LONDON–(BUSINESS WIRE)–#GlobalNMethyl2PyrrolidoneMarket–The n-methyl-2-pyrrolidone market is expected to grow by USD 388.99 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Factors such as rapid urbanization, expanding population, and rising disposable incomes have fueled the growth of various end-user industries in APAC. In addition, the growing petrochemicals industry, favorable export-oriented policies, increasing FDI, and slow adoption rate of bio-based chemicals are creating significant growth opportunities for market vendors. Furthermore, the emergence of China and India as global manufacturing hubs has increased the consumption of n-methyl-2-pyrrolidone in APAC. These factors are driving the growth of the global n-methyl-2-pyrrolidone market.
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As per Technavio, theincreasing use in end-user industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
N-Methyl-2-Pyrrolidone Market: Increasing Use in End-user Industries
Rising R&D efforts in various end-user applications such as agrochemicals, waterborne PU dispersions, electronics, and coatings solvents has increased the demand for n-methyl-2-pyrrolidone across industries. For instance, n-methyl-2-pyrrolidone is used as an ideal solvent for applications that include wafer cleaning, degreasing, semi-aqueous defluxing, photoresist stripper for precision etching, and PU and epoxy coatings. Also, the growing automobile industry has increased the demand for vehicle batteries, printed circuit boards, and associated electronic components, which has increased the demand for n-methyl-2-pyrrolidone. N-methyl-2-pyrrolidone is also used as an industrial cleaner, deicer for jet fuels and gasoline, and solvent in dissolving various polymers, including polyvinyl alcohol (PVA). The increasing use of n-methyl-2-pyrrolidone in many such end-user applications is expected to fuel the growth of the market during the forecast period.
“The adoption of the green pathway for producing n-methyl-2-pyrrolidone and increase in downstream activities will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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N-Methyl-2-Pyrrolidone Market: Segmentation Analysis
This market research report segments the n-methyl-2-pyrrolidone market by Application (oil and gas, pharmaceuticals, electronics, paints and coatings, and others) and Geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the n-methyl-2-pyrrolidone market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing demand from paints and coatings, pharmaceuticals, electronics, and petrochemical industries in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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