Ionic liquids market size forecast to exceed USD 2 billion by 2022
Published Date: March 22, 2016 Author: Global Market Insights, Inc.
Ionic liquids market size is forecast to be worth over USD 2 billion by 2022; as per a new research report by Global Market Insights, Inc. Strong green solvents market demand in chemicals, pharmaceuticals and electronics in order to minimize toxicity concerns from inorganic counterparts are likely to drive growth.
Catalysis/synthesis application dominated the demand and accounted for over 27% of the total ionic liquid market share in 2014, with consumption of over 2,800 tons.
Commercial products for this application include stannates, chloraluninates or alkylchloroaluminates. Pharmaceutical applications are forecast to grow with highest CAGR of 25.6% up to 2022.
Stringent norms by REACH and EPA to curb toxicity by minimizing VOC content in the environment is likely to positively influence ionic liquids market size in green solvent applications. The CAA (Clean Air Act) forms the basis of the EPA action & mandate to curb atmospheric pollution with guidelines for each state to maintain SIP (Sate Implementation Plan) for compliance. EU, under the act 1999/13/EC, regulates VOC emission in manufacturing and service sectors.
Liquids such as pyrrolidinium, imidazolium, pyridinium, piperidinium, ammonium, morpholinium, sulphonium and phosphonium offer production flexibility owing to myriad combinations of anions & cations. These are favored in numerous applications owing to intrinsic properties which include high temperature stability, insignificant vapor pressure, low viscosity, non-flammability and liquid state preservation in high temperature area.
Possibility of some traditional ionic liquids such as N-alkylpyridinium and tetraalkylammonium of becoming persistent pollutants by release in soil or water resources is a concern, which might hamper industry growth. High cost of these solvents is also a concern to generate profitability for industry participants. Technology innovation to develop products catering to niche applications such as aerospace and pharmaceuticals is likely to present unexplored growth potential.
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Key insights from the report include:
- Global ionic liquids market size registered 9.77 kilo tons in 2014 and is likely to achieve growth rates at 23.4% up to 2022 and reach 51.75 kilo tons.
- U.S. ionic liquid market size was the dominant regional industry and accounted for 35.9% of the total volume in 2014. A stringent environmental norm structure by the EPA to curb VOC content is likely to favor demand.
- China ionic liquid market is likely to attain highest gains at 24.2% CAGR, up to 2022 with a target to reduce pollution owing to presence of large & small scale manufacturing facilities in the region.
- Pharmaceutical application in Germany generated revenues worth USD 7.5 million in 2014 and is likely to achieve highest growth rates up to 2022.
- Japan ionic liquid industry revenue for pharmaceutical applications should gain at over 16.5% for the next seven years.
- Ionic liquids market share is fragmented as end-use industries demand application specific product solutions. Key companies include Solvionic, BASF, IOLITECH GmbH and Coorstek. Other prominent companies include TCI, Strem Chemicals, Merck and Scionix.