N-Methyl-2-Pyrrolidone Market:
Key Highlights
·
The N-methyl-2-pyrrolidone (NMP) market was
valued at ~US$ 1.1 Bn in 2018, and is anticipated
to expand at a CAGR of ~6.0% from 2019 to 2027.
·
The
global N-methyl-2-pyrrolidone market is driven by the rise in the demand for N-methyl-2-pyrrolidone
from the electronics industry.
·
In
terms of value, the N-methyl-2-pyrrolidone market in Asia Pacific is expected
to expand at a CAGR of ~8% during
the forecast period. China is a major producer of N-methyl-2-pyrrolidone in
Asia Pacific.
Major Drivers of
N-Methyl-2-Pyrrolidone Market
·
The
demand for N-methyl-2-pyrrolidone has been increasing due to the implementation
of stringent regulations on fossil fuel-based vehicles. Rise in the production
of electric vehicles can be attributed to the increase in regulations on the
emission of carbon dioxide.
·
The
NMP market is also driven by the increase in initiatives to boost the sales of
electric vehicles, which is anticipated to fuel the demand for
N-methyl-2-pyrrolidone. Electric vehicles operate on lithium-ion batteries that
use N-methyl-2-pyrrolidone.
Request PDF brochure:
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2405
High Demand in Electronics Surging
N-Methyl-2-Pyrrolidone Market Growth
·
N-methyl-2-pyrrolidone
is extensively used as a solvent in the manufacturing of flexible polyimide
copper clad board (FCCL), polyamide or polyimide wire enamels, epoxy, and
polyurethane coatings in the electronics sector. It is also used as a stripper
in defluxing, degreasing, and cleaning agents. Electrodes of lithium-ion
batteries are primarily produced by mixing active Li-ion, a conductive
material, along with polyvinylidene fluoride (PVDF) and N-Methyl-2-pyrrolidone.
·
Other
applications of NMP in the electronics sector include removal of excess burr at
the time of the production of various electronic parts. Photoresists are used
in the production of printing plates, printed circuit boards, flat panel liquid
crystal displays, magnetic recording heads, micro electromechanical systems
(MEMS), and integrated circuit (IC) devices, including microprocessors and
computer memory chips.
·
These
factors are expected to boost the growth of the N-methyl-2-pyrrolidone market
over the period of forecast.
Restrictions on Usage of NMP to Hamper
Global Market
·
The
usage of N-methyl-2-pyrrolidone is associated with health problems such as
headache, stomach pain, vomiting, and nausea. Thus, N-methyl-2-pyrrolidone is
on the Special Health Hazard Substance List, and is banned in Europe for its
use in new processes.
·
N-methyl-2-pyrrolidone
also causes reproductive hazards. This is likely to hamper its usage in the
near future. Currently, there are stringent regulations in Europe and North
America on its usage; however, no such regulations have been implemented in Asia
Pacific.
Request enquiry before buying:
https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=2405
Asia Pacific to Dominate Global
N-Methyl-2-Pyrrolidone Market
·
Based
on region, the global NMP market has been divided into North America, Europe,
Asia Pacific, Latin America, and the Middle East & Africa. 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 leading producer and consumer of N-methyl-2-pyrrolidone in Asia Pacific.
Based on application, the electronics segment held a prominent share of the NMP
market in China in 2018.
·
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.
Significant Share Held by Top Three
Players in 2018
·
Major
players operating in the global N-methyl-2-pyrrolidone market are focusing on
product development and acquisitions. These include LyondellBasell
Industries N.V., BASF SE, Ashland Global Holdings Inc, and Eastman Chemical
Company. These players accounted for significant shares of the global NMP
market in 2018.
·
BASF
SE led the global N-methyl-2-pyrrolidone market in 2018.
However, LyondellBasell Industries N.V. is expected to dominate the global
N-methyl-2-pyrrolidone market in the near future. Moreover, Ashland Global
Holdings Inc and Eastman Chemical Company are expected to gain market share in
the NMP market during the forecast period.
Request
for custom research: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=2405
Comments
Post a Comment