The ionic liquids market was valued at US$ 27.29 million in 2018 and is estimated to reach US$ 40.96 million in 2023, expanding at a CAGR of 10.19% over the forecast period 2018-2023. The global market for ionic liquids is expected to grow only slowly. The Asia-Pacific region leads the market in ionic liquids, followed by North America.
- Alfa Chemistry, one of New York's leading chemical companies, announced the launch of ionic liquids products to expand its production lines and support chemical research for its customers.
- The China Petroleum & Chemical Corp. (Sinopec) has commissioned a renewed plant in Sinopec Jiujiang Co., a subsidiary in Jiujiang City, Jiujiang Province. Based on ionic liquid (IL) jointing technology at Jiangxi, China market value for ionic liquids has been accelerated and is expected further growth.
Market Drivers and Restraints:
Ionic liquids are green solvents used in the food and adhesives industry because they do not emit harmful substances or cause contamination. The resulting bioproducts are biodegradable and do not produce waste. The extension of environmental knowledge has an impact on the use of ionic liquids, as raw materials and results are less harmful to the earth. Increasing awareness of the benefits of ionic liquids will enhance the disclosure of methods of the invention for developing the use of ionic liquids in a variety of applications. The expansion of the environmental supply will be one of the essential patterns that will boost the development of the ionic liquids market in the coming years.
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Report segmented as
- Solvents & Catalysts,
- Process & Operating Fluids,
- Batteries & Electrochemistry,
By geography, the Ionic Liquids Market is divided into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. The Asia Pacific region is ruling the global market. India, China, Japan, and Malaysia are the significant drivers of this business. North America is the second biggest in the Ionic liquids market. North America supplies its produced ionic liquids to worldwide. Europe is relied upon to validate steady development in the forecast year. South America and Africa share low chances for this market due to the absence of adequate application-based collecting businesses.
Important Market Players:
The key market players include BASF SE (Germany), Merck KGaA (Germany), Evonik Industries AG (Germany), Ionic Liquids Technologies (IoLiTec) GmbH (Germany), Proionic (Austria), The Chemours Company (U.S.), Solvionic SA (France), Jinkai Chemical Co., Ltd. (China), CoorsTek Specialty Chemicals (U.S.), Reinste Nanoventure (India), Strem Chemicals Inc. (U.S.), and Tatva Chintan Pharma Chem Pvt. Ltd. (India).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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