N-Methyl-2-Pyrrolidone Market : Electronic Industry’s Increased Output Of Consumer Electronics Aiding The Market Expansion

N-Methyl-2-Pyrrolidone Market Overview

According to a recent survey conducted by ChemView Consulting, the Global N-Methyl-2-Pyrrolidone Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 843.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.3% and is expected to reach a valuation of US$ 1,554.1Mn by 2032 end.

With the chemical formula C5H9NO, N-Methyl-2-Pyrrolidone (NMP) is a polar aprotic solvent. At room temperature, N-Methyl-2-Pyrrolidone (NMP) C5H9NO is a liquid. Due to its distinctive combination of physicochemical features, NMP is frequently utilized as a solvent in various industrial applications. Aromatic hydrocarbons’ low affinity and volatility are used as an extraction medium in petrochemical processes. Polymers, resins, and textile surfaces are frequently treated with them.

Gamma-butyrolactone (GBL), aqueous ammonia (NH3), and dimethyl carbonate (DMC) are used in a molar ratio of 1:1:10 to 1:10:40 in the liquid phase of the reaction to produce N-Methyl-2-Pyrrolidone (NMP). The response occurs at a temperature of 200 to 300 C and a pressure of 30 to 100 atmospheres.

ChemView Consulting has analyzed that N-Methyl-2-Pyrrolidone demand is expected to increase, likely leading to market growth. Another factor contributing to the development of the global N-Methyl-2-Pyrrolidone (NMP) market is the electronic industry’s increased output of consumer electronics.

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Applications-wise, sales in the electronics sector are anticipated to have 19.2% of the market share. NMP is a photoresist remover for defluxing, degreasing, and cleaning in the electronics sector. Additionally, it serves as a solvent in creating epoxy, polyurethane coatings, and polyamide/polyimide wire enamels.

Segments Covered in Report

By Application:

  • Petrochemical Processing
  • Paints & Coatings
  • Industrial Cleaners
  • Electronics
  • Agrochemicals
  • Pharmaceutical

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the N-Methyl-2-Pyrrolidone Market

  • Based on the application, sales in the electronics sector are anticipated to have 19.2% of the market share. NMP is a photoresist remover for defluxing, degreasing, and cleaning in the electronics sector. Additionally, it serves as a solvent in creating epoxy, polyurethane coatings, and polyamide/polyimide wire enamels.
  • Based on the region, with a market share of 44.2%, Asia Pacific is anticipated to continue to be the world’s largest market for NMP. During the forecast period, this market in Asia Pacific is expected to develop at the highest CAGR

Competition Summary

Key companies covered in the market study are BASF SE, LyondellBasell Industries Holdings B.V, Ashland, Eastman Chemical Company, Mitsubishi Chemical Corporation, Hefei TNJ Chemical Industry Co., Ltd, Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd, Zhejiang Realsun Chemical Co., Ltd, Puyang Guangming Chemicals Co., Ltd, Abtonsmart Chemicals (Group) Co., Ltd, Balaji Amines, Binzhou Yuneng Chemical Co., Ltd, Binzhou City Zhanhua District Ruian Chemical Co., Ltd, Hefei Tengchao Chemical Material Co., Ltd, Shanghai Poochun Industry Co., Ltd.

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impact market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

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