Ionic Liquids Market To Reach USD 65.8 Million By 2027 | CAGR of 8.8% Reports And Data
- Increasing demand from end-user industries like catalysts and solvents, along with the increasing environmental concerns, is driving the demand for the market
- Market Size – USD 33.3 million in 2019, Market Growth - CAGR of 8.8%, Market Trends – High demand from the catalysts and solvents sector
NEW YORK, Oct. 28, 2020 /PRNewswire/ -- The Global Ionic Liquids Market is projected to reach USD 65.8 million in 2027. The increasing usage of ionic liquids as industrial solvents, especially in the Catalysts and Solvents industry, is driving the market's growth. Apart from this, the need for the development of green chemistry in order to address environmental concerns is predicted to fuel the market's growth during the forecast period.
Increasing environmental awareness regarding green solvents is expected to boost the market's growth. Various industries are flourishing in the North American region, and the usage of ionic liquids has become common in these industries. The increasing government budget for environmental compliance programs is also forcing manufacturers of different sectors to adopt these liquids. Ionic liquids possess chemical properties like thermal stability, low vapor pressure, liquid crystalline structures, high heat capacity, and miscibility with water or organic solvents. The products offered in the market are widely used in industrial reactions in the form of solvents and catalysts.
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The major factor restraining the industry's growth is the high cost of the raw materials used in ionic liquids and the complexity involved in its manufacturing process. These factors limit their usage in various applications like biocatalyst, electroplating, and deposition. Major players in the market are trying to adopt alternative manufacturing processes in order to produce more chemically refined, pure and cost-effective products.
The COVID-19 Impact:
The COVID-19 pandemic is likely to have a mixed impact on the growth of the market. The demand from every sector is supposed to increase due to growing awareness regarding the health and safety of people. The usage of this liquid can prevent many environmental hazards, which would ultimately benefit mankind. However, major companies also need to think about the cost associated with the solutions offered by the industry. Major companies from end-user industries are facing tough times, and most of their sales have gone down. Since the sale of the products is overwhelmingly dependent on the B2B channel, the revenue figures of the market under study might go down a bit due to the crisis caused by the pandemic.