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Trends and Growth Opportunities in N-Methyl Pyrrolidone Market

 -Methyl Pyrrolidone Market: Introduction

·         N-methyl pyrrolidone is an organic compound, which is produced industrially by ester-to-amide conversion. It consists of 5 membered lactam and is a colorless liquid that is miscible with water and with most common organic solvents.

·         It has a wide range of applications, as it offers high solvency, high boiling point, low freezing point, and ease of handling

·         N-methyl pyrrolidone is widely used as a solvent in the production of conformal coatings such as epoxy and polyurethane coatings in printed circuit boards (PCBs). It is also used for degreasing, cleaning, and as photoresist stripper.

Key Drivers and Restraints of N-Methyl Pyrrolidone Market

·         Demand for N-Methyl-2-Pyrrolidone is expected to increase at a significant pace during the forecast period due to the rise in usage in various industries such as petrochemicals, electronics, paints & coatings, agrochemicals, and pharmaceuticals

·         Expansion of the consumer electronics industry is expected to fuel the demand for N-Methyl pyrrolidone in order to meet the electronics production requirement across the globe. However, several regulatory bodies across the world, especially in North America and Europe, continue to label N-Methyl-2-Pyrrolidone as a reproductive, developmental toxin. This is anticipated to remain a long-term challenge for the global N-methyl pyrrolidone market.

N-Methyl Pyrrolidone Market: Application Segment

·         Based on application, the N-methyl pyrrolidone market can be divided into petrochemicals, electronics, paints & coatings, agrochemicals, pharmaceuticals, and others

·         The electronics industry segment dominates the N-methyl pyrrolidone market

·         The usage of n-methyl pyrrolidone in the electronics industry is increasing owing to the rise in production of lithium-ion batteries for electric vehicles, semiconductor device fabrication, and wire enamel coating. It is also used for the removal of excess burr at the time of production of various electronic parts.

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COVID-19 Impact on Global N-Methyl Pyrrolidone Market

·         On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.

·         Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic

·         The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. Also, the spread of coronavirus has led to a decrease in demand for chemical intermediates due to uncertainty in the global economy and capital markets.

·         Oil & gas, pharmaceuticals, and electronics industries, which are the major consumers of n-methyl pyrrolidone, have been severely impacted by the pandemic. The global oil demand shrank by around 15 to 20 million barrels per day (mbpd) due to extensive lockdown in oil-consuming economies.

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Asia Pacific to Hold Leading Share of Global N-Methyl Pyrrolidone Market

·         In terms of region, the N-methyl pyrrolidone market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         Asia Pacific is expected to hold major share of the global N-methyl pyrrolidone market, followed by North America and Europe, during the forecast period owing to the increase in lithium-ion battery production and growth of the pharmaceutical industry in the region. China, South Korea, and India are estimated to experience high investments in the lithium-ion battery production to leverage the increasing domestic demand. Pharmaceutical and agrochemical industries in China and India are increasing their production capacities to meet the rising local demand for these products. This is estimated to drive the demand for N-Methyl pyrrolidone in the region during the forecast period.

·         Several lithium-ion battery manufacturers across the globe are increasing their production capacities to meet its rising demand, thereby fueling the demand for N-Methyl pyrrolidone in electronics applications. However, they are also striving to come up with substitute for N-Methyl Pyrrolidone to reduce the cost involved in using N-Methyl pyrrolidone in the lithium-ion battery production.

·         N-Methyl pyrrolidone-based drugs are used in anti-tumor treatments. Hence, demand for N-methyl pyrrolidone is rising in medicines for cancer treatment. Growth of the pharmaceutical industry in Asia Pacific and South America is expected to create opportunities for N-Methyl pyrrolidone manufacturers during the forecast period.

Key Manufacturers Operating in Global N-Methyl Pyrrolidone Market

The N-methyl pyrrolidone market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the N-methyl pyrrolidone market include:

·         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 (Group) Co. Ltd

·         Balaji Amines Limited (BAL)

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