Ionic Liquid Market size was over USD 48.01 million in 2023 and is projected to exceed USD 154.37 million by the end of 2036, witnessing over 9.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ionic liquid is evaluated at USD 51.62 million.
key reason behind this growth is the utilization of ionic liquid in variety of industries, majorly as an industrial solvent, owing to its exceptional properties such as low combustibility and high thermal stability among others. Factors including the increasing demand for ionic liquids for performing extraction and separation processes, and the rising emphasis on formulating solvents on the basis of green chemistry principles are also projected to boost the growth of the market in the near future.
Growth Drivers
Restraints
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.4% |
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Base Year Market Size (2023) |
USD 48.01 million |
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Forecast Year Market Size (2036) |
USD 154.37 million |
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Regional Scope |
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On the basis of application, the segment for catalysts & solvents is estimated to grab the largest market share in 2021 as a result of their characteristics such as high chemical stability and excellent solvation properties. Stringent government regulations to minimize the volatile organic compounds (VOC) emissions is also expected to drive the growth of this market segment. For instance, the discharge of VOCs to outdoor areas is restricted by EPA in the United States to prevent ozone formation that further leads to the creation of photochemical smog.
Our in-depth analysis of the global market includes the following segments
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By Component type |
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By Application |
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APAC Market Statistics
Based on the region-wise analysis, the ionic liquid market is segmented into five significant zones including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific industry is anticipated to hold largest revenue share by 2036, owing to high consumption of ionic liquids in the electronic goods industry, and rising demand for ionic liquids. Various researches predict that China alone accounted for more than 28% of global manufacturing output in 2018.In addition, Asia Pacific is also one of the largest chemicals producing region in the world.
North America Market Analysis
On the other hand, the market in North America is also anticipated to hold a significant market share owing to the presence of leading industrial manufacturers in this region. Along with this, the presence of prominent mining companies, which are an extensive user of ionic liquids, is also evaluated to offer growth opportunities to the market in this region.
Author Credits: Rajrani Baghel
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