Ion exchange resins are used for water treatment applications such as demineralization, deionization, purification, and decontamination. By using ion exchange resins harmful chemicals such as chlorine can be easily removed from the water. Power and the nuclear industry are major end-user of ion exchange resins. Some of the other end-user of the ion exchange resins are chemical processing, food & beverage, wastewater treatment, and mining.
The global ion exchange resins market was estimated to be valued more than US$ 1250 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.4% during the forecast period (2020 to 2027).
The scarcity of the water coupled with the rising demand for fresh and clean water is fueling the market growth of the ion exchange resins. According to the UN-Water report, out of the total water available on the Earth’s surface, only 0.5% is freshwater, which can be used for consumption, and 60% of this available freshwater is unevenly distributed with major share concentrated among ten countries of the world.
Rise in the power generation sector which consumes a large amount of fresh water is expected to serve potential growth opportunities to the market growth of ion exchange resins. According to the India Brand Equity Foundation, the total installed capacity of power stations in India stood at 368.68 Gigawatt (GW) as of January 2020. Electricity production reached 1,050.78 BU in 2020 up to January 2020. Thus, growth in the power generation sector is projected to augment the market growth of the ion exchange resins.
Due to the disadvantage associated with the use of ion-exchange resins have encouraged the manufacturer to develop other eco-friendly technologies such as reverse osmosis and electro-deionization. This factor is expected to restrict the market growth of the ion exchange resins.
On the basis of end use, power generation dominated the global Ion exchange resins market in 2019 with around 25% of market share in terms of revenue, followed by domestic & wastewater treatment and chemicals and fertilizers, respectively.
Growth in the urban populations coupled with the increasing importance of the recycle and reuse of water is expected to stimulate the market growth of ion exchange resins. Growth in the population is also creating demand for freshwater along with the growing end-use industries across developing regions is further projected to stimulate the market growth of the ion exchange resins is again anticipated to bolster the market growth over the forecast period.
Launch of innovative products by the manufacturer for global and regional expansion is a major trend in the market and this is expected to augment the market growth of ion exchange resins. For instance, in December 2017, Ion Exchange (India) Limited announced the launch of Indion Swift 5Gx–a high purity water generation product catering to the special needs of the pharmaceutical industry. The product has been designed in consultation with pharmaceutical engineers and end-users for maximum performance. This launch marks the company’s expansion of its product line for the sector within its ‘Indion’ purified water systems range.
Global Ion Exchange Resins Market - Impact of Coronavirus (Covid-19) Pandemic
Despite the pandemic situation, ensuring access to clean and safe water for washing hands is an integral part of the strategy for containing the disease. Moreover, ensuring access to clean and safe drinking water to the citizens is estimated to positively impact the global ion exchange resins market, globally.
Key players are operating in the global ion exchange resins market are The Dow Chemical Company, Lanxess Ag, Purolite Corporation, Thermax Limited, Ion Exchange India Ltd., Samyang Holdings Corporation, Mitsubishi Chemical Holdings Corporation, Sunresin New Materials Co. Ltd., ResinTech Inc., and Jiangsu Suqing Water Treatment Engineering Group Co., Ltd
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