Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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
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:
Market Segmentation
Our in-depth analysis of the global ionic liquid market includes the following segments:
By Component type:
By Application:
Growth Drivers
Restraints
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing usage of ionic liquid as an industrial solvent is the major factor driving the market growth.
Increasing usage of ionic liquid as an industrial solvent is the major factor driving the market growth.
Asia Pacific region is anticipated to provide more business opportunities on the back of growing consumption of ionic liquids.
The major players in the market are Tokyo Chemical Industry Co., Ltd., BASF SE, SOLVIONIC, Solvay SA, Merck KGaA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component type, application, and by region.
The catalysts & solvents segment is anticipated to hold the largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Fluctuating prices of raw materials and aquatic toxicity of ionic liquids are the key reasons estimated to hamper market growth.
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