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Trends in Ionic Liquids Market Detailed in New Research Report
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Based on application, the ionic liquids market is segmented into chemical processing, functional fluids, metal processing, electronic devices, separation process, and polymer processing. Based on solvating property, the ionic liquids market is segmented into organic & inorganic industrial applications and polymeric industrial application. Based on technological application, the ionic liquids market is divided into non-volatile plasticizers, thermal fluids, hydraulic fluids, high temperature lubricants, low temperature lubricants, electro chemical cells & devices and analytical chemistry .Key properties of ionic liquids help to provide better flexibility in their applications.
The ionic liquids market has witnessed a decent growth in 2015 and it is expected to grow significantly during the forecast period (2016-2024). Technical advancements in Electronics plays a significant role in driving overall ionic liquids market as ionic liquids are used in IC engines and Micro Electro Mechanical Systems (MEMS). Increase in environmental and health concerns and strong regulatory pressures are also driving the ionic liquids market. Ionic liquids are used as an alternative for traditional solvents and are considered as greener solvents. The growth of interior designing market has boosted the ionic liquids market as ionic liquid is widely consumed for furniture coating purposes. Dispensable income is another factor which drives ionic liquids market. Industrial development in developing countries also account for the growth of ionic liquids market. Besides this, developments in adhesives, inks, and chemical processing sectors account for large share of the ionic liquids consumption and act as ionic liquids market boosters. Recent advancements in pharmaceutical industry, textile industry and agriculture sector have a positive impact on ionic liquids market. Decline in demand for traditional solvents is another factor that is augmenting the global ionic liquids market.
In terms of region, the global ionic liquids market has been segmented into Asia-Pacific, North America and Europe. Asia Pacific accounts for the major consumption of ionic liquids with countries such as China and Japan followed by India. Key players operating in the ionic liquids market are based in North America and Europe; however, the market growth is likely to be flat in these regions. Regulatory norms adopted by REACH in the EU countries are projected to boost the green solvent market. Among EU region, Germany has a significant share of ionic liquid consumption in pharmaceutical industry applications. Though not that competitive, ionic liquids market has been able to set a change in market trends in Latin America, Middle East and Africa.
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Major players operating in the global ionic liquid market are BASF SE, Merck KGaA, Evonik Industries AG, Ionic Liquids Technologies, The Chemours Company, Proionic, Solvionic SA, Reinste Nanoventure, Strem Chemicals Inc, Jinkai Chemical Co.,Ltd and Sigma-Aldrich Co.LLC , Coors Tek Inc, IOLITECH GmbH, Tatva Chintan Pharma Chem Pvt Ltd and Scionix Holland B.V.
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