NMP market is projected to grow at a CAGR of 6.8%, in terms of value, between 2017 and 2022. The NMP market size is expected to grow from USD 572.5 million in 2017 to reach USD 795.8 million by 2022, at a CAGR of 6.8% between 2017 and 2022. NMP is a polar aprotic solvent used in several industries, such as petrochemicals, pharmaceuticals, and agrochemicals. It is widely used in the production of lithium-ion batteries, the demand for which is growing rapidly. This demand can be attributed to the increased production of electric vehicles across the globe. The growing lithium-ion battery production is expected to be a major driver for the NMP market during the forecast period. However, the high cost and rising health concerns related to the manufacturing and use of NMP are restraining the growth of the market. Several NMP users are investing in R&D to develop an alternative to NMP to minimize the cost involved and avoid future regulations.
Based on application, the electronics segment of the NMP market is projected to grow at the highest CAGR between 2017 and 2022. NMP is used in electronics as a solvent during the manufacturing of lithium-ion batteries, as a photoresist stripper in the manufacturing of semiconductor devices, and as a cleaning reagent for electronic devices. NMP is also used as a solvent to produce PCBs, polyamide/polyimide wire enamels, along with epoxy and polyurethane coatings.
Lithium-ion battery manufacturers are investing in R&D to develop a substitute of NMP.Efforts are being made by them to replace NMP/PVDF couple in batteries with the water/elastomer couple.
In addition, chemicals such as NEP are being tested to replace NMP. However, any such replacement was not observed on an industrial scale.
Asia Pacific is estimated to be the largest market for NMP in 2017. Asia Pacific is estimated to be the largest market for NMP, and this dominance is expected to continue during the forecast period.China is a key market in the region, accounting for more than half of the demand for NMP in Asia Pacific, followed by Japan, South Korea, and India, where consumption is growing at a steady rate.
India is emerging as an important NMP market, as there are lithium-ion battery production facilities being established in the country.
Extensive primary interviews were conducted to determine and verify the market size of various segments and subsegments of the NMP market.
The break-up of primary interviews is given below: • By Company Type - Tier 1 – 27%, Tier 2 – 50%, and Tier 3 – 23% • By Designation - C level – 23%, Director Level – 26, and Others – 51% • By Region - North America – 10%, Europe – 30%, Asia Pacific– 52%, and RoW- 8%
Key companies operating in the NMP market are Ashland (US), BASF (Germany), Eastman (US), Lyondellbasell (US), Mitsubishi Chemical Corporation (Japan), and Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd. (China).
Research Coverage: This research report categorizes the NMP market on the basis of application and region.The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the NMP market.
A detailed analysis of the key industry players has been undertaken to provide insights on the businesses and the products & services offered by them. The report also discusses key strategies, such as expansions, mergers & acquisitions, new product developments, and agreements adopted by the leading players to strengthen their positions in the NMP market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in this market in the following ways: 1. This report segments the NMP market comprehensively and provides closest approximations of the sizes for the overall market and its subsegments across different regions.
2. The report is expected to help stakeholders understand the pulse of the market and provide them information on key market drivers, such as restraints, challenges, and opportunities influencing the growth of the NMP market.
This report is expected to help stakeholders understand major competitors in the NMP market and gain insights to enhance their positions. The competitive landscape section includes detailed information on expansions, acquisitions, and new product developments in the market.
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