N-Methyl Pyrrolidone Market: Introduction
- N-methyl pyrrolidone is an organic compound, which is produced industrially by ester-to-amide conversion. It consists of 5 membered lactam and is a colorless liquid that is miscible with water and with most common organic solvents.
- It has a wide range of applications, as it offers high solvency, high boiling point, low freezing point, and ease of handling
- N-methyl pyrrolidone is widely used as a solvent in the production of conformal coatings such as epoxy and polyurethane coatings in printed circuit boards (PCBs). It is also used for degreasing, cleaning, and as photoresist stripper.
Key Drivers and Restraints of N-Methyl Pyrrolidone Market
- Demand for N-Methyl-2-Pyrrolidone is expected to increase at a significant pace during the forecast period due to the rise in usage in various industries such as petrochemicals, electronics, paints & coatings, agrochemicals, and pharmaceuticals
- Expansion of the consumer electronics industry is expected to fuel the demand for N-Methyl pyrrolidone in order to meet the electronics production requirement across the globe. However, several regulatory bodies across the world, especially in North America and Europe, continue to label N-Methyl-2-Pyrrolidone as a reproductive, developmental toxin. This is anticipated to remain a long-term challenge for the global N-methyl pyrrolidone market.
N-Methyl Pyrrolidone Market: Application Segment
- Based on application, the N-methyl pyrrolidone market can be divided into petrochemicals, electronics, paints & coatings, agrochemicals, pharmaceuticals, and others
- The electronics industry segment dominates the N-methyl pyrrolidone market
- The usage of n-methyl pyrrolidone in the electronics industry is increasing owing to the rise in production of lithium-ion batteries for electric vehicles, semiconductor device fabrication, and wire enamel coating. It is also used for the removal of excess burr at the time of production of various electronic parts.
COVID-19 Impact on Global N-Methyl Pyrrolidone Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. Also, the spread of coronavirus has led to a decrease in demand for chemical intermediates due to uncertainty in the global economy and capital markets.
- Oil & gas, pharmaceuticals, and electronics industries, which are the major consumers of n-methyl pyrrolidone, have been severely impacted by the pandemic. The global oil demand shrank by around 15 to 20 million barrels per day (mbpd) due to extensive lockdown in oil-consuming economies.
Asia Pacific to Hold Leading Share of Global N-Methyl Pyrrolidone Market
- In terms of region, the N-methyl pyrrolidone market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global N-methyl pyrrolidone market, followed by North America and Europe, during the forecast period owing to the increase in lithium-ion battery production and growth of the pharmaceutical industry in the region. China, South Korea, and India are estimated to experience high investments in the lithium-ion battery production to leverage the increasing domestic demand. Pharmaceutical and agrochemical industries in China and India are increasing their production capacities to meet the rising local demand for these products. This is estimated to drive the demand for N-Methyl pyrrolidone in the region during the forecast period.
- Several lithium-ion battery manufacturers across the globe are increasing their production capacities to meet its rising demand, thereby fueling the demand for N-Methyl pyrrolidone in electronics applications. However, they are also striving to come up with substitute for N-Methyl Pyrrolidone to reduce the cost involved in using N-Methyl pyrrolidone in the lithium-ion battery production.
- N-Methyl pyrrolidone-based drugs are used in anti-tumor treatments. Hence, demand for N-methyl pyrrolidone is rising in medicines for cancer treatment. Growth of the pharmaceutical industry in Asia Pacific and South America is expected to create opportunities for N-Methyl pyrrolidone manufacturers during the forecast period.
Key Manufacturers Operating in Global N-Methyl Pyrrolidone Market
The N-methyl pyrrolidone market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the N-methyl pyrrolidone market include:
- BASF SE
- LyondellBasell Industries N.V.
- Ashland Inc.
- Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd.
- Hefei TNJ Chemical Industry Co., Ltd
- Puyang Guangming Chemicals Co., Ltd.
- Zhejiang Realsun Chemical Industry Co., Ltd.
- Abtonsmart Chemical (Group) Co. Ltd
- Balaji Amines Limited (BAL)
N-Methyl Pyrrolidone Market: Research Scope
N-Methyl Pyrrolidone Market, by Application
- Paints & Coatings
Global N-Methyl Pyrrolidone Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.