N-methyl-2-pyrrolidone (NMP) is an important organic compound that finds wide application as a solvent in chemical processing industries. It has exceptional solvent properties such as high solubility for both polar and non-polar compounds, low volatility and vapor pressure. NMP is commonly used as a solvent for cleaning electronic parts, in resins, coatings, pesticides and more. The growing chemical processing industry has been driving the demand for NMP significantly.

The global NMP market is estimated to be valued at US$ 1179.93 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.

The electronics and pharmaceutical industries offer huge opportunities for N-Methyl-2-Pyrrolidone Market Size due to its wide application as a solvent. Rapid expansion of electronics manufacturing units in Asia Pacific is driving the demand significantly. Countries like China, India, South Korea and Taiwan are anticipated to witness high growth in demand for NMP from electronics sector.

The key players are focusing on global expansion strategies to gain higher market share. BASF SE expanded its production facility in China to cater to the growing regional demand from electronics and coatings sectors

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