Ionic Liquids Market Scope and Size by 2031
The ionic liquids market size is projected to reach US$ 95.57 million by 2031 from US$ 45.21 million in 2023. The market is expected to register a CAGR of 9.8% in 2023–2031. The rising focus on using green alternatives is likely to remain a key ionic liquids market trend.
Ionic Liquids Market Analysis
The increasing demand for ionic liquids from various application sectors is mainly driving the ionic liquids market growth. Different applications of Ionic liquids are electrolytes, solvents, catalyst, lubricants and additives, process fluids, and many others. Ionic liquids are used in batteries due to improvements in safety (non-flammable) and increased high-voltage stability. They are also used as operating fluids. Lubricants are another important area of development for ionic liquids due to their high thermal stability, conductivity, low volatility, and low flammability.
Ionic Liquids Market Overview
Ionic liquids are a class of purely ionic, salt-like materials that are in liquid state at unusually low temperatures. They are ionic compounds formed by the combination of a cation and an anion, such as salts. Ionic liquids are highly used in various applications, including solvent chemistry, catalysis, and electrochemistry. Many ionic liquids have high thermal stability and low flammability due to their negligible vapor pressure at ambient temperature. These properties of ionic liquids can increase the safety of high-temperature solvent applications, such as in batteries.
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Ionic Liquids Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Ionic Liquids Market: Strategic Insights
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Ionic Liquids Market Drivers and Opportunities
Various Advantages of Ionic Liquids
Various advantages of ionic liquids are high electrochemical stability, high mechanical and chemical stabilities, excellent thermal stability, and attractive tribological properties (lubrication). These benefits of ionic liquids are boosting their adoption in various end-use industries. Further, in recent years, ionic liquids have received significant attention from the scientific community owing to such unusual properties as liquids, being considered as suitable substitutes for volatile organic solvents. The last decade has seen a remarkable boost in ionic liquids application in several fields due to their unique physicochemical properties.
Increasing Use in Electrochemical Devices
The increasing use of ionic liquids in electrochemical devices is expected to offer more opportunities for market growth. They are used in electrochemical devices such as electric double-layer capacitors, lithium-ion batteries, and dye-sensitized solar cells. They have enormous potential for solving various problems associated with existing electrolytes.
Ionic Liquids Market Report Segmentation Analysis
Key segments that contributed to the derivation of the ionic liquids market analysis are type and application.
- Based on type, the ionic liquids market is segmented into process chemicals and performance chemicals. The performance chemicals segment held a significant market share in 2023.
- By application, the market is segmented into electrolytes, solvents, catalyst, lubricants and additives, process fluids, and others. The catalyst segment held a significant share of the market in 2023.
Ionic Liquids Market Share Analysis by Geography
The geographic scope of the ionic liquids market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The Asia Pacific region holds a larger share of the global market. Asia Pacific ionic liquids market includes countries such as Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region dominated the ionic liquids market due to rising demand for catalysts and solvents from countries such as India and China. Also, the presence of a large number of chemical manufacturers in the region boosts the market growth in the region. In the South Korean economy, the chemicals industry has been a powerhouse. Further, the market growth in North America is driven by the increasing use of ionic liquids in various applications such as electrolytes, solvents, paper and pulp, lubricants, and others.
Ionic Liquids Market Report Scope
Ionic Liquids Market News and Recent Developments
The ionic liquids market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for ionic liquids and strategies:
- Chevron Corporation and Honeywell today announced the commissioning and start-up of the world's first commercial-scale ISOALKY process unit that utilizes ionic liquids to produce alkylate. The ISOALKY technology represents a major innovation in alkylation technology. (Source: Honeywell International Inc., company website/ Press & Media /2021)
- CAGE Bio Inc. today announced a research and development agreement with Nitto Denko Corporation for a transdermal formulation of undisclosed molecules. The goal of the partnership is to explore the potential for developing therapeutic products at Nitto using CAGE Bio's proprietary deep eutectic ionic liquid technology. (Source: Insider Inc., Company Website/News/2021)
- i2O Therapeutics, a developer of oral biologic products based on its proprietary ionic liquid platform, today announced a collaboration and option agreement with Janssen Biotech, Inc., for Janssen Research & Development to evaluate the use of ionic liquid technology for the oral delivery of macromolecules. This collaboration was facilitated by Johnson & Johnson Innovation. (Source: Business Wire, Company Website/ News/ 2022)
Ionic Liquids Market Report Coverage and Deliverables
The “Ionic Liquids Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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