Market Size of N-Methyl Pyrrolidone Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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N-Methyl Pyrrolidone Market Analysis
The Global N-Methyl Pyrrolidone Market is expected to register a CAGR of more than 4% during the forecast period (2021-2026).
The market was significantly impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to the shutdown of manufacturing facilities of almost every industry worldwide for a specified time. The oil and gas industry along with pharmaceuticals and electronics, which are the major consumers of n-methyl pyrrolidone was 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. The leading oil-consuming nations such as the United States were initially struggling to cope with the corona spread. Electronics production was further done, due to movement restrictions which lead to disruptions in supply chains, causing shipment delays for electronics manufacturers. However, all these industries are expected to recover through the years to come.
- Increasing demand in oil and gas application, and growing demand in electronics industry is expected to drive the market studied.
- Health related issues due to excess usage is expected to hinder the market growth through the forecast period.
- Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China, South Korea, India, and Japan.
