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N-methyle-2-pyrrolidone Market Statistics - 2027
N-methyle-2-pyrrolidone (NMP) is an organic chemical compound consisting of a 5 membered lactam. It is a colourless liquid and is soluble in most of the organic and inorganic solvents. NMP has high thermal and chemical stability and thus it has a wide range of applications as coatings, paint stripping solvents, and is also used in the production of various polymers and electronic products. NMP is also used in the petrochemical and agrochemical sector.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the global N-methyle-2-pyrrolidone market.
The global economic slowdown caused by the pandemic has decreased the demand for electronics goods, especially during the production of batteries, by a great extent. As a result, the demand for NMP in the electronics sector decreased and thereby affecting the market growth.
The nationwide lockdowns and the restrictions on national and international transport imposed by the government have caused a severe disruption in the supply chain of the NMP. Since the compound is used in different end user industries including electronics, pharmaceuticals, paints & coatings and others, the disturbances in the supply chain has heavily impacted the global market.
Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis
The surge in demand for NMP in the electrical and electronics sector has played an important role in driving the growth of the NMP market. NMP is extensively used in the Li-ion batteries as a solvent for the preparation of the electrodes. It is also used in the production of metal coated plastics and various other polymers including polyphenylene sulfide. Moreover, NMP also plays a major role in the petrochemical industry. It is used in the recovery of several hydrocarbons such as acetylene and 1,3-butadiene while processing the petrochemicals. On the other hand, NMP is also employed in the pharmaceutical sector, which also adds to the growth of the market in the near future. However, the strict regulations imposed on the usage of NMP for its hazardous effects on the human health and the environment limit the market growth.
In terms of market share, the Asia-Pacific region holds the major fraction of the global N-methyle-2-pyrrolidone market owing to the high demand of NMP in the massive electronics and chemical industries of the region. The market in Europe and North America regions is also expected to grow at a significant pace with the growing usage of NMP in different end-user industries including pharmaceutical, textile, and others in the developed countries of the region.
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