Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Ionic Liquids Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Application,” the ionic liquids market size is expected to grow from US$ 42 million in 2022 to US$ 89 million by 2030; it is estimated to register a CAGR of 9.8% from 2022 to 2030. The report highlights key factors driving the ionic liquids market growth and prominent players along with their developments in the market.
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Ionic liquids are ionic compounds formed by the combination of a cation and an anion, such as salts. The term molten salts is also used to refer generally to ionic liquids. Ionic liquids are liquid over a wide range of temperatures (300 to 400°C) from the melting point to the decomposition temperature of these compounds.
The increasing use of ionic liquids in various applications is a major driver for the ionic liquids market growth. The applications of ionic liquids are antistatic agents, electrolytes, solvents, lubricants, and many others. Ionic liquids are used as antistatic agents by adding them to resins. They can be used in processes subjected to high temperatures as they are involatile and highly heat-resistant. Ionic liquids are highly used in electrochemical devices such as electric double-layer capacitors (EDLC), lithium-ion batteries (LIB), and dye-sensitized solar cells (DSSC). Further, the development of environment-friendly clean processes has become an important topic in the chemical industry in recent years. As a result, ionic liquids are getting high attention in the field of green chemistry, as they do not disperse into environments, and they can be easily isolated and reused by heating and separating.
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Ionic Liquids Market: Competition Landscape
A few players operating in the global ionic liquids market include BASF SE, Solvay, Merck KGaA, Strem, SOLVIONIC, Proionic, KOEI CHEMICAL CO LTD, Otto Chemie Pvt Ltd, Carl Roth, and Alfa Chemical Co Ltd. Players operating in the global ionic liquids market focus on providing high-quality products to fulfill customer demand.
They also focus on adopting various strategies such as investment in research and development activities, new collaborations, product launches, and partnerships in order to stay competitive in the market. For instance, In April 2021, Chevron Corporation and Honeywell announced the commissioning and start-up of the world’s first commercial-scale ISOALKY process unit that utilizes ionic liquids to produce alkylate. The ISOALKY technology represents a major innovation in alkylation technology.
The report includes the segmentation of the ionic liquids market as follows:
The global ionic liquids market is segmented on the basis of type and application. Based on type, the ionic liquids market is segmented into azolium, phosphonium, pyridinium, alkylammonium, pyrrolidinium, and others. The ionic liquids market is segmented based on application into electrolytes, solvents, catalysts, lubricants and additives, process fluids, and others. By geography, the ionic liquids market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America ionic liquids market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific ionic liquids market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The ionic liquids market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America ionic liquids market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Ionic Liquids Market
The COVID-19 pandemic has adversely altered the status of the chemicals & materials sector and negatively affected the ionic liquids market growth. The measures taken by the government authorities in various countries to combat the spread of the virus aggravated the situation and negatively impacted the growth of various industries. Various industries have been adversely affected by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The COVID-19 pandemic has negatively impacted the import and export of ionic liquids in different countries, negatively impacting ionic liquids market growth.
However, as several countries resumed their operations, companies from the manufacturing industries have regained their operations to normalcy. With this, the demand for ionic liquids has risen globally. The increasing demand for ionic liquids from chemicals, paper & pulp, solvents, lubricants, and other applications is driving the ionic liquids market growth.
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