Ionic Liquids Market Size to hit USD 66.3 Million by 2027 at CAGR 9.15%

25 Aug 2021

Global Ionic Liquids Market is valued at USD 35.7 Million in 2020 and expected to reach USD 66.3 Million by 2027 with a CAGR of 9.15% over the forecast period.

Global Ionic liquids Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing industrial applications of ionic liquids and growing concern regarding environment are driving the growth of Global Ionic Liquids Market.

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Scope of Global Ionic liquids Market Report:

Ionic liquids are compounds that are mostly made up of ions and have a melting point below 100o C. Paul Walden reported the first ionic liquid (ethylammonium nitrate) in 1914, but he had no idea that ionic liquids would become a major scientific field almost a century later. Ionic liquids are also known by different names like neoteric solvents, designer solvents, ionic fluids, and molten salts. Most of the ionic liquids are made up of organic cation and inorganic anions. Ionic liquids have various interesting physic-chemical properties such as high thermal stability, low vapor pressure, non-flammability; low viscosity etc. ionic liquids are considered as high performance fluids with low environmental impact and that can be applied in the fields of chemistry, chemical engineering or materials science both in processes and as devices. Ionic liquids have various applications and are used in a variety of ways such as solvents, electrolytes, separation, lubricants and additives, electro elastic materials, analytics, liquid crystal and heat storage. Increasing application of ionic liquids in various fields due to their unique properties is driving the market growth.

During the Covid-19 pandemic, the careful steps taken by governments of different nations have led to the temporary suspension of production and distribution of ionic liquids due to which end-user industries are facing tough time. However, growing awareness regarding safety of people and environment can help market to grow, because use of ionic liquid can prevent various environmental hazards and it is  environment friendly due to their green chemistry.

Global ionic liquids Market is segmented into application, and regional & country analysis. On the basis of application, the market is segmented into solvents and catalysts, process and operating fluids, batteries and electrochemistry, bio-refineries and plastics.

Global Ionic Liquids Market Segmentation:

By Application:

Solvents and Catalysts
Process and Operating Fluids
Batteries and Electrochemistry
Bio-Refineries
Plastics

Key Players for Global Ionic liquids Market Report:

Major players in the global ionic liquids market are BASF SE, CoorsTek Speciality Chemicals, Evonik Indutries AG, Ionic Liquids Technology (IoLiTech) GmbH, Jinkai Chemical Co. Ltd., Merck KGaA, Proionic, Reinste Nanoventure, Solvionic SA, Strem Chemicals Inc., The Chemours Company, Tatva Chintan Pharma Chem Pvt, Ltd., and others.

Increasing Application of the Ionic Liquids in Electrochemical Devices and Other Industries as a Solvents and Catalysts is One of the Major Factors Driving the Market Growth

The attractive properties of ionic liquids, particularly the high electrochemical stability of various cation and anion types, make them suitable for use in high-energy electrochemical devices like lithium batteries. Ionic liquids are also anticipated to be used in electrochemical devices like electric double-layer capacitors (EDLC) and dye-sensitized solar cells (DSSC). Low volatility and flammability are two of the primary advantages they provide as electrolytes, allowing for greater safety and stability, these factors are driving the application of ionic liquids in electrochemical devices. Owing to these properties, they are used in industrial solvents & catalysts and demand from end-user industries for ionic liquids is increasing. For instance; according to the Journal of Molecules 2020, the increasing number of patents demonstrates that commercial interest in the widespread applications of ionic liquids has continued to grow. In 2019, more than 19,000 patents were filed around the world, with 2100 of them being published in the year 2019 alone. According to the same journal, in 2018, Chevron began retrofitting the Ionic Liquids technology to a refinery producing about 190 tons of alkylate per year. This is a major step forward in the commercial use of ionic liquids on a large scale.

However, the high cost of raw materials required to manufacture the ionic liquids may hamper the market growth. In spite of that, increasing awareness to purchase safe electronic gadgets with high performance can offer more opportunities for the further growth of the global ionic liquids market.

Asia Pacific is Expected to Witness a Fastest Growth in the Global Ionic Liquids Market.

Asia Pacific region is expected to witness a significant growth in the global ionic liquids market. Increasing industrialization and growing consumption of electronic products are driving the ionic liquid demand in this region. For instance; according to the Journal Of Physics 2019, China has become the most active lithium battery development region in the world. In 2017, China produces about 88.7GWh lithium-ion batteries, with a year-on-year growth of 29.3%. The output of power battery was 44.5GWh, making it the largest consumer end over 3C products, and consumption of new-energy vehicles accounted for 50% of total production.

North America is also the largest market for ionic liquids due presence of a major number of mining companies and the use of ionic liquids in a separation process in this region. According to the Mining Association of Canada (MAC), Canada has one of the world's largest mining supply sectors globally with over 3,700 companies contributing many services to the Mining Industry and the Canadian mining industry is situated in a geologically rich area that allows it to produce over 60 minerals and become one of the world's largest mining nations.

The regions covered in this Global Ionic liquids Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global ionic liquids is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc. 

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