Global Ionic liquids Market size worth above USD 4.5 billion by 2027
Published Date: June 22, 2021 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights Inc., the Ionic liquids market size is set to surpass USD 4.5 billion by 2027.
An Ionic liquid is a solvent which has a low melting pint and remains in liquid form at ambient temperature. These products are witnessing growing incorporation in the chemical industry primarily as a green, non-volatile and non-toxic alternative to conventional solvents. The rising focus on sustainability in the chemical industry should further boost product adoption owing to its ability to reduce waste generation.
Growing adoption of wearable devices should accelerate the growth of ionic liquids market from electronics application
Electronics applications witnessed a consumption of over 3.5 kilo tons in 2020. These products register extensive usage in electrochemical capacitors, electrocatalysis, electrosynthesis and electrodeposition. The electronics industry is witnessing the growing adoption of conducting polymers in products such as chemical sensors, photovoltaics, batteries, electromechanical actuators and supercapacitors owing to the similarity of these polymers to metals with respect to their magnetic, optical and electronic properties but possess lower densities. The product is essential for the production and usage of conducting polymers which represents health growth opportunities.
Growing demand for wearable devices in recent years such as gadgets which can monitor sweat metabolites, heart rate and body movements should augment ionic liquid market growth. The primary challenges faced by these devices is their inability to deform according to body movement. Ionic liquids offer significant potential to counteract this challenge owing to their lower Young’s modulus compared to conventional polymers used to produce electronic devices which should trigger ionic liquids market share.
“According to industry forecasts, electronics application to register about 18.5% gains by 2027 pertaining to the products vital role in the manufacture of conducting polymers”
Browse key industry insights spread across 170 pages with 42 market data tables and 21 figures & charts from the report, “Ionic Liquids Market Size By Application (Catalysis, Synthesis, Food, Paper & Pulp, Electronics, Biotechnology, Automotive, Pharmaceuticals), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing focus on developing innovative pharmaceutical products should drive ionic liquids market from biotechnology application
Biotechnology application segment should register a CAGR of 18.9% in the forecast period. The products find growing usage in multi-step extraction procedures on a large scale in the biotechnology industry owing to the ability to recover compounds extracted into ionic liquid phases. Moreover, These products are also used as solvents for the fabrication of various biopolymers such as proteins & polysaccharides into several forms such as films, beads, fibers and molded shapes.
Growing research & development activities for the development of innovative pharmaceutical products, technological advancement and favorable government policies should boost the biotechnology sector and trigger the growth of ionic liquids market. Growing efforts by biotech companies to collaborate with science organizations to enhance scientific discoveries & product development should further stimulate the ionic liquids market demand.
“As per market forecasts, biotechnology application should surpass USD 485 million by 2027 owing to growing research & development activities by pharmaceutical companies”
The presence of a well-established chemical industry should stimulate ionic liquids market in Germany
Germany should exceed USD 1.5 billion by the end of the predicted period. The presence of a well-established chemical manufacturing base in the country along with the relocation of leading chemical manufacturers to Germany to avail the excellent research & logistical facilities should accelerate the domestic chemical sector and drive ionic liquids demand.
Germany is witnessing an increasing focus on adopting a circular economy, sustainability, protection of natural resources and dealing with climate change which should boost ionic liquids usage as solvents and catalysts in the chemical sector. These products are regarded as green chemicals and allow the designing of sustainable chemical processes.
Ionic liquid industry manufacturers and end-users are majorly engaged in extensive research & development activities to allow product adoption in new applications and achieve competitive advantage. Major manufacturers of the product include IOLITECH GmbH, BASF, Merck Chemicals, Solvay and Tokyo Chemical Industries.
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