The global ionic liquid market is expected to grow at a CAGR of around 19.0% from 2021 to 2028 and expected to reach the market value of around US$ 5.0 Bn by 2028.
Ionic liquids (ILs) are salts made up of cations and anions that are usually liquids at or below 100 degrees Celsius. Unlike molecular liquids, ionic liquids have distinct properties that make them promising solvents for a variety of industrial applications. High polarity, negligible volatility, high thermal stability, high ionic conductivity, low melting point, and structural designability are some of the physicochemical properties. Furthermore, ionic liquids are regarded as promising solvents with distinct properties in organic synthesis, catalysis, and electrochemistry, metal separation, gas separation, biomass processing, pharmaceuticals, tribology, and energy storage devices such as batteries, super capacitors, and fuel cells, among others.
Ionic liquids for drug delivery has gained significant attention in the global market propelling overall growth
In drug discovery and development, it is estimated that approximately 40% of commercialized drugs and 90% of under-study drugs have inadequate pharmaceutical properties, severely limiting therapeutic efficacy. As a result, there is a growing need to identify the strategies responsible for improving the delivery of such drugs. Ionic liquids are a novel class of liquids composed of organic salts of particular interest, either alone or in combination with drug delivery systems. Furthermore, there is a growing interest in ionic liquids for drug solubility, formulation, and drug delivery, with a focus on nanotechnology. Such factors drive global ionic liquid growth.
Big calls for ionic liquid in pharmaceutical industry has gained huge prominence in the global market
According to a report published in the Tropical Journal of Pharmaceutical Research, the pharmaceutical industry is unquestionably facing significant challenges. Co-crystals, amorphous forms, and polymer embedded pharmaceuticals are part of the solution to overcome such challenges, and the introduction of ionic liquids into the pharmaceutical world provides even more design options. Furthermore, ILs addresses critical pharmaceutical issues, such as low solubility and thus bioavailability of pharmaceutical compounds, as well as the presence of polymorphs, which have a negative impact on the efficacy of important commercially available drugs. The development of strategies to use ILs as carriers of pharmaceutical active compounds is a very promising and broad field. Furthermore, the synthesis of liquid salts through the careful combination of cations and anions with various pharmaceutical roles provides solutions to today's pharmaceutical industrial challenges.
Ionic liquid utilization for the treatment of cancer and tuberculosis have gained significant attention that fuel the growth of overall market
There is currently an ongoing study that focuses on studies in biological activity of ionic liquids and their application in cancer and tuberculosis treatment, both of which are newly emerging and highly important areas. Because some ionic liquids exhibit a synergistic effect with properties that can change and alter the toxicity of ionic liquids, it is reasonable to believe that ionic liquids can be used as anti-cancer, anti-viral, and other therapeutic agents. Ionic liquids also improve solvents, co-solvents, and materials in a variety of applications, including biological applications. In comparison to the extensive use of ionic liquids in medical formulations for the treatment of cancer, there have been reports available for the use of ionic liquids in the treatment of tuberculosis, with a primary focus on ionic liquids utilization as a catalyst for the synthesis of anti-tuberculosis agents, solvents for anti-tuberculosis antibiotics, and acts as a solvent and catalyst in syntax. Such factors contribute to the global ionic liquid market's expansion.
According to a report released by the PubAg U.S. DEPARTMENT OF AGRICULTURE, ionic liquid salts (ILs) are currently one of the key trends in modern chemistry. Furthermore, ILs are thought to be advantageous replacements for traditional organic solvents, and thus much more environmentally friendly. Furthermore, ILs can be easily produced to tailor physicochemical properties to specific applications, as is currently happening with several separation processes. This has a positive impact on the overall growth of the ionic liquids market.
The global ionic liquid market is segmented based on application. By application, the market is segmented as solvents & catalysts, extraction & separation, bio-refineries, energy storage, and others.
Solvents and catalysts held the largest share of the ionic liquids market in 2020 and will continue to do so throughout the forecast period. According to a Royal Society of Chemistry report, basic ionic liquids have been shown to catalyze a wide range of organic reactions, particularly chemical reactions. Furthermore, due to their unique structures and properties, ionic liquids show promising results for capturing and activating CO2, making them ideal alternatives to volatile organic solvents or catalysts for CO2 transformation. Such factors have a positive impact on segmental growth, which in turn contributes to market growth overall.
North America dominates, Asia Pacific registers stupendous growth for ionic liquids market
North America holds the lion's share of the ionic liquids market in 2020 and will continue to do so throughout the forecast period. Among North American provinces, the United States has seen a surge in investment in automotive technologies, which has resulted in high utilization of ionic liquids. According to an ACS Publications report, ILs has been identified as a candidate additive with superior friction and wears reduction capabilities in the automotive industry. Furthermore, the presence of major players in North American provinces fuels the growth of the overall ionic liquid market.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the ionic liquids market in the coming years. China is the largest and fastest growing market for ionic liquids in APAC. The rapid adoption of new technologies related to ionic liquids is driving the growth of ionic liquids in APAC. Furthermore, China is a prominent country in the APAC region, with large chemical manufacturers contributing to the growth of the regional market, ultimately fueling the overall market growth.
The prominent players of global ionic liquid market involve Iolitec Ionic Liquids Technologies GmbH, Tatva Chintan Pharma Chem Limited, TCI Chemicals (India) Pvt. Ltd., BASF SE, Evonik Industries AG, The Merck Group, Solvay, The Chemours Company, and among others
Market By Application
Solvents & Catalysts
Extraction & Separation
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Ionic liquid market is expected to reach a market value of around US$ 5.0 Bn by 2028.
The ionic liquid market is expected to grow at a CAGR of around 19.0% from 2021 to 2028.
Based on application, solvents & catalysts segment is the leading segment in the overall market.
High government involvement is one of the prominent factors that drive the demand for ionic liquid market.
Iolitec Ionic Liquids Technologies GmbH, Tatva Chintan Pharma Chem Limited, TCI Chemicals (India) Pvt. Ltd., BASF SE, Evonik Industries AG, The Merck Group, Solvay, The Chemours Company, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years