The report "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 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.
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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 use of ionic liquids in pharmaceuticals as liquid API and in the cosmetic industry are some of the applications, which are in research stage and can be a potential driver for the ionic liquids market in the near future. In 2015, the solvents & catalysts application of ionic liquids accounted for the largest market share, in terms of value, followed by electrochemistry & batteries and bio-refineries. One of the potential applications of these liquids is in the pre-processing of feedstock for bio-refineries. The ability to dissolve cellulose is a major driver of ionic liquids in the bio-refineries 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.
The market players are expected to employ inorganic growth strategies, including collaborations, to commercialize the applications of ionic liquids, thereby enhancing the overall business worldwide. The key companies operating in the ionic liquids market are striving to provide application-specific ionic liquids. Development of newer ionic liquids and their applications along with further commercialization is expected to fuel the growth of the ionic liquids market in the next five years.
The factor restraining the growth of the ionic liquids market is its price. As these liquids are manufactured in a small scale, once the demand grows owing to commercialization of applications, the prices are expected to decrease making their use in various processes economic and feasible.
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The companies that supply ionic liquids include 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), Scionix Ltd. (U.K.), and Strem Chemicals Inc. (U.S.).
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