3 Significant Trends Propelling Growth of the NMP Market Globally
Surge in need for desulphurisation of gases and extraction of pure hydrocarbons in various industrial process has revved up demand for n-methyl-2-pyrrolidone significantly. In addition, due to increasing need for photoresist stripping, n-methyl-2-pyrrolidone witnesses surge in demand among the manufacturers operating in the electronics industry. Moreover, n-methyl-2-pyrrolidone witnesses increasing application in range of cleaning chemicals used for household and industrial cleaning.
The global n-methyl-2-pyrrolidone market is expected to exhibit 5.4% CAGR over the forecast period, 2015-2025. The electronics sector among other applications is likely to account for a revenue share of 23% of the global market in the coming years. Whereas, Asia Pacific will retain dominance among other regions in the span of next ten years.
Various factors propelling demand for n-methyl-2-pyrrolidone include,
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1. Healthcare and Pharmaceuticals:
Surge in demand for topical drug gels and transdermal drug patches are likely to rev up demand for n-methyl-2-pyrrolidone significantly in the coming years. In addition, n-methyl-2-pyrrolidone increasingly finds application in medicines for transdermal delivery routes as well as oral. Moreover, n-methyl-2-pyrrolidoneis likely to significantly find application in various research organisations for development of drugs. Furthermore, n-methyl-2-pyrrolidone is majorly used as a reproductive toxin in various developed countries such as Europe and North America. Due to such factors, pharmaceuticals sector will majorly contribute towards growth of the global n-methyl-2-pyrrolidone market in the coming years.
Pharmaceuticals sector will continue to represent the second largest application segment among other application segment in the coming years. In addition, pharmaceuticals segment accounted for US$ 122.7 Mn in 2015, and will account for revenue share of nearly 15% in the span of next five years. Moreover, the pharmaceutical sector among other segments will register a moderate growth rate of 6.3% CAGR in the coming years.
2. Cleaning Agents:
Compelling need for cleaning has led to an upsurge in demand for n-methyl-2-pyrrolidone various industrial verticals significantly. In addition, with surge in demand for household cleaners is likely to fuel growth of the n-methyl-2-pyrrolidone significantly in the span of next ten years. Moreover, due to surge in demand for photoresist stripping, n-methyl-2-pyrrolidone witness an upsurge in demand among various manufacturers operating in the electronics industry. Surge in demand has further fuelled growth of the n-methyl-2-pyrrolidone market globally in the coming years. Furthermore, n-methyl-2-pyrrolidone finds application in various agrochemicals as formulation agent or as solvent during the process of synthesis in the coming years.
Electronics sector among other segments is likely to represent the largest market, accounting for revenue share of 23% in the span of next five years. Moreover, the electronics segment will register a promising 6.7% CAGR in the upcoming years.
3. Regional Analysis:
APAC among various regions will witness relatively high, and will register a healthy 7.5% CAGR in the span of next five years. In addition, APAC will retain dominance among other regions in the span of next five years. Surge in infrastructural development, urbanisation and industrialisation in the emerging economies in APAC will contribute towards growth of the global market. North America will represent the second largest market, accounting for a market share of over 28% in the span of next five years. Whereas, Europe will represent a mature market, and witness a steady growth in the upcoming years.
Apart from cleaning agents, pharmaceuticals and electronic sector, n-methyl-2-pyrrolidone further find application in range of paints, coatings and resins. In addition, n-methyl-2-pyrrolidone finds application in the petrochemical processing significantly in order to extract aromatics and unsaturated hydrocarbons. However, imposition of various government regulations is likely to inhibit demand for n-methyl-2-pyrrolidone in various industrial verticals, which, in turn is likely to inhibit growth of the n-methyl-2-pyrrolidone market globally.
Key Players Analysis
Some of the most prominent companies operating in the global N-Methyl-2-Pyrrolidone market, include BASF SE, Ashland Inc., LyondellBasell Industries N.V., Abtonsmart Chemical (Group) Co. Ltd., Shandong QingyunChangxin Chemical Science-Tech Co., Ltd., PuyangGuangming Chemicals Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Zhejiang Realsun Chemical Industry Co., Ltd., and Balaji Amines Limited.