(EMAILWIRE.COM, October 18, 2021 ) The Global N-Methyl-2-pyrrolidone Market size is projected to reach USD 795.8million by 2022, at a CAGR of 6.8%between2017and2022. NMPhas characteristics such as high solubility, low degradation rate, and low viscosity. It is majorly used as a solvent in petrochemical, agrochemical, and pharmaceutical industries.

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Expansions was the key strategy adopted by the leading players to strengthen their position in the NMP market between 2014 and 2017. Some of the leading players operating in the NMP market include Ashland (US),BASF (Germany), Eastman (US), Lyondellbasell (US),Mitsubishi Chemical Corporation (Japan),andShandong Qingyun Changxin Chemical Science-Tech Co., Ltd. (China).

Shandong Qingyun Changxin Chemical Science-Tech Co., Ltd.is a leading manufacturer of NMP, γ-butyrolactone (GBL), and α-P series products in China. The company provides electronic, pharmaceutical, and industry grade NMP in China. In 2015, the company completed the construction of its 4thNMP production unit having a capacity of 20,000 tons/year. This development helped the company to address the rising demand for NMP in domestic and regional markets.

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BASF is one of the leading chemical companies in the world. The company operates through 6 business segments namely, oil & gas, performance products, chemicals, functional materials & solutions, agricultural solutions, and others. It offers NMP through its chemicals business segment. BASF operates globally through its subsidiaries and provides its products in over 80 countries. It primarily operates in Europe but has a presence in North America, AsiaPacific, South America, Africa, and the Middle East.

Ashland is a US-based diversified chemical conglomerate and offers specialty chemicals through3 segments, namely specialty ingredients, composites, and intermediates & solvents. The company caters to industries such as adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care, and pharmaceutical. NMP is manufactured and marketed under the intermediates & solvents segment of the company. Ashland has a strong customer base and operates in several countries of Europe, North America, Latin America, and AsiaPacific.

The strategy of expansionshas helped the companyto increaseits market reach and meet the rising demand for NMP from domestic as well as global markets. The AsiaPacific NMP market is experiencing high growth due to its risingdemand in emergingeconomies such as China and India. Several international and domestic industry players are investing in the APAC region, making it the fastest-growing market for NMP.