Ionic Liquid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for ionic liquid is expected to grow at a CAGR more than 8% globally during the forecast period. Ionic liquids are basically salt like minerals that are liquid having temperature below 100 °C. As their melting points is generally lower than 100 °C, they are also termed as room-temperature ionic liquids. Ionic liquids were earlier introduced as alternative green reaction media owing to their unique physical and chemical properties. The growing consumption of batteries and increasing use of the ionic liquids as industrial catalysts and solvents have been driving the market growth.

However, the aquatic toxicity related to ionic liquid and halt in industrial prduction due to outbreak of coronavirus across the globe is likely to hinder the growth of the studied market.

The growing application of ionic liquid in the pharmaceutical and cosmetic industry is likely to provide opportunities for the ionic liquid market over the next five years.

Asia-Pacific dominated the market across the globe with the largest consumption of batteries from countries such as China, India and Vietnam.

Key Market Trends

Solvents and Catalyst to Dominate the Market

• Solvent and catalyst stand to be the dominating segment owing to ensure stringent regulations mandating the use of ionic liquid to conserve energy and achieve efficiency in operations.
• Beneficial properties of ionic liquids like low combustibility, chemically and thermally stable, volatility and good solvating properties due to which their ability to act as solvent and catalyst to speed up performance in various industries.
• Ionic Liquid are witnessing a strong rise in consumption in a number of industrial reactions as it improves productivity and yield of a chemical reaction. This anticipates propelling market growth in the forecast period.
• Stringent environmental regulations by governmental agencies such as Environmental Protection Agency (EPA) and European Union (EU) to control toxicity by minimizing the volatile organic compounds (VOCs) content in the environment are expected to positively impact the ionic liquids market.
• All the aforementioned factors are expected to drive the ionic liquid market during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region stands to be the largest and fastest-growing market for ionic liquid. Factors, such as the growing consumption of electronic goods in the region and increasing manufacturing company preference owing to low labor cost which in turn have been driving the ionic liquid requirements in Asia-Pacific.
• Ionic liquids are utilized in a variety of industrial applications including heat transfer fluids, azeotrope-breaking liquids, lubricants, electrolytes, liquid crystals, supported ionic liquid membranes, plasticizers, and more. Asian region is considered as an industrial hib with presence of industries which require ionic liquids in these applications. Countries like China, India, Indonesia, Japan and Vietnam are expected to contribute to the demand for ionic liquids.
• Shift in consumer perception towards adopting environment-friendly and green solvents owing to their chemically safe nature & low toxicity content is likely to drive market share over the forecasted period.
• Ionic liquid is being extensively used in sealants and electric battery applications. The rapid increase in renewable energy storage in the Asia Pacific region and increased consumption of electronic goods fosters the global ionic liquid market growth. The liquids also act as electrolytes for dye-synthesized solar cells and thermos-cells.
• Hence, all such market trends are expected to drive the demand for ionic liquid market in the region during the forecast period.

Competitive Landscape

The global ionic liquid market is consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are BASF SE, TCI America, SOLVIONIC, KOEI CHEMICAL CO., LTD. and Solvay amongst others

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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