N Methyl 2 Pyrrolidone Market Size, Share & Industry Analysis, By Application (Electronics, Oil & Gas, Agrochemicals, Pharmaceuticals, Paints and coatings, Industrial cleaners, Others) And Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
N methyl 2 pyrrolidone is also called N-Methylpyrrolidone (NMP), is a colorless solvent. It's an organic compound that belongs to the dipolar aprotic solvent family. Moreover, butyrolactone is treated with methylamine in an industrial ester-to-amide conversion to produce n-methyl-2-pyrrolidone. It offers high chemical and thermal stability and has excellent solvency in inorganic or organic chemical compounds. These properties surge the product demand for various applications such as petrochemical processing, paint and coating removal, agricultural chemicals, engineering plastics coatings, industrial/domestic cleaning, and electronic cleaning.
The n methyl 2 pyrrolidone market is growing at a rapid pace owing to increasing demand from oil & gas and electronic industries. In the oil & gas industry, n methyl 2 pyrrolidone is highly utilized in butadiene recovery, benzene, toluene, xylene (BTX) extraction, and lube oil purification. Whereas, in the electronics industry, the product is used as a photoresist stripper, for degreasing, defluxing, and cleaning. As a solvent, NMP is highly adopted for the production of polyurethane coatings, epoxy, and polyamide/polyimide wire enamels. Hence, increasing product adoption will flourish the n methyl 2 pyrrolidone market growth during the forecast timeline.
However, NMP is toxic in nature, its inhalation can cause depressions and functional disturbances in the central nervous system. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The increasing demand for the product from electronic and oil & gas industries to drive the market growth.
Key Market Restraint -
Hazardous nature of n methyl 2 pyrrolidone to hamper the market growth
Market Segmentation:
Based on application, the n methyl 2 pyrrolidone market is segmented into electronics, oil & gas, agrochemicals, pharmaceuticals, paints and coatings, industrial cleaners, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
The key players in the n methyl 2 pyrrolidone market include BASF SE, E. I. du Pont de Nemours and Company, Eastman Chemical Company, Mitsubishi Chemical Corporation, and Ashland Inc., Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd., Lyondellbasell, Hefei TNJ Chemical Industry Co., Ltd., Puyang Guangming Chemicals Co., Ltd., and Zhejiang Realsun Chemical Industry Co., Ltd.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
North America is anticipated to witness the highest growth in the n methyl 2 pyrrolidone market. The growth can be attributed to the rising adoption of the product in the oil & gas industry. Additionally, the rapidly growing chemical industry in the countries such as China and India will offer lucrative market growth in this region. The high adoption of NMP in electronics will fuel the market growth in North America. In Europe, the market growth is associated with the increasing adoption of NMP in the pharmaceutical and paints & coatings industries. The Middle East & Africa is anticipated to witness significant growth, owing to rising product utilization in industrial cleaners. The rising product demand from agrochemicals will drive market growth in Latin America.
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Segmentation
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- Ongoing
- 2023
- 2019-2022
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