SELBYVILLE, Del., June 28, 2021 (Newswire.com) - Based on a Global Market Insights Inc., report, the global Ionic Liquids Market was estimated at $1.4 billion in 2020 and is slated to exceed $4.5 billion by 2027, registering a CAGR of 18.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Ionic Liquids offer great potential as substitutes for organic solvents in the production of several biologically active compounds including active pharmaceutical ingredients (API) which should boost product demand from pharmaceutical applications.
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Pulp & paper applications segment should witness significant growth pertaining to rising product usage in innovative cellulose-processing technologies such as fiber spinning & pulp dissolution.
Automotive application surpassed USD 105 million in 2020 and should witness ample gains up to 2027 owing to increasing product adoption as a lubricant additive or lubricant in internal combustion engines. The product helps reduce wear and friction in automotive components which is associated with 10%-15% of energy loss, thereby boosting energy efficiency. Increasing consumer spending, rising demand for commercial vehicles, and technological advancement should trigger the expansion of the automotive sector and augment ionic liquids market growth.
China should surpass USD 770 million in the predicted timeframe on account of significant demand for baked products such as cakes, sandwiches, bread along desserts should drive the growth of the food industry. The country is among the largest importers of food & beverages globally and the industry is primarily dominated by non-franchised establishments which represents growth opportunities for internal franchised food & beverage brands. Ionic Liquids demand in Japan should witness over 16% gains by 2027 owing to the growth of the automotive, chemicals, processed food, and electronic industries.
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Global Ionic Liquids industry is highly consolidated and includes various key players such as BASF, Solvay, Tokyo Chemical Industries, Merck Chemicals, and IOLITECH GmbH.
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Source: Global Market Insights Inc.