The unique properties of ionic liquids along with development and commercialization of newer applications play a significant role in driving the market. The regulations for minimizing VOC content in the environment and the ability of ionic liquids to act both as a solvent and a catalyst are expected to propel the market for ionic liquids in the solvents & catalysts application.
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The potential increase in use of these liquids in bio-refineries along with initiatives taken by governments of various countries worldwide to decrease dependence on crude oil and increase the use of biofuels as alternatives will drive the market at a high growth rate in this application.
In terms of value, solvents & catalysts application of ionic liquids accounted for the largest market share in 2015, and is projected to be the leading application during the forecast period. Bio-refineries application of ionic liquids is projected to be the fastest-growing segment during the forecast period. The potential increase in use of these liquids for pre-processing of feedstock for bio-refineries is expected to drive the market in the future.
In addition, the increasing demand for ionic liquids in lithium-ion batteries and solar cells as an electrolyte will be a potential application of these liquids. As ionic liquids are more stable, non-volatile, and non-flammable, their use in lithium-ion batteries is projected to have a huge potential during the forecast period.
Application of ionic liquids in offshore wind turbines helps in improving the operation of windmills, which in turn decreases the downtime of turbines that is one of the major issues in this industry. The use of ionic liquids in wind turbines is a major step toward efficient generation of wind energy. This will increase the application of ionic liquids in process & operating fluids application.
The market players are expected to employ inorganic growth strategies, including collaborations, to commercialize the applications of ionic liquids, thereby enhancing the overall business worldwide. The key companies operating in the ionic liquids market are striving to provide application-specific ionic liquids. Development of newer ionic liquids and their applications along with further commercialization is expected to fuel the growth of the ionic liquids market in the next five years.
The companies that supply ionic liquids include BASF SE (Germany), Evonik Industries AG (Germany), Merck KGaA (Germany), Ionic Liquids Technologies (IoLiTec) GmbH (Germany), The Chemours Company (U.S.), Proionic (Austria), Solvionic SA (France), CoorsTek Specialty Chemicals (U.S.), Jinkai Chemical Co., Ltd. (China), Reinste Nanoventure (India), Tatva Chintan Pharma Chem Pvt. Ltd.(India), Scionix Ltd. (U.K.), and Strem Chemicals Inc. (U.S.).
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