The N-methyl-2-pyrrolidone market size has the potential to grow by USD 388.99 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (oil and gas, pharmaceuticals, electronics, paints and coatings, and others) and geography (APAC, Europe, North America, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Abtonsmart Chemicals (Group) Co. Ltd., Ashland Global Holdings Inc., BASF SE, BYN Chemical Co. Ltd., DuPont de Nemours Inc., Eastman Chemical Co., Hefei TNJ Chemical Industry Co. Ltd., LyondellBasell Industries NV, Mitsubishi Chemical Corp., and Zhejiang Realsun Chemical Co. Ltd.
Market Overview
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Market Competitive Analysis
The market is fragmented. The key vendors in the market are focusing on enhancing their revenue shares in this competitive market. Abtonsmart Chemicals (Group) Co. Ltd., Ashland Global Holdings Inc., and BASF SE are some of the major market participants. Although the high demand from APAC will offer immense growth opportunities, the toxic effects pertaining to the use of N-methyl-2-pyrrolidone will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this n-methyl-2-pyrrolidone market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this n-methyl-2-pyrrolidone market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Abtonsmart Chemicals (Group) Co. Ltd.
- Ashland Global Holdings Inc.
- BASF SE
- BYN Chemical Co. Ltd.
- DuPont de Nemours Inc.
- Eastman Chemical Co.
- Hefei TNJ Chemical Industry Co. Ltd.
- LyondellBasell Industries NV
- Mitsubishi Chemical Corp.
- Zhejiang Realsun Chemical Co. Ltd.
N-Methyl-2-Pyrrolidone Market: Segmentation by Geography
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APAC was the largest N-methyl-2-pyrrolidone market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising investment in industrial activities coupled with the changing favorable FDI policies in APAC countries will significantly drive N-methyl-2-pyrrolidone market growth in this region over the forecast period.
46% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for N-methyl-2-pyrrolidone in APAC. Market growth in this region will be faster than the growth of the market in other regions.
N-Methyl-2-Pyrrolidone Market: Segmentation by Application
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N-methyl-2-pyrrolidone is mainly used as a solvent for extraction in the petrochemical industry. Since the downstream or refining process of petroleum crude oil and the purification of natural gas is growing, the demand for N-methyl-2-pyrrolidone has increased exponentially. Therefore, the market growth by the petrochemical industry segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the N-methyl-2-pyrrolidone market size.
N-Methyl-2-Pyrrolidone Market: Key Drivers and Trends
The demand for N-methyl-2-pyrrolidone is increasing due to growth of the automotive industry, as the compound is extensively used in batteries and circuits. The rising adoption rate of electric vehicles in developing countries such as China and India will further boost the demand for N-methyl-2-pyrrolidone in APAC, which is a significant market share holder in terms of geography. Technavio’s market research report identifies that the growth in the automotive industry will be one of the primary growth drivers for the global N-methyl-2-pyrrolidone market until 2024. Also, numerous other end-user industries such as paints and coating, electronics, and pharmaceutical, are adopting N-methyl-2-pyrrolidone due to rapid urbanization, growing population, the increasing personal disposable income, and the booming construction industry. Technavio’s market research analysts predict that this market will grow at a CAGR of over 5% by 2024.
Manufacturers have developed a new technique to produce N-methyl-2-pyrrolidone due to the growing concerns about the depletion of fossil fuels and non-renewable resources. The cyclization of gamma-aminobutyric acid (GABA) to 2-pyrrolidone and subsequent methylation of 2-pyrrolidone with methanol to N-methyl-2-pyrrolidone helps in the production of bio-based N-methyl-2-pyrrolidone. The adoption of the green pathway for producing N-methyl-2-pyrrolidone is identified as one of the key N-methyl-2-pyrrolidone market trends that will gain traction.
N-Methyl-2-Pyrrolidone Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive n-methyl-2-pyrrolidone market growth during the next five years
- Precise estimation of the n-methyl-2-pyrrolidone market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the n-methyl-2-pyrrolidone industry across APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of n-methyl-2-pyrrolidone market vendors
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