Kenneth Research recently added a report on the Global Ionic Liquids Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global Ionic Liquids market was valued at USD 25.7 million in 2016 and is projected to reach USD 55.9 million by 2025, growing at a CAGR of 9.0% from 2017 to 2025.
Ionic liquids are salts in which ions are arranged in poorly coordinated manner. The growing demand for these products can be attributed to the presence of free radicals. Ionic liquids are majorly used as solvents. The process improvements achieved in the chemical industry due to the application of ionic liquids is expected to boost market demand.
1. Market Drivers
1.1 Favorable properties of ionic liquids
1.2 R & D on new applications
2. Market Restraints
2.1 High cost of ionic liquids
The global Ionic Liquidsmarketis segmented on the basis ofapplication,and region.
1. By Application:
1.1 Process and Operating Fluids
1.2 Catalysts and Solvents
1.3 Batteries and Electrochemistry
2. By Region:
2.1 North America (U.S., Canada, Mexico)
2.2 Europe (Germany, UK, France, Rest of Europe)
2.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
2.4 Latin America (Brazil, Argentina, Rest of Latin America)
2.5 Middle East & Africa
The major players in the market are as follows:
2. BASF SE
3. Merck KGaa
5. The Chemours Company
6. Strem Chemicals Inc.
7. Solvionic SA
8. TatvaChintanPharmaChem Pvt. Ltd.
10. Jinkai Chemical Co.
11. Coorstek Chemical Co. Ltd.
12. Ionic Liquids Technologies GmbH
13. Solvay SA
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Ionic Liquidsmarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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