by The N-Methyl-2-Pyrrolidone market is witnessing significant growth owing to its widespread applications in various end-use industries including electronics, paints & coatings, pharmaceuticals, among others. N-Methyl-2-Pyrrolidone has excellent solvent properties and acts as an intermediate for agrochemical and pharmaceutical synthesis. It is used as a solvent in many applications due to its high polarity, low volatility, and ability to dissolve a variety of organic and inorganic compounds. The growing demand for electronics cleaning applications such as removing fingerprints, particulates, and other contaminants from electronic parts such as semiconductor wafers is expected to drive the N-Methyl-2-Pyrrolidone market during the forecast period.
The Global N-Methyl-2-Pyrrolidone Market is estimated to be valued at US$ 1179.93 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the N-Methyl-2-Pyrrolidone market are BASF SE, LyondellBasell Industries N.V., Ashland Inc., Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd. and Hefei TNJ Chemical Industry Co., Ltd. BASF SE is one of the leading players and is adopting strategies like expansions and partnerships to maintain its leading position in the market.
The growing demand from the electronics industry for applications such as removing fingerprints and dust from delicate electronic components is expected to drive the market growth over the forecast period. The growing consumption of N-Methyl-2-Pyrrolidone Market Size in electronic cleaning applications is expected to support the market expansion.
Asia Pacific region dominated the global market owing to high consumption of NMP in electronics, pharmaceuticals and agrochemical industries in major economies like China and India. Key players are expanding their production facilities in the Asia Pacific region to leverage growing demand and gain a competitive advantage in the market.
Market Key Trends
One of the key trends gaining traction in the NMP market is its increasing adoption as a stabilizer and dispersion agent for agrochemical formulations. The rising demand for agrochemicals to boost crop yields is expected to support the growth of N-Methyl-2-Pyrrolidone market over the forecast period.
Porter’s Analysis
Threat of new entrants: N-Methyl-2-Pyrrolidone Market Regional Analysis requires significant capital investments and technical know-how, limiting threat from new entrants.
Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of substitute products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Substitute products like propylene carbonate and gamma-butyrolactone pose threat to N-Methyl-2-Pyrrolidone.
Competitive rivalry: Market rivalry is high owing to the presence of several major players.
Geographically, North America dominates the N-Methyl-2-Pyrrolidone market both in terms of value and volume. Factors driving sales in this region are growing demand from industries such as agriculture, pharmaceutical, electronics and automotive. Asia Pacific is expected to be the fastest growing market for NMP owing to its increasing use in electronics cleaning solvents with rapid industrialization and urbanization in countries like China and India.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
