Petrochemical and Pharmaceutical Verticals to take the N-Methyl-2-Pyrrolidone (NMP) market by storm in the Forecast Period, Demand in the U.S. NMP Market is projected to increase at 3.9% CAGR over the forecast period
NEWARK, Del, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The global N-Methyl-2-Pyrrolidone (NMP) market is worth US$ 956.7 Mn as of now and is expected to reach US$ 1.27 Bn by the year 2028 at a CAGR of 4.8% between 2022 and 2028.
Several economies are into promotion of electric vehicles for reducing greenhouse gas emissions. They have, in fact, come up with numerous policies for promulgating electric vehicles. This is the factor accelerating the N-Methyl-2-Pyrrolidone (NMP) market going forward.
In the petrochemical vertical, downstream operations (refining processes) basically utilize NMP. It’s also used to re-refine lubricating oil. It also aids in improvement of oil performance and viscosity index. The other advantages include improvement in solvent extraction and oil efficiency. Excessive use is definitely hazardous to the human beings.
Regulatory bodies like the US Environmental Protection Agency (EPA) and ECHA have put forth restrictions regarding usage in the specific products. On these grounds, the California Office of Environmental Health Hazard Assessment actually looks upon methyl-pyrrolidone as one of the reproductive toxins under ‘Proposition 65’ and did establish MADLs (maximum allowable dose levels) for NMP of 3,200 µg/day for inhalation exposures and 17K µg/day for dermal contact.
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As far as pharmaceutical vertical is concerned, it is sub-categorized as penetration enhancer and solvent. Electronics section could be split into photoresist stripper and solvent. As a solvent, it’s used for cleaning and degreasing, and for manufacturing conformal coatings (polyurethane and epoxy coatings) in PCBs (printed circuit boards).
At the same time, it needs to be noted that NMP is skin-sensitive. As such, it not only needs to be kept away from children, but adults also need to take an utmost care. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘N-Methyl-2-Pyrrolidone (NMP) Market’. The analysts and consultants herein have put in every bit of research through primary, secondary, and tertiary means.
Key Takeaways from N-Methyl-2-Pyrrolidone (NMP) Market
North America holds the largest market share due to the US being subject to increasing sales of electric vehicles. The International Council on Clean Transportation has stated that 315K electric vehicles were sold from 2018 to 2020. NMP is used to produce lithium-ion batteries in hybrid and electric vehicles.
The Asia-Pacific is expected to witness maximum turbulence in the N-Methyl-2-Pyrrolidone (NMP) market. India and China are leading the roost. The application areas, apart from lithium-ion batteries, include manufacturing FCCL (flexible polyimide copper clad board), polyurethane coatings, and polyphenylene sulfide to address consumer electronics. Also, stern regulations are being laid down regarding greenhouse gas emissions and environmental pollution. This is another factor driving the demand for electric vehicles, and, in turn, N-Methyl-2-Pyrrolidone (NMP).
Brownfield and Greenfield expansion projects are also expected to contribute a great deal to the growth of N-Methyl-2-Pyrrolidone (NMP) in the upcoming period.
“With growing demand from electronics, pharmaceuticals, and oil & gas (petrochemicals) verticals, the N-Methyl-2-Pyrrolidone (NMP) market is expected to grow on a grand note in the forecast period”, says an analyst from Future Market Insights.
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Ashland’s Pharmacolve N-Methyl-2-Pyrrolidone (NMP) comes across as one the most versatile solubilizers to serve one-component systems. To put it further, it’s a water-miscible polar aprotic solvent that is abreast with higher interfacial activity. It is ISO 9001:2015 and EXCiPACT GMP-certified. The application area includes ‘drug solubilizer’ as well as penetration enhancer in animal and human parenteral dosage forms.
BASF SE’s N-Methyl-2-Pyrrolidone (NMP) is a highly polar, aprotic, organic solvent. The application areas include synthesis of peptides in pharmaceutical vertical, production of membranes like PVDF (polyvinylidene fluoride), PES (polyether sulfone), and PVP (polyvinylpyrrolidone), production of lithium ion batteries, active ingredient synthesis and crop protection formulations, and oil extraction process.
Key Companies Profiled
LyondellBasell Industries Holdings B.V
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
Binzhou Yuneng Chemical Co., Ltd
Binzhou City Zhanhua District Ruian Chemical Co., Ltd
Hefei Tengchao Chemical Material Co., Ltd
Shanghai Poochun Industry Co., Ltd.
How does the Report enfold?
The research study is based on application (petrochemical processing, paintings & coatings, industrial cleaners, electronics, agrochemicals, and pharmaceutical.
The automotive vertical is expected to witness an exorbitant demand for N-Methyl-2-Pyrrolidone (NMP) in the forecast period due to demand for lithium-ion batteries.
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N-Methyl-2-Pyrrolidone (NMP) Market by Category
Paints & Coatings
Middle East & Africa
Table of Content
1. Executive Summary
1.2. Market Analysis
1.3. Market Scenario
1.4. FMI Analysis and Recommendations
1.5. Wheel of Fortune
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
2.3. Key Metrics of NMP
2.3.1. Logistics and Modes of Transport
2.3.2. Average Order Quantity
2.3.3. Availability of Alternatives in end-use applications
2.3.4. Indicative list of alternatives available for NMP in electronics and coatings sector
2.4. Key Regulations
3. Market Viewpoint
3.1. Macro-Economic Factors
3.1.1. Global GDP Growth Rate Outlook
3.1.2. Global Chemicals Industry Outlook
3.1.3. Global Pharmaceutical Industry Outlook
3.1.4. Global Sodium Electronics Industry Outlook
3.1.5. Global Plastic Polymers Industry Outlook
3.1.6. Global Paints and Coatings Industry Outlook
3.2. Key Regulations
Complete TOC with Report Preview@ https://www.futuremarketinsights.com/reports/global-n-methyl-2-pyrrolidone-market
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