The "Ionic Liquids: Environmentally Sustainable Solvent, Energy Storage and Separation Processes" report has been addedto ResearchAndMarkets.com's offering.
The global ionic liquids market should reach $55.8 million by 2026 from $43.0 million in 2021 at a compound annual growth rate (CAGR) of 5.4% for the forecast period of 2021 to 2026.
This report reviews both global and regional ionic liquid markets for different end-use industries. The report analyzes the current market status and trends and provides growth forecasts for the five-year period from 2020 to 2026. The report has detailed analyses of key trends and opportunities that would help market growth. It will also analyze the major challenges faced by manufacturers and end-users of ionic liquids.
Ionic liquids, a small specialty chemical market, have recently started to receive attention from investors and end-users. The industry is expanding slowly but steadily as suppliers struggle to keep pace with the global demand for alternative, environmentally friendly technologies across different applications including energy storage, industrial solvents and biomass processing.
High manufacturing costs as a result of small-scale batch production are a primary barrier to the penetration of materials in end-use applications. High raw material costs are hindering the number of players entering the market. As with other emerging technologies, cost benefits may not be immediately obvious due to the low volume of production. The publisher expects a large-scale ionic liquid supply by 2022, along with at least a 70% decline in price. For instance, Chevron commercialized an alkylation unit based on the ionic liquid in April 2021.
Security of supply and cost is the two major factors affecting the global IL market. Today, there are many suppliers of ionic liquids with production capacity varying from the gram scale to the multi-ton scale. As the demand for ionic liquids has not been established properly in many of its end-use application markets, suppliers are restricting their full capacity production or producing on a small scale. This has resulted in high production costs, and as a result, many end users do not find ionic liquids to be price competitive.
Though today there are only a limited number of commercial processes available that use ionic liquids, there is clearly a path forward that suggests that ionic liquid technologies are viable if costs can be controlled. The application market is dominated by startups and university spin-offs in partnership with conventional ionic liquid manufacturers. With the recent success in commercialization and market adoption stories, ionic liquid technologies are certain to broaden in the coming years.
Supportive government regulations in many regions are anticipated to have a positive impact on the global ionic liquid market, especially for renewable technology applications. Stringent regulations banning certain toxic solvents and processed chemicals in various industry sectors, especially in developed regions such as the U.S. and Europe, are primarily propelling the market growth. Incentives offered by governments, especially promoting the use of renewable sources, are expected to have a positive impact on global ionic liquid demand for the next five years.
The solvent and catalyst application market will remain the major end-use market for ionic liquids by value during the forecast period, followed by separation processes, electrochemical devices and biotechnology. However, the electrochemical device market is expected to grow at the largest CAGR during the forecast period.
The report will also have a separate section highlighting the impact of COVID-19 on the ionic liquid market at a global level. The section will include the impact of COVID-19 on the demand and supply of ionic liquids, as well as various strategic decisions taken by the government to boost the market.
Report Highlights
The solvents and catalysts segment of the global ionic liquids market is expected to grow from $17.8 million in 2021 to $23.7 million in 2026 at a CAGR of 5.9% for the forecast period of 2021 to 2026.
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