N-Methyl-2-Pyrrolidone Market To Surpass US$ 1400 Million By 2027

Drivers

Growth in the oil & gas industry where NMP is used as an extraction medium across the various application in the industry is expected to augment the market growth. It is used in the BTX extraction, butadiene recovery, and lube oil purification. Thus, the growth of the oil &gas industry is estimated to propel the market growth of the N-Methyl-2-Pyrrolidone over the forecast timeframe. Moreover, growing demand for the solvent is across various industries is expected to have a positive impact on the market of N-Methyl-2-Pyrrolidone.

Market Opportunities

The growing demand for N-Methyl-2-Pyrrolidone from agrochemical products is expected to offer enormous growth opportunity to the market of NMP. The growth of the NMP market is also attributed to the rising production of agrochemicals due to the rising production of Foodgrain and horticulture. According to the Indian Agrochemical Industry 2019, India is the 2nd largest food grain producer in the world after China. Foodgrain production has grown at CAGR 2.8% during 2015 to 2019 with 281.4. This growing demand for agrochemicals for food grains production is expected to fuel market growth.