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N-Methyl-2-Pyrrolidone Market Forecast to Reach $938 Million by 2025

(, May 09, 2021 ) N-Methyl-2-Pyrrolidone Market forecast to reach $938 million by 2025, after growing at a CAGR of 4.8% during 2020-2025. Growth in refinery projects coupled with economic development across emerging countries like China and India is expected to increase market growth over the forecast period of N-Methyl-2-Pyrrolidone. Moreover, the low cost of production of N-Methyl-2-Pyrrolidone and various companies are following smart strategies such as marketing their product offering in the market which is further expected to accelerate the growth of N-Methyl-2-Pyrrolidone industry over the forecast period.

N-Methyl-2-Pyrrolidone Market Segment Analysis - By Application

Petrochemical sector held the largest share in N-Methyl-2-Pyrrolidone market in 2019 and is projected to grow at a CAGR of 4.2% during the forecast period 2020-2025. In the petrochemical industry, N-methyl-2-Pyrrolidone is used primarily as a solvent for btx extraction. The NMP also serves to retrieve certain hydrocarbons, such as 1,3-butadiene and acetylene, which are produced in the processing of petrochemicals. Oil & gas refers to the petrochemical sector, which primarily absorbs N-Methyl-2-Pyrrolidone in the downstream processes (refining). Although the oil and gas demand is not good, with supplies and crude prices on the rise, downstream activities are likely to grow in the next few years. For the purpose of re-refining the lubricating oil N-Methyl-2-Pyrrolidone is increasingly being used. It also helps to increase the index of viscosity and oil efficiency. It also increases the quality of oil and the separation of solvents. Thus, the increasing demand for N-Methyl-2-Pyrrolidone from the petrochemical industry is estimated to drive the market growth.

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N-Methyl-2-Pyrrolidone Market Segment Analysis - Geography

Asia Pacific held the largest share with 37% in N-Methyl-2-Pyrrolidone in 2019. In terms of production, Asia Pacific holds a major share of the global N-methyl-2-pyrrolidone market, due to its consumption in countries such as China, India, and Japan, in the region. China is the largest manufacturer and user of N-methyl-2-pyrrolidone in Asia-pacific region. In 2018, the electronics segment held a prominent share of the N-Methyl-2-Pyrrolidone (NMP) market in China based on application. According to the International Energy Administration, China's electronics industry has played a major role in driving the growth of national GDP. It is the world's largest generating electronics ecosystem and supply chain, with more than five times the Japanese electronics suppliers and manufacturing workforce workers close to 150 million. Also, according to the India Brand Equity Foundation, the Electronics and Computer Software Promotion Council (ESC) was formed to provide a platform for India's IT & electronics industry. ESC has successfully steered the course of India's exports of electronics and software, with exports to over 200 countries. Thus, the rapid growth of economies such as India and China is estimated to create lucrative opportunities for the N-methyl-2-pyrrolidone market in Asia Pacific in the near future.

N-Methyl-2-Pyrrolidone Market Drivers

Rising demand for electric vehicles

The market for N-methyl-2-pyrrolidone (NMP) is also influenced by the rise in initiatives to improve electric vehicle sales, which are expected to intensify demand for N-methyl-2-pyrrolidone. The electric vehicles run on N-methyl-2-pyrrolidone lithium-ion batteries. Significant technical advances and a broader variety of electric car models on display have influenced customer purchasing decisions. The 2018-19 versions of some mainstream electric car models display a 20-100 percent higher battery energy capacity than their counterparts in 2012. Moreover, since 2010, battery prices have plummeted by more than 85 percent which will lead towards the demand for lithium-ion batteries. Delivering new mass-market vehicles like the Tesla Model 3 triggered an increase in demand in key markets like the US in 2018. A diversified menu of electric cars has been revealed by automakers, many of which are due in 2020 or 2021 due to the covid-19 palindrome and nationwide lockdown. According to the International Energy Agency, there was a sale of 2.1 million electric cars in 2019 which represent a 6% growth from the previous year 2018. Also, down from year-on-year sales growth was at least above 30% since 2016.

