Ionic Liquids Market Size, Share & Trends Analysis growing at a CAGR of 8.2% from 2024 to 2030

The global ionic liquids market size was valued at USD 53.46 million in 2023 and is projected to grow at a CAGR of 8.2% from 2024 to 2030. The market is expected to grow significantly over the forecast period on account of the increasing use of ionic liquids as industrial solvents.

Key Market Trends & Insights

• North America dominated the global ionic liquids market and accounted for a revenue share of 32.3 % in 2023.
• By application, the solvent and catalyst segment accounted for a revenue share of 38.0% in 2023.
• The U.S. ionic liquids market dominated the regional industry with a revenue share of 81.6% in 2023.

Market Size & Forecast

• 2023 Market Size: USD 53.46 Million
• 2030 Projected Market Size: USD 93.0 Million
• CAGR (2024-2030):8.2%
• North America: Largest market in 2023

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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.

Ionic Liquids Market Report Scope