According to a new market report published by Credence Research “N-Methyl-2-Pyrrolidone (NMP) Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the N-Methyl-2-Pyrrolidone market was valued at US$ 1.12 Bn in 2015, and is expected to reach US$ 1.64 Bn by 2023, expanding at a CAGR of 5.0% from 2016 to 2023.
Browse the full N-Methyl-2-Pyrrolidone (NMP) Market for Petrochemicals, Electronics, Pharmaceuticals, Agrochemicals, Paints & Coatings and Other Applications- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/n-methyl-2-pyrrolidone-nmp-market
N-Methyl-2-Pyrrolidone (NMP) is an organic compound which belongs to the class of dipolar aprotic solvents. The miscible property of NMP has led to high demand for various applications in the end-use industries. N-Methyl-2-Pyrrolidone is also known as N-methylpyrrolidinone under the brand name Pharmasolve. NMP, due to its solvency properties is used on a large scale to dissolve wide range of chemicals for use as polymers many end use industries. It is also used as solvent for surface treatment of resins, metal coated plastic and textiles. Therefore, high demand is reported for NMP worldwide.
Pharmaceutical is the major application driving the growth of global N-Methyl-2-Pyrrolidone market in 2015. It accounted for major share of global N-Methyl-2-Pyrrolidone market and is expected to retain its position in the near future. NMP is used in many chemicals which are used in manufacture of wide range of products in the end-use industries. Petrochemicals industry is another factor driving the growth of global N-Methyl-2-Pyrrolidone market in 2015. NMP is used to extract pure hydrocarbons and in desulphurization if gases. It is also used as solvent for extraction in lube oil processing. Therefore, petrochemical industry is expected to fuel growth of global N-Methyl-2-Pyrrolidone market in the near future. Other applications such as agrochemicals and paints & coatings are also anticipated to boost market growth of N-Methyl-2-Pyrrolidone in the market during the forecast period from 2016 to 2023.
Asia Pacific accounted for the largest share of N-Methyl-2-Pyrrolidone in the market worldwide. It accounted for more than 40% share of global N-Methyl-2-Pyrrolidone market. Growing demand for NMP from wide range of end-user industries in the region has fueled the growth of global N-Methyl-2-Pyrrolidone market. N-Methyl-2-Pyrrolidone is used in the manufacture of topical as well as transdermal gels and drugs. Hence, high demand from the pharmaceutical industry especially from the countries such as China and India has led to high demand for N-Methyl-2-Pyrrolidone in the region. North America and Europe are expected to experience steady demand for NMP due to the stringent policies of the government in the regions. However, NMP is expected to experience demand from other regions such as Middle East & Africa and Latin America from applications such as Paints & Coatings and agrichemicals in the regions. Therefore, strong demand is reported for N-Methyl-2-Pyrrolidone in the market in 2015 and is expected to increase during the forecast period from 2016 to 2023.
- Manufacture of topical and transdermal medicines
- Extraction of pure hydrocarbons
- Used as solvent for chemicals in the area of polymers
- Opportunities from increasing research activities to comply with government regulations and policies