LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global n-methyl-2-pyrrolidone market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
This market research report segments the global n-methyl-2-pyrrolidone market based on application (oil and gas, pharmaceuticals, electronics, paints and coatings, and agrochemicals) and geography (Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global n-methyl-2-pyrrolidone market:
- High demand from APAC
- High demand from oil and gas industry
High demand from APAC
The n-methyl-2-pyrrolidone market in APAC is observing high growth. Due to the rapid industrialization in countries such as China, India, Indonesia, and Vietnam, the region is growing at the fastest rate. The n-methyl-2-pyrrolidone market, despite adverse environmental effects, is driven by the macroeconomic factors such as rising gross domestic product (GDP), growing middle-class population, increasing per capita income, and increasing end-user industries. In the APAC region, the high demand for n-methyl-2-pyrrolidone is credited to the growing pharmaceutical, paints and coatings, and electronics industry.
Also, the growing automotive industry along with the increased adoption rate of electric vehicles in developing countries such as China and India are promoting the demand for n-methyl-2-pyrrolidone in batteries and circuits. Apart from this, the booming construction industry resulting in urbanization, growing population, and increasing personal disposable income are some of the key factors that are driving the high demand for n-methyl-2-pyrrolidone from paints and coating, electronics, and pharmaceutical industry.
According to a senior analyst at Technavio for specialty chemicals, “The emergence of China and India as main manufacturing hubs in the APAC region is expected to drive the manufacturing industries in these countries, thereby bringing in more demand for n-methyl-2-pyrrolidone. The transformation of the retail industry into an organized one is also anticipated to increase the market growth. Furthermore, the growing petrochemicals industry in the APAC region, favorable export-oriented policies, increasing FDI, and slow adoption rate of bio-based chemicals are other major driving factors.”
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Global n-methyl-2-pyrrolidone market segmentation
Of the five major applications, the oil and gas segment held the largest market share in 2017, accounting for nearly 32% of the market. It was followed by the pharmaceuticals, electronics, paints and coatings, and agrochemicals segments.
APAC dominated the global n-methyl-2-pyrrolidone market in 2017, accounting for a market share of close to 42%. It was followed by EMEA and the Americas respectively.
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