[FURL=https://www.industryarc.com/Report/16180/n-mmethyl-2-pyrrolidone-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]N-Methyl-2-Pyrrolidone Market[/FURL] is forecast to reach $938 million by 2025, after growing at a CAGR of 4.8% during 2020-2025. Growth in refinery projects coupled with economic development across emerging countries like China and India is expected to increase market growth over the forecast period of N-Methyl-2-Pyrrolidone. Moreover, the low cost of production of N-Methyl-2-Pyrrolidone and various companies are following smart strategies such as marketing their product offering in the market which is further expected to accelerate the growth of N-Methyl-2-Pyrrolidone industry over the forecast period.Key Takeaways
APAC dominates the N-Methyl-2-Pyrrolidone Market due to the increasing production of consumer electronic products, which is also attributed to the growth in the electronic industry.
Moreover, increasing industrialization coupled with the growth rising demand for NMP from the pharmaceutical industry is again expected to accelerate the market growth of N-Methyl-2-Pyrrolidone over the forecast period.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of batteries and cleaners which will hinder the growth of the N-Methyl-2-Pyrrolidone Market. Furthermore, current disruption in trade shall also gravely impact the availability of N-Methyl-2-Pyrrolidone batteries stocks in import-dependent countries.
Request for Sample of the Report @ [FURL]https://www.industryarc.com/pdfdownload.php?id=16180[/FURL]
N-Methyl-2-Pyrrolidone Market Segment Analysis - By Application
Petrochemical sector held the largest share in N-Methyl-2-Pyrrolidone market in 2019 and is projected to grow at a CAGR of 4.2% during the forecast period 2020-2025. In the petrochemical industry, N-methyl-2-Pyrrolidone is used primarily as a solvent for btx extraction.
N-Methyl-2-Pyrrolidone Market Drivers
Rising demand for electric vehicles
The market for N-methyl-2-pyrrolidone (NMP) is also influenced by the rise in initiatives to improve electric vehicle sales, which are expected to intensify demand for N-methyl-2-pyrrolidone. The electric vehicles run on N-methyl-2-pyrrolidone lithium-ion batteries. Significant technical advances and a broader variety of electric car models on display have influenced customer purchasing decisions.
Increasing use of N-methyl-2-pyrrolidone in Pharmaceuticals
Secondary pharmaceutical standards for use in quality assurance, offer a simple and cost-effective alternative for pharmaceutical laboratories and manufacturers to the preparation of internal working standards.
N-methyl-2-pyrrolidone market top 10 companies are LyondellBasell, Nanjing Jinlong, Puyang MYJ, Shandong Qingyun Changxin, Puyang Guangming Chemicals Co., Ltd., BASF SE, Ashland Inc., Hefei TNJ Chemical Industry Co., Ltd., Zhejiang Realsun Chemical Industry Co., Ltd., and Balaji Amines Limited
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.