According to a report published by the PubAg U.S. DEPARTMENT OF AGRICULTURE, ionic liquid salts are one of the major components in modern chemistry. Furthermore, Ionic liquids are thought to be the beneficial replacements of traditional organic solvents due to their environment friendly nature. Thus, the increasing attention towards green chemistry is expected to increase the demand for these products as a green solvent which will eventually enhance the market growth.
According to Data Bridge Market Research the Ionic Liquid Market accounted for USD 40.04 million in 2021, and expected to reach USD 84.59 million by 2029. The market is expected to grow with a CAGR of 9.80% in the forecast period of 2022 to 2029.
“Increasing demand of ionic liquids For Drug Delivery”
In drug discovery and development, it is projected that around 90% of under-study drugs and 40% of commercialized drugs have inadequate pharmaceutical properties, severely restraining therapeutic efficacy. As a result of this, there is an increasing need to identify the strategies which will responsible for improving the delivery of these drugs. Ionic liquids are a new class of liquids which contain organic salts with specific amount, either alone or in combination with drug delivery systems. Moreover, there is an increasing interest in ionic liquids for drug formulation, solubility and drug delivery, with a focus on nanotechnology is expected to drive the growth of the ionic liquid market.
What restraints the growth of Ionic Liquids Market?
“High cost of raw material and complexity of manufacturing processes”
The volatility in the prices of raw material and complexity of manufacturing processes which adds more cost to the final product is anticipated to have an adverse impact on the global ionic liquids market and hamper the overall growth of the targeted market during the forecast period.
Segmentation: Ionic Liquids Market
The ionic liquids market is segmented on the basis of product type, application and end-use industry.
- On the basis of product type, the ionic liquids market is segmented into ammonium, imidazolium, phosphonium, pyrrolidinium, pyridinium, others.
- On the basis of application, the ionic liquids market is segmented into process chemicals, performance chemicals.
- Based on end-use industry, the ionic liquids market is segmented into solvents and catalysts, plastics, electrochemistry and batteries, bio-refineries, electronics, paper and pulp, biotechnology, food, pharmaceuticals, others.
Regional Insights: Asia-Pacific is expected to dominate the Ionic Liquids Market
Asia-Pacific is expected to dominate the market and is expected to grow significantly owing to increasing demand for solvents and catalysts from developing countries such as China and India. Furthermore, high presence of a large number of chemical manufacturers will further accelerate the market growth in this region.
- In addition, the North America region is likely to register highest growth rate during the forecast period of 2022 to 2029 because United States has witnessed an increase in investment in automotive technologies. According to an American Chemical Society Publications report, Ionic liquids have been identified as an additive with superior friction capabilities in the automotive industry.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-ionic-liquid-market
Recent Developments in Ionic Liquids Market
- In June 2020: After the successful launch of the IL electrolyte BMPyrr FSI, Proionic launched the "Electrolyte Summer Special”. Proionic is y targeting a global trend towards more environmentally friendly and safer electrolytes with improved performance. The unique combination of physicochemical properties make the ionic liquids more perfect for key energy storage applications such as supercapacitors and batteries.
The Prominent Key Players Operating in the Ionic Liquids Market Include:
- Celanese Corporation (U.S.)
- DSM (Netherlands)
- SABIC (Saudi Arabia)
- Avient (U.S.)
- Dow (U.S.)
- Ensinger (Germany)
- KANEKA CORPORATION (Japan)
- TORAY INDUSTRIES, INC. (Japan)
- Mitsubishi Engineering-Plastics Corporation (Japan)
- LANXESS (Germany)
- Imerys (France)
- HELLA GmbH and Co. KGaA (Germany)
- Covestro AG (Germany)
- PolyOne Corporation (U.S.)
- DuPont. (U.S.)
- Saint-Gobain (France)
- Huntsman International LLC. (U.S.)
- Woodbridge (Canada)
- Wanhua (China)
- RTP Company (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Ionic Liquids Market companies contact, https://www.databridgemarketresearch.com/reports/global-ionic-liquid-market
Research Methodology: Global Ionic Liquids Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
