Ionic Liquids Market (2024 - 2030) Size, Share & Trends Analysis Report By Application (Solvents & Catalysts, Extractions & Separations, Bio-Refineries, Energy Storage), By Region, And Segment Forecasts

Ionic Liquids Market Summary

Rising environmental focusing on green chemistry is anticipated to drive the demand for the product as a green solvent. Increasing application in different verticals such as chemical industry, energy & gas market and pharmaceuticals formulations is expected to propel the market growth.

Using molten salts, such as ionic liquids, in a wide range of energy storage applications, including batteries, electric motors, and fuel cells, has contributed to the growth of this market in the recent past. Increasing demand for electric motors utilized in numerous consumer and industrial products such as pumps, power tools, turbines, compressors, machine tools, alternators, and others has also influenced this market. Ongoing research activities focused on using ionic liquids in multiple application areas have added to the growth opportunities for this market. The use of ionic liquids, an eco-friendly additive for lubricant formulations, has increased through research efforts by multiple organizations and institutes.

Properties of ionic liquids, such as enhanced thermal stability, low volatility, conductivity, and low flammability, are utilized in multiple applications. The ability of ionic liquids to offer a promising treatment for volatile organic compounds (VOCs) by effective absorption of vapor pressure present in VOCs has generated an upsurge in demand for this market.

Application Insights

The solvent and catalyst segment accounted for a revenue share of 38.0% in 2023. The use of traditional organic solvents has always presented the risk of environmental contamination and exposure. This has encouraged users to adopt ionic liquids with unique solvent properties in multiple processes.

The energy storage segment is expected to experience the fastest CAGR of 9.2% from 2024 to 2030. Growth of this segment is primarily influenced by factors such as its properties including high conductivity, stability, and added safety, higher thermal stability coupled with a wide electrochemical stability range, and research activities focused on the potential use of ionic liquids in lithium-ion and other sorts of batteries.

Regional Insights

North America dominated the global ionic liquids market and accounted for a revenue share of 32.3 % in 2023. Increasing investigation and research concentrated on identifying potential applications of ionic liquids in various industries, the presence of stringent regulations regarding VOCs, rising adoption in energy storage applications, and growth in research by sectors such as food processing, pharmaceutical, and others have influenced the market growth in recent years.

U.S. Ionic Liquids Market Trends

The U.S. ionic liquids marketdominated theregional industry with a revenue share of 81.6% in 2023. The growth of this market is mainly influenced by the presence of key manufacturers, increased research and development focused on possible applications of ILs in numerous industries, stringent regulations leading to growing demand for ILs as green solvents, and rising adoption in automotive and other energy storage applications.

Europe Ionic Liquids Market Trends

Europe was identified as a lucrative region for ionic liquids market in 2023. Environmental regulations by EU, such as directive regarding national ceiling for emissions of VOCs, have driven the demand for ionic liquids in the region. Presence of multiple pharmaceutical companies, key players in cosmetic industry, and other application markets such as automotive are expected to generate upsurge in demand for ionic liquids in approaching years.

Asia Pacific Ionic Liquids Market Trends

Asia Pacific ionic liquids market is expected to experience the fastest CAGR of 10.0 % in 2023. Growth in research and development activities associated with ionic liquids is developing an upsurge in demand.

Key Ionic Liquids Company Insights

Some of the key companies operating in the global ionic liquids market include BASF, Merck KGaA, Iolitec Ionic Liquids Technologies GmbH, proionic and others. To address the rising demand triggered by growing applications, major market participants are adopting strategies such as increased focus on research and development, geographical expansions, collaborations with other organizations and portfolio enhancements.

• BASF, one of the prominent companies in chemical industry and supply of chemical intermediates, offers competencies on commercialising use of ionic liquids on industrial scale. The portfolio includes Basionics LQ 01, Basionics VS 03, and others.

Recent Developments

• In April 2024, Arkema announced that it has signed an agreement to acquire nearly 78% of stakes in proionic, pioneering start-up and leader in ionic liquids. This acquisition is expected to consolidate Arkema position as a key player inhelping its clients in battery ecosystem.

Ionic Liquids Market Report Scope

Global Ionic Liquids Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyses the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global ionic liquids market report based on application and region.

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Solvents & Catalysts

  • Extractions & Separations

  • Bio-Refineries

  • Energy Storage

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)