The global N-methyl pyrrolidone industry is forecast to expand at 4.6% CAGR over the forecast period, as per FMI’s analysis. The industry’s size is predicted to surge from US$ 979.9 million in 2023 to US$ 1,536.4 million by 2033.
Extensive growth in the petrochemical industry is projected to catalyze the demand for NMP in the next decade. In addition, the demand for chemicals from the electronic industry is also forecasted to escalate.
The electronic industry is flourishing on account of the surging production of consumer electronic products. Surging discretionary income of consumers owing to economic growth is also projected to accelerate the N-methyl pyrrolidone industry.
Heightened demand for NMP from the automotive industry to meet the electronic input demand in vehicles is expected to propel product sales. Besides, the rise in industrialization, in addition to the increasing demand for NMP as a drug solubilizer in the pharmaceutical industry is facilitating the market growth.
Manufacturers producing N-methyl pyrrolidone must concentrate on electronic grade N-methyl pyrrolidone, which is deployed in lithium-ion batteries. This is projected to enhance their revenue streams and is likely to tap into key opportunities over the predicted time frame.
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The market is, however, fraught with difficulties, resulting from the elimination of the chemical from the production process due to its toxicity. For instance, in 2023, Leclanché developed low-cobalt Li-ion cells having 20% extra energy density. To make this, the company eliminates the utilization of N-methyl pyrrolidone as a solvent.
Top Highlights from the FMI’s Analysis of the N-methyl Pyrrolidone Industry:
• N-methyl pyrrolidone (NMP) industry in the United States is estimated to account for 19.8% market share in 2023.
• In the Europe region, Germany and the United Kingdom are key markets for N-methyl pyrrolidone (NMP). Germany’s market is estimated to account for 4.2% market in 2023. Based on CAGR, the United Kingdom is anticipated to register a 2.9% CAGR over the estimated period.
• Asia Pacific region is predicted to showcase a healthy growth rate. For instance, India and China are forecasted to expand at 6.5% and 5.9% CAGR, respectively, over this decade.
• Based on grade, the standard segment is projected to account for 49.2% market share in 2023.
• In the application category, petrochemical processing is expected to account for 14.1% of the market share.
Key Developments Taking Place in N-methyl Pyrrolidone Market
• In December 2020, BASF SE officially declared that the company is set to increase the prices of N-methyl pyrrolidone. The price change was announced for North America and Europe region. It came into effect from the 1st of January, 2021, or as per the existing contracts permit.
• In late 2020, Tesla’s CEO Elon Musk announced cutting down the costs of the extremely costly part of an EV by developing in-house batteries. The company faces a long process of enhancing its battery factory. This is further complicated by new plans to deploy innovative manufacturing technology known as dry electrode coating. This technique eventually lessens the mixing step and slurry preparation. It further reduces the drying period, and discards the toxic volatile fumes generated from N-methyl pyrrolidone, recycling systems, and solvent recovery.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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