Wilmington, Delaware, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - N-methyl-2-pyrrolidone can be obtained with a simple process, involving a reaction between gamma-butyrolactone and combination of aqueous ammonia (NH3) and dimethyl carbonate (DMC) in the liquid form.
N-methyl-2-pyrrolidone has high thermal and chemical stability which makes it ideal for use in coating resins and engineering polymers application. N-Methyl-2-Pyrrolidone has also used as a cleaning and paint stripping solvent agent due to its low surface tension and low surface tension.
Increasing demand from electronics industry in leading economies globally has emerged as key growth driver for N-methyl-2-pyrrolidone market.
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A key reason behind the surge in demand is rising need for electronic products among consumers, which is leading increased production and sales and positively impacting growth in N-methyl-2-pyrrolidone market.
The global N-methyl-2-pyrrolidone market is expected to grow at a compound annual growth rate (CAGR) of 6.1% during the forecast period between 2021 and 2031, as per a TMR study. The global market valuation is estimated to reach US$1.8Bn at the end of the forecast period.
Increasing Demand for Lithium-ion Battery Production Propels N-methyl-2-pyrrolidone Market
Also, growing product deployment in production of lithium-ion batteries owing to product features such as low volatility, high polarity has augmented the growth in N-methyl-2-pyrrolidone market.
In addition to this, growing demand for industrial cleaners has helped create revenue-generating opportunities for prominent players in overall N-methyl-2-pyrrolidone market.
Government initiatives and measures, spreading awareness about the benefits of deploying the product for different applications has assisted in increasing the demand and stimulated the growth in N-methyl-2-pyrrolidone market.
Other factors such as rapid industrialization, especially in developing countries and rising disposable income among families have also contributed to market growth.
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COVID-19 Pandemic Leads to Closing down of Production Units, Leads to Reduced Demand for N-methyl-2-pyrrolidone
The outbreak of the COVID-19 pandemic negatively impacted the growth in global N-methyl-2-pyrrolidone market. With rising cases globally, governments were forced to impose strict social distancing regulations and lockdowns in a bid to contain the spread of the virus.
This led to temporary or permanent shutting down of different manufacturing facilities and lowered demand for N-methyl-2-pyrrolidone which led to reduced growth in global market.
However, with most population sections double vaccinated and approval given to the use of third, precautionary booster dose it is expected that production units will resume operations at close to full capacity soon, thereby triggering the demand for N-methyl-2-pyrrolidone and assisting the market to grow at a steady pace.
Asia Pacific Emerges as Maximum Revenue-generating Region in Overall N-methyl-2-pyrrolidone Market, North America Offers Profitable Growth Potential for Future
Increasing demand from automotive and pharmaceutical industries in countries such as India and China has helped Asia Pacific emerge as leader in global N-methyl-2-pyrrolidone market.
Presence of numerous prominent players in countries such as US and Canada is expected to help North America emerge as significant revenue-generating region in global N-methyl-2-pyrrolidone market in future.
Research and development activities could be key, revenue-generating growth strategy for prominent players in global N-methyl-2-pyrrolidone market, in future.
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Global Competition Intensifies Owing to Increased Presence of Numerous Market Players
Presence of several well-established players has meant competition in global N-methyl-2-pyrrolidone market is intense. Few of these players include BASF SE, Mitsubishi Chemicals Holdings Corporation, Ashland, Prasol Chemicals Ltd., and Eastman Chemicals Company. Emergence of new players could further intensify competition in overall N-methyl-2-pyrrolidone market, in the coming years.
Leading N-methyl-2-pyrrolidone market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
The global N-methyl-2-pyrrolidone market is segmented as follows:
By Purity
- 99.9%
- 99.5%
- Others
By Type
- Recycled
- Fresh
By Application
- Battery Solvents
- Electronics Parts Cleaning
- Metal Cleaning
- Chemical Extraction
- Resin Solvents
- Paints Coalescing
- Pharmaceutical Solvents
- Agrochemical Solvents
- Others
By End-use
- Paints and Coatings
- Electronics
- Automotive
- Chemicals
- Pharmaceuticals
- Agrochemicals
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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