PUNE, India, May 12, 2016 /PRNewswire/ --
The report "Ionic Liquids Market by Application (Solvents & Catalysts, Process & Operating Fluids, Plastics, Batteries & Electrochemistry, Bio-Refineries) and by Region (North America, Europe, Asia-Pacific and Rest of World) - Global Forecast to 2021", published by MarketsandMarkets, The market size of is estimated to grow from USD 25.6 Million in 2016 to USD 39.6 Million by 2021, at a CAGR of 9.2% during the forecast period.
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Browse 32 market data Tables and 37 Figures spread through 97 Pages and in-depth TOC on "Ionic Liquids Market"
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The market is expected to be driven by increasing demand for ionic liquids in emerging markets and high demand from the bio-refineries and electrochemistry & batteries application segments. Asia-Pacific is projected to witness the highest CAGR, in terms of value, between 2016 and 2021. Growth in this region can be attributed to high demand from emerging markets such as China and India.
Solvents & catalysts: The largest application segment of ionic liquids
Ionic liquids are fused salts that remain in liquid state under 100ºC. These liquids are one of the potential replacements of industrial solvents because of their ability to dissolve various chemicals and low volatility, as they have low vapor pressures. Solvents & catalysts is one of the major applications of ionic liquids.
Ionic Liquids Market is a mere combination of a cation and an anion. These specialty liquids have the potential to be used as a solvent and catalyst in bio-refineries and as an electrolyte in electrochemistry & batteries as well as bio-refineries. Majority of the chemical reactions are carried out in the presence of solvents. Solvents are used on a wide scale, but are difficult to store because of their volatility. They also have VOCs that are harmful to the environment and can cause health hazards. As the governments worldwide are restricting the emission of VOCs, ionic liquids can be a potential replacement for solvents, which will drive the ionic liquids market.
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In 2015, Asia-Pacific accounted for the largest market share of ionic liquids, in terms of value. The potential increase in adoption of ionic liquids in bio-refineries for pre-processing or reforming of biomass and increasing consumption of these liquids in electrochemistry & batteries are expected to be the major drivers of the market during the forecast period. China is one of the leading consumers of ionic liquids worldwide, with increased demand from various end-use applications.
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