Building Maintenance Is The Fastest Growing Segment Fueling The Growth Of N-Methyl-2-Pyrrolidone Market

 

The global N-Methyl-2-Pyrrolidone market is estimated to be valued at US$ 1.12 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
N-Methyl-2-Pyrrolidone or NMP is an organic compound that is colourless and hygroscopic in nature. It has high dissolving power for both polar and non-polar solvates. It is widely used as an industrial solvent in industries such as electronics, paints & coatings, medicine etc.

Market key trends:
Growth in electronics industry is one of the key trends driving the N-Methyl-2-Pyrrolidone market. NMP is majorly used as a solvent for electronics cleaning applications such as wafer cleaning, flux cleaning, electropolishing and photoresist stripping. It is well suited for such applications due to its high solvency and low volatility. With rising demand for consumer electronics globally, the demand for NMP is also increasing significantly.

Segment Analysis
The global N-Methyl-2-Pyrrolidone market is segmented by application into industrial cleaners, electronics, paints and coatings, pharmaceuticals, petrochemical processing and others. The electronics sub-segment dominates the market as NMP is widely used as a solvent for electronics cleaning, photoresist strippers and electronics manufacture. It has optimal properties like high solvency, low vapor pressure and water solubility that makes it suitable for precision cleaning applications in the electronics industry.

Key Takeaways
The global N-Methyl-2-Pyrrolidone market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from electronics and pharmaceutical industries.

Regional analysis
Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. This is attributed to growing electronics, automotive and pharmaceutical industries in China, India, Japan and South Korea. The presence of emerging economies and their rising investments in the industrial sector drive the market growth.

Key players
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., Hefei TNJ Chemical Industry Co., Ltd., Puyang Guangming Chemicals Co., Ltd., Zhejiang Realsun Chemical Industry Co., Ltd., Abtonsmart Chemical Co. Ltd., and Balaji Amines Limited. The players focuse on strategic partnerships and new product launches to expand their market share.

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