Chemicals

N-Methyl-2-Pyrrolidone (NMP) Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The N-Methyl-2-Pyrrolidone (NMP) by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s N-Methyl-2-Pyrrolidone (NMP), The n-methyl-2-pyrrolidone (nmp) market size has grown strongly in recent years. It will grow from $1.04 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased demand for lithium-ion batteries, and increased demand of 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 $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. 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.

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, according to the report published by the International Energy Agency(IEA), a France-based inter-governmental organization, shaping energy policies for a secure & sustainable future, in 2021, global oil consumption is anticipated to increase to 104.1 mb/d (millions of barrels per day) by 2026. Therefore an increase in demand from the oil & gas Industry is driving the growth of the N-Methyl-2-Pyrrolidone (NMP) market.

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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

Increasing demand from the pharmaceutical industry is expected to drive the growth of the N-methyl-2-pyrrolidone market during the forecast period. N-Methyl-2-Pyrrolidone is used in the pharmaceutical industry as an intermediate and to enhance the solubility of poorly soluble drugs. The compound is expected to experience significant growth in the coming years, driven by its diverse applications in various industries, including the pharmaceutical industry. According to Mint, an Indian business and financial daily newspaper, during FY18 to FY23, the Indian pharmaceutical industry logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. Therefore, increasing demand from the pharmaceutical industry will propel the growth of the N-methyl-2-pyrrolidone market.

The n-methyl-2-pyrrolidone (nmp) market report table of contents includes: