N-Methyl-2-Pyrrolidone (NMP) Market on a Steady Growth Trail; FMI Provides Projections in Light of COVID-19 Pandemic in its New Revised Report

Global Chemicals and Materials Industry Outlook

Recycle and reuse practices are impacting the sales of virgin materials, resulting into lesser dependency on volume-driven growth. New materials are showcasing potential for driving value-based growth, but chemical companies are still some time away from achieving voluminous production, while maintaining high quality at the same time. Barring few exceptions, a majority of players are still prioritizing short-term volume growth over long-term value growth. Pressure on improving bottom-line is influencing manufacturers to improve efficiency and reduce operational costs. The impact of value-driven growth may not be visible in the short-term, but long-term outlook remains in favor of a balanced approach between value and volume.

The well-researched market report offers a thorough quantitative and qualitative assessment of the N-Methyl-2-Pyrrolidone (NMP) Market along with easy to grasp tables, graphs, and figures.

Manufacturers are under increasing pressure to incorporate digital solutions in their offerings. Forward-thinking manufacturers are investing in technology to reduce human interference and streamline key operational aspects such as ordering and shipping. Resonating its influence over every industry, Internet of Things (IoT) has the potential to transform and disrupt the chemical sector. Connectivity through IoT devices is gaining traction, whereas product-level sensors on dispensing equipment and barrels are helping manufacturers track their consignments digitally. Through assessment of long-term benefits, chemical companies are capitalizing on digitization by adopting digital platforms & processes that eliminate human error in profit-associated operations.

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Manufacturers continue seeking low-priced feedstock in a bid to marginally reduce pre-production costs. Industry leaders are joining forces to replace fossil fuel-derived feedstock with bio-based alternatives. However, concerns related to producing affordable and sustainable feedstock at mass scale remains a challenge. Access to quality and affordable feedstock will continue to remain a focus area for manufacturers. Chemical manufacturing processes are running on limited energy, while volume of feedstock is getting stranded at ports as disapproval from import authorities keeps disrupting supply chains in sectors, such as oleo chemicals and petrochemicals industries.

Chemical manufacturers have promised support and adherence to governments & regional authorities that are committing towards green, sustainable initiatives. Development of bio-alternatives is gaining momentum. Research & academic institutes are teaming up with manufacturers to formulate sustainable substitutes for commonly-used chemical substrates. Many companies are keeping a close eye on advancements in โ€œgreen chemistry.โ€ Shift towards eco-friendly chemicals will gain momentum in the future on the back of government regulations and end-user preference. Rising costs of fossil fuels will also instrument the upsurge for sustainable chemicals manufacturing.

List of factors tracked in the Chemicals and Materials Market Report

  • Chemical Industry Value Add
  • Chemical Sales
  • Per Capita Consumption
  • Standard Capacity Factors
  • Plastics Consumption Outlook
  • Glass Consumption Outlook
  • Policies and Regulations
  • Historical growth of top players
  • Growth in associated markets
  • Net trade scenario
  • Apparent production capacity

Data Collection

FMI collects data from secondary sources including company annual reports, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.

Market Taxonomy

  • By Application
  • By Region
  • Petrochemical
  • processing
  • Paints & Coatings
  • Industrial Cleaners
  • Electronics
  • Agrochemicals
  • Pharmaceutical
  • Others
  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • SEA & Pacific
  • Japan
  • MEA
  • China

Data Validation

In this phase, FMI validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.

Target Audience

  • Production Companies
  • Suppliers
  • Channel Partners
  • Marketing Authorities
  • Subject Matter Experts
  • Research Institutions
  • Financial Institutions
  • Market Consultants
  • Government Authorities

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Key Questions Answered

  • How the market has performed over the past few years?
  • What have been the challenges for market participants and how did they overcome them?
  • How has the technology landscape evolved over the past years?
  • How the competitors have performed and what have been their growth strategies?
  • What is the market potential expected to look like in near future across the globe?
  • How to sustain and grow market share?
  • What should be the future course of action?
  • Where do I currently stand?
  • Which are the segments, factors, regions offering promising growth potential?
  • What are the trends in the market and am I ready for them?