NMP Market Anticipated to Face Growth Restrictions in North America and Europe Due to New Regulatory Framework: Future Market Insights
PUNE, INDIA--(Korea Newswire) February 10, 2022 -- According to the market analysis for the years 2018-2028, China is expected to record the highest consumption of NMP in excess of 120,000 MT by the end of 2028.
However, in terms of growth rate, the SEA & Pacific region is expected to witness good growth during the forecast period. North America also holds a lucrative position with a high market value estimated by the end of 2028.
Future Market Insights report also highlights the fact that the application of NMP in industrial cleaners and paints or coatings will decline exceptionally in Europe and North America, due to a stringent regulatory framework.
In Europe, the use of NMP in consumer products is expected to decline owing to its entry in Annex VI of the CLP Regulation including Repr. 1B H360D with a specific concentration level (SCL) of 5% (current consumer product limit).
If this is applied, it will confine the use of NMP in consumer applications to less than 0.3% and would thereby prohibit NMP from being used in such products as NMP would have no functionality at this level in the current consumer applications.
It is getting the industry's attention whether these regulations will be strong enough to hinder the growth of the NMP market in lucrative regions like Europe.
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