LONDON--(BUSINESS WIRE)--The global N-methyl-2-pyrrolidone market size is expected to grow by USD 388.99 million during 2020-2024, progressing at a CAGR of over 5% during the forecast period. Download latest version with COVID-19 analysis Free Sample Report
The high demand from APAC is one of the major factors propelling market growth. However, factors such as toxic effects pertaining to the use of N-methyl-2-pyrrolidone will hamper the market growth.
The demand for N-methyl-2-pyrrolidone is increasing due to growth of the automotive industry, as the compound is extensively used in batteries and circuits. The rising adoption rate of electric vehicles in developing countries such as China and India will further boost the demand for N-methyl-2-pyrrolidone in APAC, which is a significant market share holder in terms of geography. Technavio’s market research report identifies that the growth in the automotive industry will be one of the primary growth drivers for the global N-methyl-2-pyrrolidone market until 2024. Also, numerous other end-user industries such as paints and coating, electronics, and pharmaceutical, are adopting N-methyl-2-pyrrolidone due to rapid urbanization, growing population, the increasing personal disposable income, and the booming construction industry.
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Global N-Methyl-2-Pyrrolidone Market: Application Landscape
N-methyl-2-pyrrolidone is mainly used as a solvent for extraction in the petrochemical industry. Since the downstream or refining process of petroleum crude oil and the purification of natural gas is growing, the demand for N-methyl-2-pyrrolidone has increased exponentially. Therefore, the market growth by the petrochemical industry segment will be significant during the forecast period.
Global N-Methyl-2-Pyrrolidone Market: Geographic Landscape
APAC was the largest N-methyl-2-pyrrolidone market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising investment in industrial activities coupled with the changing favorable FDI policies in APAC countries will significantly drive N-methyl-2-pyrrolidone market growth in this region over the forecast period. 46% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for N-methyl-2-pyrrolidone in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Companies Covered
- Abtonsmart Chemicals (Group) Co. Ltd.
- Ashland Global Holdings Inc.
- BASF SE
- BYN Chemical Co. Ltd.
- DuPont de Nemours Inc.
- Eastman Chemical Co.
- Hefei TNJ Chemical Industry Co. Ltd.
- LyondellBasell Industries NV
- Mitsubishi Chemical Corp.
- Zhejiang Realsun Chemical Co. Ltd.
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, till 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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N-Methyl-2-Pyrrolidone Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist in n-methyl-2-pyrrolidone market growth during the next five years
- Estimation of the n-methyl-2-pyrrolidone market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the n-methyl-2-pyrrolidone market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of n-methyl-2-pyrrolidone market, vendors
Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Oil and gas - Market size and forecast 2019-2024
- Pharmaceuticals - Market size and forecast 2019-2024
- Electronics - Market size and forecast 2019-2024
- Paints and coatings - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Application
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Abtonsmart Chemicals (Group) Co. Ltd.
- Ashland Global Holdings Inc.
- BASF SE
- BYN Chemical Co. Ltd.
- DuPont de Nemours Inc.
- Eastman Chemical Co.
- Hefei TNJ Chemical Industry Co. Ltd.
- LyondellBasell Industries NV
- Mitsubishi Chemical Corp.
- Zhejiang Realsun Chemical Co. Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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