The sales of consumer electronics are showing no signs of slowing down, implying that, manufacturers of electronic devices are investing toward the development of smart-sized products with better functionalities, which manages to attract the attention of consumers.
Investments made in the consumer electronics market, are, in turn, creating opportunities for the N-methyl-2-pyrrolidone market, given the rising demand for lithium batteries. According to stats published in a recent Transparency Market Research (TMR) report, ~74 thousand tons of the total N-methyl-2-pyrrolidone sold in 2018 was used for lithium battery manufacturing, which is projected to increase to ~23% by 2027.
The agrochemical industry will also hold profitable opportunities for players in the NMP market. As concerns regarding the use of toxic pesticides are surfacing, agrochemical players are rethinking about their products in terms of inactive chemicals, which has been adding sheen to the popularity of N-methyl-2-pyrroline for the formulation of herbicides and pesticides. To add to that, the distinguished properties of NMP are also found to resonate well with pharmaceutical, cosmetic, coating and solvent, and petrochemicals industries, which portends multichannel revenue prospects for the N-methyl-2-pyrrolidone market during the period of 2019-2027.
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Despite the above-average growth trajectory that the N-methyl-2-pyrroline market has been tracing, threat from the possible substitute – Dimethyl Sulfoxide (DMSO) – could scale down the size of its potential revenue. Though N-methyl-2-pyrroline has crucial applications in the aforementioned industries, DMSO, with the same properties, is reported to outscore in safety regards, whereas, NMP has attracted regulatory mandates.
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In the State of California, as per Proposition 65, products containing NMP must be labeled as a developmental toxin. In contrast, DMSO has not been ‘Prop 65’ listed. The regulatory pressure for mandatory NMP level labelling is also mounting in Europe and the U.S., which could possibly create opportunities for DMSO.
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With massive uptake in the sales of NMP for manufacturing electronic devices, tons of waste is generated, which is recklessly disposed. However, the introduction of recycling systems is likely to have a profound reduction in the production cost. Several manufacturers, such as Clean Planet, offer solvent recyclers that ensure optimum recovery of the material with the highest possible quality.
The penetration of such efficient systems is likely to bring down the cost expended towards the purchase of raw materials. Taking a cue from the profit-making opportunity, several players in the N-methyl-2-pyrrolidone market are incorporating NMP recyclers to achieve ~99% recovery of the chemical and reduce harmful emissions from unorganized disposals.
While the EU recommends limited use of NMP in cosmetic products, gains for the N-methyl-2-pyrrolidone market in Europe will arrive from the semiconductor industry. An underway shift from fossil fuel-based vehicles toward hybrid and electric vehicles in the region is also likely to create opportunities for market players. However, in terms of lithium battery production, Asia Pacific holds prodigious opportunities, considering the global influence of the Chinese consumer electronics market, coupled with the emission control projects taken up by the governments of numerous countries in this region.
Despite the stringency in emission regulations, marked market growth is also projected in North America, with the pharmaceutical industry being the leading NMP consumer. In Latin America, market players need to focus on the agrochemical industry for creating sales prospects, since high soil acidity leading to poor soil fertility has been challenging the efficiency of conventional fertilizers, which could indirectly draw significant revenue from the tropical agriculture sector.
In the MEA market, government initiatives extended towards encouraging consumers to purchase zero-carbon electric vehicles through green bank loans and green insurance plans are likely to upkeep the rising demand for lithium batteries, in particular, and N-methyl-2-pyrrolidone, in general.
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Authors of the report estimate that, the N-methyl-2-pyrrolidone market will expand at a healthy CAGR of ~6% during the forecast period of 2019-2027. Asia Pacific remains a fragmented, yet attractive market, with the concentration of ~65% of the total producers in China, India, Japan, ASEAN countries, and other parts of the region. While market players will face limited threats from new market entrants, given high CAPEX and OPEX requirements, the threat of substitutes will continue to be of high concern.
Expansion of production facility, innovation in production process, and development of different grades of NMP have been the key strategies devised by players in the N-methyl-2-pyrrolidone market. In contrast to this, examples of inorganic growth in the NMP market through acquisitions and mergers are limited.
N-Methyl-2-Pyrrolidone (NMP) Market Description
Key Growth Drivers of N-Methyl-2-Pyrrolidone Market
Key Growth Challenges for N-Methyl-2-Pyrrolidone Market
Lucrative Opportunities in Global N-Methyl-2-Pyrrolidone Market
Asia Pacific to Dominate N-Methyl-2-Pyrrolidone Market
Electric Vehicles Offer Growth Opportunities for N-Methyl-2-Pyrrolidone Market
Leading Players in Global NMP Market
Key players operating in the global N-methyl-2-pyrrolidone market are
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