Ionic Liquids Market to See 4% Annual Growth Through 2024

Industry Boosted by Advances in Renewable Energy and Decline in Price

July 25, 2019

WELLESLEY, Mass., July 25, 2019– Advances in renewable energy harvesting leading to a pressing demand  for energy storage and an anticipated decline in price are two factors which will bolster growth of the global ionic liquids market, according to a report by BCC Research, “Ionic Liquids: Environmentally Sustainable Solvent, Energy Storage and Separation Processes.”

The market expects to see a compound annual growth rate (CAGR) of 4% through 2024, when it could be worth $70 million.

Major players in the market include: BASF (BASFY), Honeywell UOP (HON), Solvay (SOLVY) and Evonik Industries AG (EVKIV).

Read the full report here: https://www.bccresearch.com/market-research/chemicals/ionic-liquids-market-research-report.html

Research Highlights

• By application, separation processes are the fastest growing segment, with a CAGR of 4.9 % through 2024.
• Biotechnology applications will see slow growth, with a CAGR of 2.1% through 2024.
• North America will continue to lead the market during the forecast period, while China will see the highest growth rate of 6.4%.

“Advances in renewable energy harvesting have led to a pressing demand for the complimentary energy storage technology that boosts opportunities for advanced electrolyte technologies, including ionic liquid-based electrolytes,” writes analyst Arpita Mukherjee. “These electrolytes hold tremendous opportunity in lithium-ion batteries (LiBs) for which the industry will still use organic solvents for quite a while until there is no real alternative. The cost and purity of the electrolytes used in energy storage applications are the two crucial factors that will determine the growth potential of ionic liquids in the field of energy storage devices in the coming years.”

The Role of Government in Market Growth

Supportive government regulations in many regions are anticipated to have a positive impact on the global ionic liquids market, especially for renewable technology applications. Stringent regulations banning certain toxic solvents and processed chemicals in various industry sectors, particularly in developed regions, are seriously propelling market growth.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Ionic Liquids: Environmentally Sustainable Solvent, Energy Storage and Separation Processes( CHM115A )
Publish Date: Jun 2019    

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