Increasing Pharmaceutical Industry Demand Is Expected To Drive The N-Methyl-2-Pyrrolidone (NMP) Market At A CAGR Of More Than 6% - By The Business Research Company
LONDON , Sept. 29, 2023 /PRNewswire/ -- As per The Business Research Company's N-Methyl-2-Pyrrolidone Global Market Report 2023, the global N-methyl-2-pyrrolidone (NMP) market is gearing up for substantial growth, with the market size projected to rise from $0.98 billion in 2022 to $1.05 billion in 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 7.0%. This upward trajectory is set to continue, with expectations of reaching $1.34 billion in 2027 at a CAGR of 6.3%. The key catalyst for this N-methyl-2-pyrrolidone (NMP) market growth is the escalating demand from the pharmaceutical industry, which relies on N-Methyl-2-Pyrrolidone as an intermediate and solubility enhancer for poorly soluble drugs.
- The key catalyst for this N-methyl-2-pyrrolidone (NMP) market growth is the escalating demand from the pharmaceutical industry, which relies on N-Methyl-2-Pyrrolidone as an intermediate and solubility enhancer for poorly soluble drugs.
- Asia-Pacific emerged as the largest region in the N-Methyl-2-Pyrrolidone (NMP) market , contributing to 46.0% of the total market in 2022.
- Looking ahead, the Asia-Pacific and North American regions are expected to witness the most rapid growth within the N-Methyl-2-Pyrrolidone (NMP) market.
- The global N-Methyl-2-Pyrrolidone (NMP) market is on a dynamic growth trajectory, driven by increasing pharmaceutical industry demands and strategic collaborations among key players.