Ionic Liquids Market Size By Application (Catalysis/Synthesis, Food, Paper & Pulp, Electronics, Biotechnology, Automotive, Pharmaceuticals), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022
Ocean View, DE -- (SBWIRE) -- 06/15/2016 -- Size of ionic liquids market is projected to cross 50 kilo tons till 2022 and is rising at a compound annual growth rate of beyond 22% as per the study done by Global Market Insights. With an increase in demand of green solvents because of toxic nature of organic salts, ionic liquids market share is likely to grow in the coming years.
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These solvents are widely used in paints & coatings, adhesives, cosmetics, printing inks and pharmaceuticals. Properties of these liquids can be customized as per the demand of industries and applications.
Let's have a look on some of the striking properties of these solvents.
- Very less percentage of water vapor
- Good thermal stability
- Less viscosity
- Ability to remain in liquid state below 100°C or at room temperature
- High conductivity
All these properties have made ionic liquids ideal to be used in diverse applications and have taken the place of organic solvents in various industries. Global ionic liquids market trend was anticipated to go beyond 18.5 million tons in the year 2014 and is estimated to touch 23 million tons till 2022. These solvents have captured 10% of overall market share and are according to government regulations for reducing VOC content in environment.
Food applications have captured 11% of overall ionic market in the year 2014 and are expected to rise significantly between the years 2015 to 2022. With a fuelling demand of processed food because of busy lifestyle and growth in earning capacity significant boost in solvent market has been observed. These ionic liquids are used in processing method for purification, extraction, separation and derivatization of compounds like fats, proteins, carbohydrates, pigments and antioxidant flavors.
Apart from food, electronic market has observed 10% of overall revenue share and is projected to enjoy above average profit till 2022.
U.S. market has dominated in 2014 with revenue generation crossed USD 200 million. Along with U.S., China market share also contributed 17% of overall demand in the year 2014. With the focus on reducing toxicity from organic products, green solvents are playing a pivotal role in the market by reducing environmental issues, thus fuelling up their demand in China and U.S.
Traditional price trends of these solvents were high, making it impossible for industries to take advantage. With the advancement in technology for manufacturing products as per niche requirements in pharmaceuticals as well as aerospace are estimated to propel the market in future.