The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 29, 2023 /PRNewswire/ — As per The Business Research Company’s N-Methyl-2-Pyrrolidone Global Market Report 2023, the global N-methyl-2-pyrrolidone (NMP) market is gearing up for substantial growth, with the market size projected to rise from $0.98 billion in 2022 to $1.05 billion in 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 7.0%. This upward trajectory is set to continue, with expectations of reaching $1.34 billion in 2027 at a CAGR of 6.3%. The key catalyst for this N-methyl-2-pyrrolidone (NMP) market growth is the escalating demand from the pharmaceutical industry, which relies on N-Methyl-2-Pyrrolidone as an intermediate and solubility enhancer for poorly soluble drugs.
Pharmaceutical Industry’s Vital Role
N-Methyl-2-Pyrrolidone plays a pivotal role in the pharmaceutical industry, where it is employed to enhance the solubility of challenging drugs and serve as a crucial intermediate. The compound is anticipated to witness significant expansion in the coming years, driven by its versatile applications across various industries. A report by Mint, an Indian business and financial daily newspaper, highlights the robust performance of the Indian pharmaceutical industry, which has recorded a Compound Annual Growth Rate (CAGR) of 6-8% from FY18 to FY23.
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Concentration in the N-Methyl-2-Pyrrolidone Market
The N-Methyl-2-Pyrrolidone market exhibits a high level of concentration, with a select group of players dominating the landscape. In 2022, the top ten competitors accounted for a significant 57.17% of the total N-Methyl-2-Pyrrolidone (NMP) market. LyondellBasell Industries NV led the pack with a commanding 21.37% N-Methyl-2-Pyrrolidone (NMP) market share, followed closely by Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland Inc., Balaji Amines Ltd., Binzhou Yuneng Chemical Co Ltd., Zhejiang Realsun Chemical Industry Co Ltd., Hefei TNJ Chemical Industry Co. Ltd., and Tokyo Chemical Industry Co. Ltd.
Rise of Strategic Partnerships and Collaborations
Strategic partnerships and collaborations are gaining traction within the N-Methyl-2-Pyrrolidone market, with companies actively seeking to expand their product portfolios and geographic presence. A notable example is the partnership between STOCKMEIER, a Germany-based chemical production and distribution company, and Eastman, a US-based chemical industry leader. In May 2020, these companies inked a distribution agreement aimed at distributing Dimethylformamide (DMF), dimethylacetamide (DMAc), and N-Methyl-2-Pyrrolidone (NMP) in Germany and Austria.
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Market Segmentation and Growth Potential
The global N-Methyl-2-Pyrrolidone (NMP) market is segmented as follows:
- By Type: Recycled, Fresh
- By Purity: 99.90%, 99.50%, Other Purities
- By End-Use: Paints and Coatings, Electronics, Automotive, Chemicals, Pharmaceuticals, Agrochemicals, Other End-Uses
The segment with the most promising growth prospects within N-Methyl-2-Pyrrolidone (NMP) categorized by type is the fresh segment, poised to achieve $272.0 million in global annual sales by 2027.
Asia-Pacific Leads the Way
Asia-Pacific emerged as the largest region in the N-Methyl-2-Pyrrolidone (NMP) market, contributing to 46.0% of the total market in 2022. It was closely followed by North America and other regions. Looking ahead, the Asia-Pacific and North American regions are expected to witness the most rapid growth within the N-Methyl-2-Pyrrolidone (NMP) market.
The global N-Methyl-2-Pyrrolidone (NMP) market is on a dynamic growth trajectory, driven by increasing pharmaceutical industry demands and strategic collaborations among key players. With its diverse applications and crucial role in various industries, N-Methyl-2-Pyrrolidone is set to play an even more significant role in the global market in the years to come.
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