Ionic Liquids Market company share, segmentation & Trends 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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In the solvents & catalysts application segment, ionic liquids are widely used as solvents and solvents & catalysts. The use of these liquids improves productivity and yields of a chemical reaction. The ability of these liquids to act both as solvents and catalysts increases their use in a number of industrial reactions.
These liquids have low vapor pressures, volatility, and VOC content. With the restrictions laid on the use of VOCs by REACH and EPA, the replacement of solvents by these liquids is expected to drive the market. North America accounted for the second-largest market share of ionic liquids in 2015.
Asia-Pacific is the largest market for ionic liquids. China is the largest and fastest-growing market for ionic liquids. India, China, Japan, and Malaysia are important markets in Asia-Pacific; these countries have been adopting new processes using ionic liquids.
Companies have been developing novel ionic liquids according to their application needs. China Ionic Liquids Laboratories and Petronas Ionic Liquids Centre are some of the institutes conducting research on ionic liquid applications. Asia-Pacific is also one of the major chemicals manufacturing regions. It has a large number of refineries, which provide a major potential for use of ionic liquids, as these liquids can be used both as a solvent and a catalyst in various industrial applications.
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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.
The value chain of ionic liquids ranges from sourcing of precursors (cations and anions) to delivery for end-use applications such as solvents & catalysts, process & operating fluids, plastics, electrochemistry & batteries, and bio-refineries. The ionic liquids industry is dominated by a few established players.
Most of the key suppliers market their products mostly through local and regional distribution channels. Production units in North America and Europe supply ionic liquids globally. Various research institutions are focusing on the development of ionic liquids and their commercialization.
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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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