Solvents & Catalysts application of ionic liquids accounted for the largest market share till 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.
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 unique properties of ionic liquids along with development and commercialization of newer applications play a significant role in driving the market.
The regulations for minimizing VOC content in the environment and the ability of ionic liquids to act both as a solvent and a catalyst are expected to propel the market for ionic liquids in the solvents & catalysts application. The potential increase in use of these liquids in bio-refineries along with initiatives taken by governments of various countries worldwide to decrease dependence on crude oil and increase the use of biofuels as alternatives will drive the market at a high growth rate in this application.
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.
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Solvents & catalysts: The largest application segment of ionic liquids
Ionic liquids are fused salts that remain in liquid state under 100ÂşC. 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.
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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