N-Methyl-2-Pyrrolidone has been utilized across many industries on a larger basis and is flexible enough for usage in various applications. Growing production of electronics in the forthcoming years will boost the usage of N-Methyl-2-Pyrrolidone and also fuel the market’s revenue growth.
Future Market Insights’ recent study foresees a moderate 4.6% CAGR growth for global N-Methyl-2-Pyrrolidone market over the period, 2018-2028. The global market is likely to reach a valuation of more than US$ 1,200Mn by 2028-end. Developing valuable and convenient N-Methyl-2-Pyrrolidone for end-users would be a noteworthy trend driving the growth of N-Methyl-2-Pyrrolidone in the approaching years. The analysis additionally delivers plausible landscapes for growth of N-Methyl-2-Pyrrolidone market in the upcoming years.
Our analysts concerned with this report have offered valuable insights on how the global N-Methyl-2-Pyrrolidone market will expand through 2028. Furthermore, analysts have met to the foremost concerns of industry investors and the market spectators.
What do you have to say about the expansion of global market?
The global market for N-Methyl-2-Pyrrolidone will observe a moderate expansion through 2028. Versatile properties with recyclable and biodegradable features will increase its applications across water borne coatings, graffiti removal, photoresist stripping, automotive and industrial cleaning. This product is likely to have wide applicability in synthetic and natural gas purification as well.
Why are manufacturers trailing behind innovation? What is influencing them?
Well, increasing demand for NMP, sustainability requirements, consumers ready to pay premium for environmental preservation and green chemistry and stringent regulatory constraints are the factors mainly influencing the manufacturers towards innovating their product deliveries. Apart from this, manufacturers are also considering regional expansion in order to meet increasing consumer needs.
What according to you is declining the revenue growth of the global market?
High production costs compared to regular grades is the main factor declining the revenue growth of the global market. Even niche and specialty applications demand for considerably higher levels of performance and purity characteristics and moreover, this market is smaller than other industrial solvents. Therefore, consumers are looking for alternatives to NMP.
How are green products a threat for the global market growth?
Mature markets in APEJ are likely to show considerable growth in green products. This trend in APEJ is expected to continue as environmental-friendly and safety of human health is focused on a major basis.
Can you provide some valuable insights on regions in the global market?
Yes. Sure. Based on the analysis, China will witness the maximum consumption of N-Methyl-2-Pyrrolidone by 2028-end. Moreover, with regards to growth, APEJ is likely to dominate the global N-Methyl-2-Pyrrolidone market over the projection period. North America is expected to be lucrative with high market value during the projected period. Europe will experience decline in usage of N-Methyl-2-Pyrrolidone in the forthcoming years due to stringent regulations.
Who are the prominent key players in the global N-Methyl-2-Pyrrolidone market?
Out team of analysts have profiled Binzhou City Zhanhua District Ruian Chemical Co., Ltd., Balaji Amines, Guangming Chemicals Co., Ltd, Zhejiang Realsun Chemical Co., Ltd, Hefei TNJ Chemical Industry Co., Ltd, Eastman Chemical Company, LyondellBasell Industries Holdings, Binzhou Yuneng Chemical Co., Ltd, Abtonsmart Chemicals (Group) Co., Ltd, Puyang, Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd, Mitsubishi Chemical Corporation and Ashland as prominent players in the global N-Methyl-2-Pyrrolidone market.
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