Global Ionic Liquids market size valued 9.8 kilotons in 2014, is estimated to register a CAGR of 23.5% over the period of 2016-2022. Ionic liquids market is forecast to be worth over USD 2 billion by 2022. Increasing applications of ionic liquids in paint & coatings, adhesives, printing, cosmetics, and pharmaceutical industries will primarily drive ionic liquids industry trends over the forecast timeframe.
Moreover, rising adoption of green solvents over the organic compounds, owing to the toxicity concerns associated with the latter, will also favor the ionic liquids market share over the coming years. In addition to this, strict government norms to reduce VOC content will further boost the industry growth over the estimated timeframe.
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Ionic liquids possess desirable properties such as minimal vapor pressure, non-flammability, high thermal stability, high conductivity, etc. which makes it a preferred choice across a variety of applications. They are popularly used in Food, Catalysis/Synthesis, Electronics, Paper & Pulp, Biotechnology, Pharmaceuticals, and Automotive industries. Ionic liquids market size in catalysis/synthesis applications dominated the industry in 2014 with a revenue of USD 150 million.
Ionic liquids applications in food industry is expected to grow substantially over the anticipated years, owing to rising disposable income of the consumers and inclination towards processed food due to hectic lifestyle. Moreover, ionic liquids are widely used in food processing applications for purification, derivatization, extraction, and separation of biogenic compounds such as carbohydrates, fats, proteins, etc. Ionic liquids industry share in pharmaceutical sector is estimated to register a CAGR of 25.6% over 2015-2022.
US ionic liquids market dominated the regional landscape in 2014 with a revenue of USD 200 million in 2014 and is estimated to grow significantly over the coming years. The growth can be attributed to strict government regulations to reduce organic solvents usage across various industries such as pharmaceuticals, oil & gas, and chemical to ensure health & non-toxic environment.
Asia Pacific market will witness noticeable growth over the estimated years, primarily led by China. The growth can be attributed to the increasing focus towards curbing environmental pollution and presence of various large scale manufacturing companies across this region. China market is estimated to register a CAGR of 24.2% over the period of 2016-2022.
Key industry participants include Solvionic, IoLiTec GmbH, BASF, Coors Tek, TCI, Merck, Strem Chemicals, and Scionix.