A sturdy rise in end-use utility and introduction of ion exchange resins to various niche applications are anticipated to further drive the market growth.
Valley Cottage, NY -- (SBWIRE) -- 01/19/2017 -- A study by Future Market Insights (FMI) projects the global ion exchange resins market to register a CAGR of 5.4% through 2026. By sales, the global market was valued at over US$ 1 billion in 2016. Asia Pacific is expected to remain the most attractive market for ion exchange resins throughout the assessment period.
Ion exchange resins are used for water purification purposes across various industrial domains and water treatment plants. The emergence of the manufacturing sector in developing countries has skyrocketed the demand for ion exchange resins in these regions. This, in turn, is likely to stimulate the growth of global ion exchange resins market in the near future. Moreover, the expanding base of application of ion exchange resins across various industries including domestic and waste water treatment, food & beverages, pharmaceuticals, power generation, electrical & electronics, chemicals & fertilisers will support the market growth over the period of forecast. A sturdy rise in end-use utility and introduction of ion exchange resins to various niche applications are anticipated to further drive the market growth.
Increasing adoption of alternative technologies such as electro deionization and reverse osmosis is predicted to act as a downside for the global ion exchange resins market. These methods are more efficient and are technologically advanced; hence, consumers are rapidly shifting toward such contemporary methods. Thereafter, the additional cost of processing and disposal of ion exchange resins which is governed by a set of regulatory norms is creating further turmoil for the overall market. Moreover, several industrial drawbacks of ion exchange resins are compelling consumers to look for alternative technologies. Likewise, growing awareness, higher concerns pertaining to climatic change and emphasis on the use sustainable products are likely to reflect the surging demand for purification technologies that imitates minimum or no chemical involvement.
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The FMI report also identifies some of the key segments that are streamlining the growth of global ion exchange resins market.
Based on product type, demand for cation exchange resins is anticipate to witness a substantial growth during the projected period. On the basis of application, power generation is anticipated to be the most dominant segment over the projected period. In 2015, the segment registered for nearly 23% share of the market by volume consumption. Whereas, the domestic & wastewater treatment segment is anticipated to reflect a robust growth over the forecasted period, reflecting a CAGR of over 5% during the assessment period.
Highlights from Regional Segments of the Market
The market in Asia Pacific is likely to witness the highest growth during the evaluation period. In value terms, the region is expected to account for close to 30% share of the overall market by the end of 2016. In Asia Pacific, Japan is expected to have a stronghold of the regional market owing to the existence of a massive power generation industry that is supplying energy to across various end-use industries including electrical and electronics, pharmaceuticals, and food & beverages. On the other hand, the growth of ion exchange resins market will be moderate in regions such as North America and Europe.
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Highlights from the Competitive Dashboard
Some of the major stakeholders of the global ion exchange resins market include Jiangsu Suqing Water Treatment Engineering Group Co., Ltd., The Dow Chemical Company, Purolite Corporation, Thermax Limited, Ion Exchange (India) Ltd, Sunresin New Materials Co. Ltd., Lanxess AG, Mitsubishi Chemical Holdings Corporation, Samyang Holdings Corporation and ResinTech Inc.