the n-methyl-2-pyrrolidone (nmp) market?
The N-methyl-2-pyrrolidone (NMP) market size has grown strongly in recent years. It will grow from $1.11 billion in 2024 to $1.19 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased demand for lithium-ion batteries and increased demand for electronic products.
The N-methyl-2-pyrrolidone (NMP) market size is expected to see strong growth in the next few years. It will grow to $1.59 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing demand from the pharmaceutical industry, increasing demand for electric vehicles, and rapid urbanization. Major trends in the forecast period include increasing demand from the pharmaceutical industry, increasing demand for electric vehicles, and rapid urbanization.
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How have varous drivers impacted the growth of the n-methyl-2-pyrrolidone (nmp) market?
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-refine the lubricating oil, helping in improving the viscosity index and oil performance, and also responsible for improving oil efficiency and solvent extraction. For instance, in September 2023, according to GOV.UK, a UK-based government website that provides government services and information, total government revenues from UK oil and gas production amounted to $9.90 billion (£9 billion) in the financial year 2022-2023, up from $1.54 billion (£1.4 billion) in 2021-2022, marking an increase of $8.36 billion (£7.6 billion). Therefore, an increase in demand from the oil & gas Industry is driving the growth of the N-Methyl-2-Pyrrolidone (NMP) market.
What are the primary segments of the n-methyl-2-pyrrolidone (nmp) market?
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
Subsegments:
1) By Recycled: Distillation Process, Membrane Filtration Process
2) By Fresh: Industrial Grade, Pharmaceutical Grade
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Which firms are leading the n-methyl-2-pyrrolidone (nmp) market?
Major companies operating in the N-methyl-2-pyrrolidone (NMP) market include 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
How will industry trends affect the trajectory of the n-methyl-2-pyrrolidone (nmp) market?
Major companies operating in the n-methyl-2-pyrrolidone (nmp) market are focused on investment strategies such as the production of chemical intermediates to meet the growing demand for these versatile chemicals, ensuring a reliable global supply. The production of chemical intermediates involves manufacturing key components, including Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP), to ensure a global supply for applications in crop protection, electronics, coating, and detergent manufacturing. For instance, in August 2022, BASF SE, a Germany-based chemicals company, announced its plan to increase production of N-(2-Hydroxyethyl)-2-Pyrrolidone (HEP) and N-Octyl-2-Pyrrolidone (NOP) at its Geismar, Louisiana, Verbund site. The production was expected to commence in the second half of 2022, ensuring a reliable global supply of HEP and NOP. HEP, a versatile chemical intermediate, plays a crucial role as a co-solvent in the creation of crop protection agents, electronic coatings, and inkjet formulations. Similarly, N-Octyl-2-Pyrrolidone (NOP), another versatile chemical intermediate, is predominantly used as a solvent and low-foaming surfactant. NOP serves various purposes, including its role as a solvent in the production of crop protection active components, as a wetting agent in dishwashing detergents, and in various automotive applications.
Which geographic trends are shaping the n-methyl-2-pyrrolidone (nmp) market, and which region has the highest market share?
The countries 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.
What Does The N-Methyl-2-Pyrrolidone (NMP) Market Report 2025 Offer?
The n-methyl-2-pyrrolidone (nmp) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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