Ionic Liquids Market is estimated to attain USD 39.6 Million by 2021, at a CAGR of 9.2%


Posted July 16, 2019 by Chemical-Research-Expert

Ionic Liquids Market size is estimated to reach USD 39.6 Million by 2021 at a CAGR of 9.2% between 2016 and 2021.

 
The report "Ionic Liquids Market by Application (Solvents & Catalysts, Process & Operating Fluids, Plastics, Batteries & Electrochemistry, Bio-Refineries) and by Region (North America, Europe, Asia-Pacific and Rest of World) - Global Forecast to 2021", The market size of ionic liquids is estimated to grow from USD 25.6 Million in 2016 to USD 39.6 Million by 2021, at a CAGR of 9.2% during the forecast period.

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Browse 32 market data Tables and 37 Figures spread through 97 Pages and in-depth TOC on "Ionic Liquids Market by Application (Solvents & Catalysts, Process & Operating Fluids, Plastics, Batteries & Electrochemistry, Bio-Refineries) and by Region (North America, Europe, Asia-Pacific and Rest of World) - Global Forecast to 2021".

The market is expected to be driven by increasing demand for ionic liquids in emerging markets and high demand from the bio-refineries and electrochemistry & batteries application segments. Asia-Pacific is projected to witness the highest CAGR, in terms of value, between 2016 and 2021. Growth in this region can be attributed to high demand from emerging markets such as China and India.

Solvents & catalysts: The largest application segment of ionic liquids
Ionic liquids are fused salts that remain in liquid state under 100ºC. These liquids are one of the potential replacements of industrial solvents because of their ability to dissolve various chemicals and low volatility, as they have low vapor pressures.

Solvents & catalysts is one of the major applications of ionic liquids.

Ionic liquids are a mere combination of a cation and an anion. These specialty liquids have the potential to be used as a solvent and catalyst in bio-refineries and as an electrolyte in electrochemistry & batteries as well as bio-refineries. Majority of the chemical reactions are carried out in the presence of solvents. Solvents are used on a wide scale but are difficult to store because of their volatility. They also have VOCs that are harmful to the environment and can cause health hazards.

As the governments worldwide are restricting the emission of VOCs, ionic liquids can be a potential replacement for solvents, which will drive the ionic liquids market.

In 2015, Asia-Pacific accounted for the largest market share of ionic liquids, in terms of value. The potential increase in adoption of ionic liquids in bio-refineries for pre-processing or reforming of biomass and increasing consumption of these liquids in electrochemistry & batteries are expected to be the major drivers of the market during the forecast period. China is one of the leading consumers of ionic liquids worldwide, with increased demand from various end-use applications.

Application of ionic liquids in offshore wind turbines helps in improving the operation of windmills, which in turn decreases the downtime of turbines that is one of the major issues in this industry. The use of ionic liquids in wind turbines is a major step toward efficient generation of wind energy. This will increase the application of ionic liquids in process & operating fluids application.

The market players are expected to employ inorganic growth strategies, including collaborations, to commercialize the applications of ionic liquids, thereby enhancing the overall business worldwide. The key companies operating in the ionic liquids market are striving to provide application-specific ionic liquids. Development of newer ionic liquids and their applications along with further commercialization is expected to fuel the growth of the ionic liquids market in the next five years.

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BASF SE (Germany), Evonik Industries AG (Germany), Merck KGaA (Germany), Ionic Liquids Technologies (IoLiTec) GmbH (Germany), The Chemours Company (U.S.), Proionic (Austria), Solvionic SA (France), CoorsTek Specialty Chemicals (U.S.), Jinkai Chemical Co., Ltd. (China), Reinste Nanoventure (India), Tatva Chintan Pharma Chem Pvt. Ltd. (India), and Strem Chemicals Inc. (U.S.) are the key manufacturers and suppliers of ionic liquids.

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Last Updated July 16, 2019