Wilmington, Delaware, United States, May 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global N-Ethyl-2-Pyrrolidone Market size was valued at US$ 870.0 Mn in 2022 and is projected to attain a value of US$ 1.4 Bn by 2031. The global industry is expected to expand at a CAGR of 5.3% between 2023 and 2031.
Market demand for N-Ethyl-2-Pyrrolidone stems from its use as a solvent in various processes, including making of agrochemicals, electronic components, and pharmaceutical production. N-ethyl2-pyrrolidone (NEP) is an extremely adaptable organic solvent, which is why it is extensively utilized in pharmaceuticals, agrochemical, and electronics industries.
NEP is used extensively in the electronics industry as a solvent in the manufacture of photovoltaics, semiconductors, and several other electronic components. Demand for NEP is likely to rise in the electronics industry, due to an increase in penetration of electronic devices such as tablets, laptops, and smartphones worldwide.
In addition to being soluble in water as well as many organic solvents, NEP is an extremely polar solvent. It is utilized in various sectors, which includes agrochemicals, electronics, petrochemicals, and medicines. NEP is regarded as a solvent that is generally safe due to its low toxicity and minimal flammability.
However, it should be handled with care as exposure to NEP could cause irritation to the eyes, respiratory system, and skin. When handling NEP, it's crucial to adhere to the recommended safety precautions, which include using safety gear such as goggles and gloves, operating in a well-ventilated location, and avoiding ingesting or inhaling the chemical.
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Market Scope:
| Market Revenue | USD 870.0 Mn | |
| Estimated Value | USD 1.4 Bn | |
| Growth Rate - CAGR | 5.3% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 369 Pages | |
| Market Segmentation | By Purity, Grade, Application, End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Rest of World | |
Key Findings of Market Report
- The 99.5% purity segment is expected to account for a leading market share from 2023 to 2031. Ketones, aldehydes, and water are typical impurities that could negatively impact a battery's electrochemical performance. NEP with a 99.5% purity is therefore frequently used in battery research.
Global N-Ethyl-2-Pyrrolidone Market: Growth Drivers
- NEP is also used in the manufacture of transdermal patches and inhalation formulations, two types of medication delivery techniques. In comparison to conventional medication delivery techniques including oral and parenteral administration, these systems provide a number of benefits. Medication delivery using transdermal patches is non-intrusive and efficient, and medication delivery by inhalation formulations is quick and effective.
Adoption of these drug delivery methods is anticipated to rise in the near future and consequently, boost the accelerating business growth of the N-ethyl-2-pyrrolidone. Increase in adoption of NEP in drug delivery techniques is expected to drive the market in the near future.
- Thin film production and semiconductor wafer cleaning both require NEP. Additionally, it is utilized to dissolve the photoresist that is used to shape semiconductor wafers. NEP is also used as a solvent for cleaning semiconductor surfaces in order to get rid of leftover organic residue.
Growing popularity of electronic gadgets such as smartwatches, laptops, smartphones, and tablets is expected to drive the demand for various electronic components including displays, sensors, CPUs, and memory chips. Growing popularity of electronic gadgets is estimated to boost the semiconductor industry, which is anticipated to fuel market development during the forecast period.
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Global N-Ethyl-2-Pyrrolidone Market: Regional Landscape
- Asia Pacific is anticipated to account for the highest market share. The region held 65% share of the global market. The market in the region is anticipated to expand at a CAGR of 6.9% between 2023 and 2031. Expansion of automotive and pharmaceutical industries in China, contributes to the significant share held by the country in the N-Ethyl-2-Pyrrolidone industry.
Global N-Ethyl-2-Pyrrolidone Market: Key Players
Some of the key players in the global N-Ethyl-2-Pyrrolidone market are as follows
- Robert Bosch GmbH
- Stanley Black & Decker, Inc.
- Techtronic Industries Co. Ltd.
- Generac Power Systems, Inc.
- Briggs & Stratton Corporation
- Snow Joe, LLC
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Global N-Ethyl-2-Pyrrolidone Market: Segmentation
Purity
- 98.0%
- 99.5%
- Others
Grade
- Industrial Grade
- Pharmaceutical Grade
Application
- Battery Solvents
- Electronics Parts Cleaning
- Metal Cleaning
- Chemical Extraction Resin Solvents Paints Coalescing
- Pharmaceutical Solvents
- Agrochemical Solvents
- Others
End-use
- Paints & Coatings
- Electronics
- Automotive
- Chemicals
- Pharmaceuticals
- Agrochemicals
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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