The global n-methyl-2-pyrrolidone (NMP)
market is expected to reach USD 1.79 billion by 2025. The NMP market is
expected to witness significant growth over the forecast period owing to the
increasing demand from Asia Pacific region.
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NMP is used in a various applications
including oil & gas, pharmaceutical, electronics, paints & coatings,
agrochemicals and others. Emerging economies such as India are witnessing
increasing FDI which is fueling the growth of industrial sector. Asia Pacific
region is expected to witness higher growth rates owing to rapid urbanization
in these countries coupled with per-capita disposable income levels.
Oil & gas dominated the market for
NMP globally. The other key applications include electronics, pharmaceuticals,
paints & coatings and agrochemicals.
Further key
findings from the report suggest
Globally, electronics and oil & gas application segments are
expected to witness significant volume growth during the forecast period,
growing at CAGRs of over 4% during the forecast period. This growth can be
attributed to rapid growth from the end-use verticals such as petrochemical
refineries, and electronics & telecommunication.
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Asia Pacific dominated the NMP market in 2015 with an estimated
revenue of around USD 450 million, and is projected to grow significantly over
the coming years owing to the increasing investments from the application
industries. China is expected to witness an increase in demand and expected to
be the largest consumer of petrochemical products owing to presence of large
capacity manufacturing units and favorable export-oriented government policies.
Russian oil company Transneft has constructed Eastern Siberia Pacific Ocean
(ESPO) Pipeline which provides Russia an option to supply crude oil to China.
Key participants 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., among others. In recent years, new product
developments have been the major growth strategy adopted by key market players
for strengthening their market positions.
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