N-Methyl-2-Pyrrolidone Market Global Analysis: Trends, Growth and In-depth Study with Key Players and Forecast to 2018-2022
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The analysts forecast global N-methyl-2-pyrrolidone market to grow at a CAGR of 5.40 % during the period 2018-2022. The latest trend gaining momentum in the market is Green pathway for producing N-methyl-2-pyrrolidone.
Currently used N-methyl-2-pyrrolidone has been dependent on the fossil resources.
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With the increased concern for the depletion of fossil fuels and non-renewable resources, a new pathway has been developed to produce N-methyl-2-pyrrolidone. Bio-based N-methyl-2-pyrrolidone is produced by the cyclization of gamma-aminobutyric acid (GABA) to 2-pyrrolidone and subsequent methylation of 2- pyrrolidone with methanol to N-methyl-2-pyrrolidone.
GABA used in the production is obtained from glutamic acid. Glutamic acid is an amino acid that can be extracted from plant proteins.
In the procedure to obtain N-methyl-2-pyrrolidone, methanol acted as a methylating agent and ammonium bromide, a halogen salt, acted as a catalyst.
Major key players in the global N-methyl-2-pyrrolidone market: Ashland, BASF, Eastman Chemical Company, DowDuPont, LyondellBasell Industries Holdings, and Mitsubishi Chemical Corporation
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According to the N-methyl-2-pyrrolidone market report, one of the major drivers for this market is High demand from APAC. The N-methyl-2-pyrrolidone market in APAC is witnessing high growth.
Owing 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), increasing middle-class population, rising per capita income, and growing end-use industries.
In APAC region, the high demand for Nmethyl-2-pyrrolidone is attributed to the growing pharmaceutical, paints and coatings, and electronics industry.
Further, the N-methyl-2-pyrrolidone market report states that one of the major factors hindering the growth of this market is Toxic effects pertaining to the use of N-methyl-2-pyrrolidone. The use of N-methyl-2-pyrrolidone in oil and gas, agrochemicals, pharmaceuticals, electronics, paints and coatings has been known to have some severe toxic effects.
As it is known to be a volatile and widely used solvent in various applications, it may enter the environment as emissions. the Nmethyl-2-pyrrolidone is a mobile compound in soil.
Therefore, leaching from landfills is a possible route for contamination of groundwater. This substance can be easily absorbed into the body through the skin and by inhalation.
Key questions answered in this report:
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
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