Ionic Liquids Market: Future Innovation Strategies, Growth & Profit Analysis, Forecast by 2024
The global market for ionic liquids should grow from $57.5 million in 2019 to reach $70.0 million by 2024 at a compound annual growth rate (CAGR) of 4.0% for the period of 2019-2024
Report Scope:
This report reviews both global and regional ionic liquids markets for different end-use industries. The report analyzes the current market status and trends and provides growth forecasts for the five-year period of 2019 to 2024. The analysis also discusses R&D issues, including global regulatory scenarios and other commercialization hurdles. Additionally, this comprehensive report examines technology developers/manufacturers of biodegradable stents, their products and technologies and geographical product presence where data are available.
This report analyzes the global ionic liquids market based on the following application industries -
- Solvents and catalysts.
- Electrochemical devices.
- Separation processes.
- Biotechnologies.
- Metal finishing's.
- Others.
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Further, the global ionic liquids market has been studied based the following major markets -
- North America:
- The U.S.
- Canada.
- Europe:
- Germany.
- France.
- U.K.
- Others.
- Asia-Pacific:
- China.
- India.
- Korea.
- Japan.
- Others.
- Rest of the World (ROW)
As the global IL industry is highly R&D intensive, the sales of ionic liquids for all kinds of advanced R&D purposes have been considered during total revenue calculations.
The report offers a detailed patent analysis with information on the strategic initiatives of market players within the past five years.
Specifically excluded from the study are detailed reviews on ionic liquid process equipment and suppliers of process equipment.
Estimated values used are based on manufacturers' total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation.
Report Includes:
- 40 tables
- An overview of the global markets and applications of ionic liquids
- Analyses of global market trends, with data from 2018, estimates for 2019 and projections of compound annual growth rates (CAGRs) through 2024
- A look into milestones in the history of ionic liquids and discussion of current events within the industry
- Explanation of characteristics of ionic liquids such as low vapor pressure, stability, and environment friendliness
- Description of commercial ionic liquids production technologies
- Information on ionic liquids as a sustainable replacement of traditional organic solvents used in many industrial applications
- Coverage of supply and sourcing issues, latest development, commercialization hurdles, market trend, and demand side analysis
- Comprehensive company profiles of the suppliers of different types of ionic liquids, including Air Products and Chemicals Inc., BASF SE, Evonik Industries AG, Honeywell UOP and Merck KGaA
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Summary
Ionic liquids are a small specialty chemical market that have recently started to receive attention from investors and end users. The industry is expanding slowly but steadily as suppliers struggle to keep pace with the global demand for alternative environmentally-friendly technologies across different applications including energy storage, industrial solvents and biomass processing.
High manufacturing costs as a result of small-scale batch production are a primary barrier for the penetration of materials in end use applications. High raw material costs are hindering the number of players entering the market. As with other emerging technologies, cost benefits may not be immediately obvious due to low volume of production. BCC Research expects large-scale ionic liquid supply by 2022, along with at least a 70% decline in price. This will be associated with accoladed technology adoption and faster commercialization, with a compound annual growth rate (CAGR) of REDACTED between 2019 and 2024.
Security of supply and cost are the two major factors that affecting the global IL market. Today, there are many suppliers of ionic liquids with production capacity varying from the gram scale to the multi -ton scale. As the demand for ionic liquids has not been established properly in many of its end use application market, suppliers are restricting their full capacity production or producing on a small scale. This has resulted in high production costs, and as a result many end users do not find ionic liquids to be price competitive.
Though today there are only limited number of commercial processes available that use ionic liquids, there is clearly a path forward that suggests that ionic liquid technologies are viable if costs can be controlled. The application market is dominated by startups and university spin-offs in partnership with conventional ionic liquid manufacturers. With the recent success commercialization and market adoption stories, ionic liquid technologies are certain to broaden in the coming years.
Supportive government regulations in many regions are anticipated to have a positive impact on the global ionic liquids market, especially for renewable technology applications. Stringent regulations banning certain toxic solvents and processed chemicals in various industry sectors, especially in developed regions such as the U.S. and Europe, are primarily propelling market growth. Incentives offered by governments, especially promoting the use of renewable sources, are expected to have a positive impact on global ionic liquids demand for next five years.
The solvents and catalysts application market will remain the major end use market for ionic liquids by both value and volume during the forecast period, followed by separation processes, biotechnology, and electrochemical devices. Overall, certain segments in the separation process market area expected to witness the fastest growth rate in the industry.
Advances in renewable energy harvesting have led to a pressing demand for the complimentary energy storage technology that boosts opportunities for advanced electrolyte technologies, including ionic liquid-based electrolytes. These electrolytes hold tremendous opportunity in lithium-ion batteries (LiBs) for which the industry will still use organic solvents for quite a while until there is no real alternatives.
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