LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ionic liquids market to grow at a CAGR of over 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ionic liquids market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
An increase in the demand for solvents and catalysts across the globe is brought about by rising disposable incomes, particularly in APAC and North America. This will further drive the global ionic liquids market. Advances in the field of chemistry and R&D can replace the existing conventional solvents. The global ionic liquid market has immense potential for growth because of the increased demand in the end-user segments.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global ionic liquids market:
- Use of ionic liquids as replacements for solvents
- Unique properties of ionic liquids
- Increasing demand for ionic liquids in APAC
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Use of ionic liquids as replacements for solvents
Ionic liquids are fused salts and can remain in a liquid state under 100ºC. These liquids can be used as industrial solvents because of their ability to dissolve various chemicals. These have low volatility and thus have low vapor pressures. These liquids have a combination of a cation and an anion. The ionic liquids can be used as solvents and catalysts in bio-refineries and as electrolytes in electrochemistry and batteries as well as bio-refineries.
Mohammad Shakeel Iqbal, a lead specialty chemicals research analyst at Technavio, says, “A majority of the chemical reactions are carried out with the help of solvents as they are popularly used on a wide scale. However, the storage of solvents is a challenge as they are volatile. Also, they comprise volatile organic compounds that are harmful to the environment and can cause many health hazards. The ionic liquids can be a good replacement for solvents as they are biodegradable and cause lesser emissions.”
Unique properties of ionic liquids
The ionic liquids exhibit low vapor pressure which makes it environment-friendly. Volatile organic solvents cause harm to the environment. However, ionic liquids have moderate specific conductivities of the same range as those of aqueous electrolytes. The ionic liquids are excellent solvents or catalysts in organic reactions and processes such as electrodeposition.
“These liquids exhibit excellent thermal stability and electrical conductivity and have a large electrochemical window. Ionic liquids are quite stable and are generally more resistant to certain harsh conditions such as oxidation, photolysis and radiation processes which make it more useful in wide variety of fields than traditional solvents,” adds Shakeel.
Increasing demand for ionic liquids in APAC
China is the largest and the fastest-growing market followed by India, China, Japan, and Malaysia. Adoption of advanced technologies, increase in R&D activities, expansions, and acquisitions will drive the demand for ionic liquids in these countries. Companies introduce innovations in ionic liquids to cater to various end-users. China Ionic Liquids Laboratories and PETRONAS Ionic Liquids Centre are some of the institutes that conduct research on ionic liquids to make them suitable for various applications.
APAC is also one of the key manufacturers of chemicals with the presence of a large number of chemical industries. These liquids are popular as they can be used both as solvents and catalysts in various industrial applications.
Top vendors:
- BASF
- Evonik Industries
- Merck
- Solvay
- Strem Chemicals
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