Consistent adoption of green solvents owing to the rise in toxic environmental concerns will significantly bolster the ionic liquid market forecast over the coming years. Ionic liquid (IL), also commonly addressed as liquid salt or electrolyte, ionic melt as well as fused salt is largely adopted in electric batteries and sealant applications as it possesses low vapor pressure characteristics. It is a form of salt that appears in a liquid form and is mainly comprised of ions or short-lived ion pairs.
Iconic liquid uses in the form of solvents, co-solvents, and reagents find excessive demand in catalysis and biotransformation as they offer minimum vapor pressure, high thermal stability, as well as controllable viscosity in combination with water or organic solvents. Furthermore, an increase in pressure and the regulation of severe environmental policies have been formulated by several agencies. As per a recent report, the global ionic liquids market size will be record yearly revenues of more than USD 2 billion by 2022.
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Benefits in energy storage and pharma sectors
Rising popularity of ionic liquid as green solvents for use in applications like energy storage and industrial processes, as they exhibit low volatility and possess higher abilities to dissolve various compounds, is likely to enhance the market forecast through 2022. Besides, IL electrolytes are extensively deployed in dye-sensitized solar cells, actuators, thermos-cells, and double-layer capacitors to conduct electricity with enhanced reaction times.
The pharmaceutical industry size worldwide is anticipated to reach a global remuneration of more than USD 1.2 trillion over the next few years, presenting key opportunities for ionic liquid providers. The growth can be attributed to the rising consumption of the liquid solvent to cater to critical pharmaceutical issues as well as to carry pharmaceutical active compounds and salts in the combination of anions and cations.
U.S. and Germany to drive regional trends
U.S. ionic liquid market is expected to gain momentum, accumulating more than USD 750 million in global share through 2022. This is due to the initiation of severe regulatory policies by existing agencies across the country to counter prevalent health concerns, besides rendering protection against toxicity.
Germany will observe an substantial demand for various types of ILs and the regional landscape is pegged to register over 18% CAGR through the coming years. This expansion is owing to a rising adoption of clean energy to render sustainability along with the expansion of the energy storage sector across the region.
Growth from rising consumer requirements
Leading brands operating in the global market comprise numerous large-scale and small scale firms, consistently focused on catering to growing requirements from diverse end-use verticals. They are also keen on R&D activities to enhance ionic liquid synthesis as well as to extend their product portfolio.
For instance, in April 2020, a group of researchers in Europe revealed insights on the use of ionic liquids market to recycle sintered and polymer or resin bonded NdFeB permanent magnets. TCI, BASF, IOLITEC GmbH and Solvionic, Wuhu Huaren, Coorstek Specialty Chemicals, and Santa Cruz Biotechnology are a few of the renowned ionic liquid producers.
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High prices associated with the solvents may impose a challenge, making the product uneconomical for extensive industrial use. This had led to an augmented focus by several solution providers to incorporate technological innovations and developments to cut down on the manufacturing costs. The coronavirus pandemic resulted in a slowed down of businesses to some extent. However, with the gradual resumption of supply operations, the product demand could pick up pace.
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