Ionic liquids are a class of solvents with combination of cations and anions. They are used to define organic salts with temperature less than 100?C and are often referred as room temperature molten salt or liquid organic salts. Ionic liquids have gained momentum in the chemical industry due to the key properties they possess. These include low vapor pressure, moderate density, polarity, specific conductivity, and low viscosity. Currently, ionic liquids are used as green solvents due to non-volatility, easy recyclability, and non-flammability. Furthermore, ionic liquids are thermodynamically stable and non-corrosive. Though ionic liquids are costly, the unique properties and good device performances make them special solvents to be used.
Based on application, the ionic liquids market is segmented into chemical processing, functional fluids, metal processing, electronic devices, separation process, and polymer processing. Based on solvating property, the ionic liquids market is segmented into organic & inorganic industrial applications and polymeric industrial application. Based on technological application, the ionic liquids market is divided into non-volatile plasticizers, thermal fluids, hydraulic fluids, high temperature lubricants, low temperature lubricants, electro chemical cells & devices and analytical chemistry .Key properties of ionic liquids help to provide better flexibility in their applications.
The ionic liquids market has witnessed a decent growth in 2015 and it is expected to grow significantly during the forecast period (2016-2024). Technical advancements in Electronics plays a significant role in driving overall ionic liquids market as ionic liquids are used in IC engines and Micro Electro Mechanical Systems (MEMS). Increase in environmental and health concerns and strong regulatory pressures are also driving the ionic liquids market. Ionic liquids are used as an alternative for traditional solvents and are considered as greener solvents. The growth of interior designing market has boosted the ionic liquids market as ionic liquid is widely consumed for furniture coating purposes. Dispensable income is another factor which drives ionic liquids market. Industrial development in developing countries also account for the growth of ionic liquids market. Besides this, developments in adhesives, inks, and chemical processing sectors account for large share of the ionic liquids consumption and act as ionic liquids market boosters. Recent advancements in pharmaceutical industry, textile industry and agriculture sector have a positive impact on ionic liquids market. Decline in demand for traditional solvents is another factor that is augmenting the global ionic liquids market.
In terms of region, the global ionic liquids market has been segmented into Asia-Pacific, North America and Europe. Asia Pacific accounts for the major consumption of ionic liquids with countries such as China and Japan followed by India. Key players operating in the ionic liquids market are based in North America and Europe; however, the market growth is likely to be flat in these regions. Regulatory norms adopted by REACH in the EU countries are projected to boost the green solvent market. Among EU region, Germany has a significant share of ionic liquid consumption in pharmaceutical industry applications. Though not that competitive, ionic liquids market has been able to set a change in market trends in Latin America, Middle East and Africa.
Major players operating in the global ionic liquid market are BASF SE, Merck KGaA, Evonik Industries AG, Ionic Liquids Technologies, The Chemours Company, Proionic, Solvionic SA, Reinste Nanoventure, Strem Chemicals Inc, Jinkai Chemical Co.,Ltd and Sigma-Aldrich Co.LLC , Coors Tek Inc, IOLITECH GmbH, Tatva Chintan Pharma Chem Pvt Ltd and Scionix Holland B.V.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.