Consumptions of N-Methyl-2-Pyrrolidone in several economies are driven by the competitiveness its use imparts to their battery manufacturing industries. Chemical manufacturers on the other hand are actively addressing the cost and safety concerns
ALBANY, New York, Feb. 4, 2020 /PRNewswire/ -- End-use industries in numerous industrialized are leveraging the advantages of its marked solvent characteristic—its ability to dissolve diverse compounds--and its marked non-volatility in myriad applications. Its use in wide array of applications will continue to proliferate, propelling the global N-Methyl-2-Pyrrolidone market to garner a CAGR of around 6% during 2019–2027. Valued at US$1.1 bn in 2018, the opportunities are anticipated to reach ~ US$ 2 bn.
"Various grades of N-Methyl-2-Pyrrolidone have attracted interest among manufacturers of consumer electronics and the semiconductor industry. End-use industries are either leaning on investing in recycling systems to meet emerging regulatory guidelines, or most have committed large research funds to develop better grades of the chemical to counter challenges from cost-effective substitutes", observed the analysts at TMR.
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Key Findings of the N-Methyl-2-Pyrrolidone Market Study
- Electronics industry leads the pack among all the key applications in the N-Methyl-2-Pyrrolidone market
- Of all the sub-segments in electronics applications, application of N-Methyl-2-Pyrrolidone in lithium battery manufacturing is prominent and features as one of the major areas of capitalization for market players
- Among other applications, uptake in agrochemicals and semiconductor industries are offering considerable slice of revenues to players in emerging markets
- In agriculture industry, N-Methyl-2-Pyrrolidone is extensively used in formulating environmentally friendly herbicides and pesticides
Explore 196 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on N-Methyl-2-Pyrrolidone Market by Application: Electronics [Lithium Battery Manufacturing and Others], Agrochemicals, Pharmaceutical Intermediates, Petroleum Refining, Cosmetics, and Coating Solvents & Industrial Intermediates, 2019 to 2027 at https://www.transparencymarketresearch.com/n-methyl-2-pyrrolidone-nmpo-market.html
N-Methyl-2-Pyrrolidone Market: Key Driving Factors
According to authors of the study on N-Methyl-2-Pyrrolidone market, the growth dynamic is characterized by multi-channel revenue prospects. A large degree of the momentum to the application stems from its miscibility with water. The compound has been utilized as a solvent in a relatively vast spectrum of industries, such as for dissolving paints and coatings, binder resins, and wide range of polymers. Growing uptake in manufacturing of pharmaceutical, microelectronics fabrication, and agrochemicals. A partial list of key commercial applications comprise use in manufacturing flexible polyimide copper clad board (FCCL), preparation of polyphenylene sulfide, and polyurethane coatings used in consumer electronics.
- In a range of aforementioned applications, it is used as substitute for chlorinated hydrocarbons
- A body of studies in developing and developed countries has reiterated the low toxicity of N-Methyl-2-Pyrrolidone. Hence it is used in drug formulation—both in parenteral and oral medications.
- Growing use of N-Methyl-2-Pyrrolidone in hybrid state batteries is expanding the scope of commercialization in battery manufacturing applications. Hence, several economies practice recycling of the compound to attain cost-competitiveness in its use.
Key Impediments for N-Methyl-2-Pyrrolidone Market Players
Although the study has identified several revenue channels for chemical companies in the N-Methyl-2-Pyrrolidone (NMP) market. The threat of substitutes is markedly high for players aiming for sizable stakes in the market. A case in point is the advent of Dimethyl Sulfoxide (DMSO). Other restraining trends are"
- Many industrial programs in various parts of the world are testing the market proposition of using alternative solvents, particularly water, for high-performance batteries. Though they haven't observed significant improvement in toxicity, the cost-effectiveness of a few substitutes stimulates such development activities.
- Lithium-ion battery industries in developed markets are battling the regulatory pressures. A case in point is mandatory NMP level labelling in Europe and parts of the U.S.
- Emerging markets such as Asia Pacific are also implementing environmental regulations that restrict the usage of N-Methyl-2-Pyrrolidone in all key applications.
- Characterization of environmental hazard in all key regional markets points towards the human exposure risks associated with the NMP manufacturing.
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N-Methyl-2-Pyrrolidone Market: Region-wise Analysis
The TMR report on N-Methyl-2-Pyrrolidone market takes a closer look at the growth dynamics influencing current and future revenue potential of various key markets. A few of the notable highlights are:
- Of all key regions, Asia Pacific leads the pack presently, with major opportunities coming from vast production of the compound in India, Japan, and China. A large part of the production is fueling by the large appetite of in consumer electronics
- Europe is expected to remain one of the most lucrative markets, driven by new avenue in the semiconductor industry
Analyze N-Methyl-2-Pyrrolidone market growth in 30+ countries including US, India, China, Japan, and ASEAN. Request a sample of the study.
Multinational chemical companies catering to electric vehicle production industry are expanding their manufacturing imprints. Several economies in Asia have committed sizable investments in the manufacturing of N-Methyl-2-Pyrrolidone, notably in meeting the needs of lithium-ion battery separator (LiBS) sectors. Several players are expected to adopt a multi-pronged strategy--both organic and inorganic—to consolidate their shares. Most players are also eyeing opportunities in emerging markets to maintain their competitiveness in the N-Methyl-2-Pyrrolidone market.
Numerous chemical producers in the N-Methyl-2-Pyrrolidone market are focusing on acquisitions and constant product innovations. The top three players accounted for a relatively sizable combined share in 2018. Prominent names comprise LyondellBasell Industries N.V., Eastman Chemical Company, Ashland Global, and BASF SE. Of all, LyondellBasell is keen on leading the pack by the end of the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR) titled "N-Methyl-2-Pyrrolidone Market (Application: Electronics [Lithium Battery Manufacturing and Others], Agrochemicals, Pharmaceutical Intermediates, Petroleum Refining, Cosmetics, and Coating Solvents & Industrial Intermediates) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027."
The N-Methyl-2-Pyrrolidone market is segmented based on:
N-Methyl-2-Pyrrolidone market Application Outlook (Revenue, USD Million 2019-2027)
- Lithium Battery Manufacturing
- Burr Removal
- Pharmaceutical Intermediates
- Petroleum Refining
- Coating Solvents & Industrial Intermediates
N-Methyl-2-Pyrrolidone market Region-wise Outlook (Revenue, USD Million 2019-2027)
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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