Ionic Liquid Market Highlights 2020 – 2029
The global ionic liquid market is anticipated to attain a robust CAGR during the forecast period, i.e., 2021 – 2029. The key reason behind this growth is the utilization of ionic liquid in variety of industries, majorly as an industrial solvent, owing to its exceptional properties such as low combustibility and high thermal stability among others. Factors including the increasing demand for ionic liquids for performing extraction and separation processes, and the rising emphasis on formulating solvents on the basis of green chemistry principles are also projected to boost the growth of the market in the near future. As per our analysis, the renewable chemicals market size was calculated to be approximately USD 70 billion in 2018, growing up to more than USD 85 billion in 2020.
On the basis of application, the segment for catalysts & solvents is estimated to grab the largest market share in 2021 as a result of their characteristics such as high chemical stability and excellent solvation properties. Stringent government regulations to minimize the volatile organic compounds (VOC) emissions is also expected to drive the growth of this market segment. For instance, the discharge of VOCs to outdoor areas is restricted by EPA in the United States to prevent ozone formation that further leads to the creation of photochemical smog. CLICK TO DOWNLOAD SAMPLE REPORT
Global Ionic Liquid Market Regional Synopsis
Based on the region-wise analysis, the ionic liquid market is segmented into five significant zones including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among these regions, the market in the Asia Pacific is expected to hold the largest share in 2021 owing to the high consumption of ionic liquids in the electronic goods industry, and the rising demand for ionic liquids from nations with strong manufacturing throughput such as Japan, Korea, China and Taiwan. Various researches predict that China alone accounted for more than 28% of global manufacturing output in 2018. In addition, Asia Pacific is also one of the largest chemicals producing region in the world. On the other hand, the market in North America is also anticipated to hold a significant market share owing to the presence of leading industrial manufacturers in this region. Along with this, the presence of prominent mining companies, which are an extensive user of ionic liquids, is also evaluated to offer growth opportunities to the market in this region.
The market is further classified on the basis of regions as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global ionic liquid market includes the following segments:
By Component type:
- Ammonium
- Imidazolium
- Phosphonium
- Pyridinium
- Pyrrolidinium
- Others
By Application:
- Catalysts & Solvents
- Process & Operating Fluids
- Plastics
- Bio-Refineries
- Others
Growth Drivers
- Increasing Use of Ionic Liquid as an Industrial Solvent
- Growing Demand for Ionic Liquids for Extraction and Separation Processes
Restraints
- Fluctuating Prices of Raw Materials
- Aquatic Toxicity Associated with Ionic Liquids
Top Featured Companies Dominating the Market
- Tokyo Chemical Industry Co., Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- KOEI CHEMICAL CO., LTD.
- BASF SE
- SOLVIONIC
- Solvay SA
- Merck KGaA
- Evonik Industries AG
- Iolitec Ionic Liquids Technologies GmbH
- Strem Chemicals, Inc.
- Reinste Nano Ventures Pvt. Ltd.
