As per a report added by Radiant Insights Inc., the global ion exchange resins market is estimated to progress at a remarkable CAGR between 2016 and 2022 (forecast period). Growing global population and subsequently rising demand for clean drinking water are translating into greater adoption of ion exchange resins. These resins have the ability to remove chlorine and organic compounds from water.
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Rapid industrialization and urbanization are playing a vital role in the development of the market as they lead to large volumes of sewage water, which needs to be treated. Processed water is required to meet the needs of light to heavy industries for various industrial processes.
Ever-rising demand for power is also expected to provide a fillip to the market during the forecast period. Growing prominence of renewable energy sources such as hydropower, wind energy, and biogas has resulted in heightened importance of captive water quality. Increasing dependence on nuclear energy has escalated the deployment of ion exchange resins in nuclear power stations. These resins are used for removing radioactive elements such as uranium and thorium from water.
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Technological advancements have paved way for sophisticated and novel resins, which can contribute to the entire process of power generation. For instance, in October 2017, Lanxess AG developed Lewatit NM 3367 mixed-bed ion exchange resin to demineralize the water used to charge modern hot water heating systems. It also prevents scale formation and provides lasting protection against corrosion.
The global ion exchange resins market has been fragmented on the basis of product, end users, and region. Based on product, the ion exchange resins market has been segmented into water softening, arsenic removal, fluoride removal, and others. In terms of end users, the market has been divided into food industry, synthetic chemistry, pharmaceutical, and environmental protection.
On the other hand, volatility in prices of raw materials required to manufacture ion exchange resins can limit the market from realizing its utmost potential. Besides this, stringent regulations by organizations such as the Environment Protection Agency (EPA) and the European Commission for the use of chemicals in water treatment for commercial and industrial applications can hamper growth prospects. Low awareness regarding these resins in underdeveloped economies can also inhibit the upward climb of the market. Nevertheless, growing uptake of ion exchange resins in new applications such as electronics, pharmaceuticals, spectrometry, and chromatography are anticipated to bode well for the market.
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Key regions analyzed in the ion exchange resins market report are North America, Southeast Asia, Europe, Japan, India, and China. Southeast Asia and China are expected to account for a substantial cumulative share in the global arena. Rapid industrial development and depleting natural water resources may trigger the demand for ion exchange resins in these regions. Growing urbanization is also likely to supplement the regional growth over the forecast period.
India is projected to register a noteworthy CAGR during the forecast period. Increasing emphasis on power generation along with improving economic conditions is likely to contribute to the growth of the ion exchange resins market in the country. Europe, on the flip side, may exhibit sluggish growth owing to strict government norms pertaining to usage of these resins.
Some of the prominent companies operating in the ion exchange resins market are The Dow Chemical Company, Mitsubishi Chemical Corporation, Samyang, Finex Oy, and Purolite Corporation.
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