N-Methyl-2-Pyrrolidone Market To Reach $1.33 Billion By 2030

N-Methyl-2-Pyrrolidone Market Growth & Trends

The global N-methyl-2-pyrrolidone market size is expected to reach USD 1.33 billion by 2030, registering a CAGR of 4.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The NMP market is expected to witness significant growth over the forecast period owing to the increasing demand from Asia Pacific region.

N-Methyl-2-Pyrrolidone (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.

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N-Methyl-2-Pyrrolidone Market Report Highlights

• Asia Pacific dominated the market and accounted for the largest revenue share of 51.8% in 2022 and is estimated to further expand at the fastest CAGR of 4.8% during the forecast period. 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.

• The electronics segment is expected to expand at the fastest CAGR of 5.8% over the forecast period. The segment is divided into solvent and photoresist stripper. N-Methyl-2-Pyrrolidone is used as a cleaning agent in electronic components and surfaces.

N-Methyl-2-Pyrrolidone Market Segmentation

Grand View Research has segmented the global N-methyl-2-pyrrolidone market based on application and region:

N-Methyl-2-Pyrrolidone Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Oil & gas

• Butadiene Recovery

• BTX Extraction

• Lube Oil Purification

• Pharmaceuticals

• Solvent

• Penetration Enhancer

• Electronics

• Solvent

• Photoresist Stripper

• Paints & Coatings

• Agrochemicals

• Others

N-Methyl-2-Pyrrolidone Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

  • Netherlands

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Vietnam

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

List Of Key Players N-Methyl-2-Pyrrolidone Market

• Abtonsmart Chemicals (Group) Co., Ltd.

• BASF SE

• Hefei TNJ Chemical Industry Co., Ltd.

• Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd.

• LyondellBasell Industries Holdings B.V.

• DuPont

• BALAJI AMINES

• Ashland

• Puyang Guangming Chemicals Co., Ltd.

• Zhejiang Realsun Chemical Industry Co., Ltd.

• Mitsubishi Chemical Corporation

• Taizhou Yanling Fine Chemicals Co., Ltd.

• Eastman Chemical Company