Increasing use of N-methyl-2-pyrrolidone in Pharmaceutical

Secondary pharmaceutical standards for use in quality assurance, offer a simple and cost-effective alternative for pharmaceutical laboratories and manufacturers to the preparation of internal working standards. N-methyl-2-pyrrolidone (NMP) is one of the main pharmaceutical co-solvents and serves as a very effective solubilizing agent; it is a solubilizing excipient used in oral and parenteral medicines. In the pharmaceutical industry, n-methyl-2-pyrrolidone is often used as an intermediate, as a penetration enhancer for topically applied drugs. The increased demand for industrial cleaners is considered to be a possible area of application for N-Methyl-2-Pyrrolidone. The increased use of N-methyl-2-pyrrolidone as a solvent coalescing agent in waterborne paints and solvent-borne coatings is expected to further increase NMP market growth in the near future.

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N-Methyl-2-Pyrrolidone Market Challenges

Increasing use of substitutes for N-Methyl-2-Pyrrolidone will lead to the declination in market

N-methyl-2-pyrrolidone prices range from US$ 2000 per ton to more than US$ 2800 per ton, owing to the low production volume and extreme care during the manufacturing process involving the use of N-methyl-2-pyrrolidone. This makes the cost of production higher than that of standard grades. The use of N-methyl-2-pyrrolidone is limited to such high-cost, specialty, and specialized applications requiring substantially higher levels of purity and performance properties. The total N-methyl-2-pyrrolidone demand is slightly lower than other industrial solvents, for the same reason. Because of its high cost, fragile existence, and also because of health safety issues, businesses are now searching for N-methyl-2-pyrrolidone alternatives. In the Asia Pacific region mature markets are expected to display moderate green product production. In Asia Pacific the trend is to produce environmentally friendly products that do not harm human health. Thus, these factors may hinder the growth of the global N-methyl-2-pyrrolidone market in the projected period.

Health effects of N-Methyl-2-Pyrrolidone

N-methyl-2-pyrrolidone use is associated with health problems such as headache, stomach pain, vomiting, nausea, and stomach pain. N-methyl-2-pyrrolidone is thus on the Special Health Threat Drug List, and is banned for use in new processes in Europe. N-methyl-2-pyrrolidone also causes reproductive risks, and can also affect the central nervous system or brain causing drunkenness symptoms similar to consuming alcohol effects. NMP absorbs quickly through the skin. Also, repeated overexposure over months or years to NMP and other solvents may also have long-lasting and probably irreversible effects on the nervous system. The symptoms of these long-term effects include fatigue, sleeplessness, impaired coordination, attention problems, loss of short-term memory and changes in personality such as depression, anxiety and irritability. Health effects of N-methyl-2-pyrrolidone will possibly impede its use in the near future. Currently there are strict restrictions on its use in Europe and North America; however, in Asia Pacific no such restrictions have been enforced.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in N-methyl-2-pyrrolidone market. In 2019, the market of N-methyl-2-pyrrolidone market has been consolidated by the top five players accounting for xx% of the share. Major players in the N-methyl-2-pyrrolidone market are LyondellBasell, Nanjing Jinlong, Puyang MYJ, Shandong Qingyun Changxin, Puyang Guangming Chemicals Co., Ltd., BASF SE, Ashland Inc., Hefei TNJ Chemical Industry Co., Ltd., Zhejiang Realsun Chemical Industry Co., Ltd., and Balaji Amines Limited among others.

Key Takeaways

APAC dominates the N-Methyl-2-Pyrrolidone Market due to the increasing production of consumer electronic products, which is also attributed to the growth in the electronic industry.

Moreover, increasing industrialization coupled with the growth rising demand for NMP from the pharmaceutical industry is again expected to accelerate the market growth of N-Methyl-2-Pyrrolidone over the forecast period.

The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of batteries and cleaners which will hinder the growth of the N-Methyl-2-Pyrrolidone Market. Furthermore, current disruption in trade shall also gravely impact the availability of N-Methyl-2-Pyrrolidone batteries stocks in import-dependent countries.

Related Reports :

A. N-Ethyl-2-Pyrrolidone Market

B. Polyvinylpyrrolidone Market

For more Chemicals and Materials Market reports, please click here

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Venkat Reddy

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