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What drives the market of N-Methyl Pyrrolidone
Widely applicable in a range of industrial verticals, including petrochemical, electronics, pharmaceuticals, agrochemicals, industrial cleaning, and paints and coatings.we all know its especially characterized on the basis of higher flame point and lower volatility. This colorless, organic, polar aprotic solvent is also known as N-Methylpyrrolidone (NMP). NMP forms a sizeable market in the global chemicals industry. Industrial applications will continue to drive the market for N-Methylpyrrolidone over the next few years.
Burgeoning applications of N-Methyl-2-Pyrrolidone by a variety of end-use industries will remain the most prominent factor bolstering the growth of the global NMP market. Exploding consumer electronics industry is expected to fuel the demand for N-Methylpyrrolidone in order to meet the electronics production requirement on a global level. Similarly, growing demand for agrochemicals will continue to create a market for NMP during the aforementioned forecast period. Flourishing pharmaceuticals industry is another key factor that is projected to sustain the demand for NMP over the next four years. Moreover, rising demand from developing economies, especially based in the Asia Pacific region, will remain one of the primary boosters to the market growth.
The global N-Methylpyrrolidone market can be segmented on the basis of application, into seven key segments viz. electronics, petrochemical processing, agrochemicals, pharmaceuticals, paints and coatings, industrial cleaners, and others. Among these, the electronics application segment is expected to witness the largest market with over 23% market value share by the end of 2020.
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