According to the latest report by IMARC Group, titled “Ion Exchange Resins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global ion exchange resins market reached a value of around US$ 1.7 Billion in 2018 . An ion exchange resin is an organic compound that is synthetically polymerised to act as a medium for ion exchange which is a reversible interchange of ions. These resins are porous and lightweight solids which are prepared in different forms such as beads, sheets or granules. Other than this, ion exchange resins are insoluble in water, cross-linked and chemically inert in nature. They can be categorised into various forms including chelating resin, adsorbent resin, mixed bed resin, etc. The demand for ion exchange resins is rising on account of a rise in the awareness of consumers to purify water used in industrial applications across the globe.
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Ion exchange resins are used in the chemical industry for providing chemical stability during several stages of processing which has positively influenced the growth of the ion exchange resins market. Along with this, governments of various nations have starting implementing stringent regulations regarding water conservation as a result of scarcity of fresh water which has had a direct impact on the propelling demand for ion exchange resins across the globe. Additionally, over the years, there has been a rising need for the use of highly pure ingredients in the preparation of several food products. Therefore, ion exchange resins are being increasingly used for the elimination of unwanted molecules from sugar alcohols, high-intensity sweeteners, sugar, food additives and high-fructose corn syrup. However, the use of ion exchange resins leads to chlorine contamination and organic contamination of resins which might act as a hindrance for the growth of the global market. Looking forward, the global ion exchange resins market is projected to reach nearly US$ 2.1 Billion by 2024, expanding at a CAGR of over 3.8% during 2019-2024.
Market Summary:
- The ion exchange resins market has been segmented on the basis of different types currently available for the consumers including cationic resins and anionic resins along with others. Currently, cationic resins are the most popular type of ion exchange resins as they are being extensively used in water treatment applications across numerous end-use industries.
- Based on application, the market has been segregated into demineralization and water softening, food and beverage, and mining and metallurgy. Amongst these, ion exchange resins are being majorly used for demineralization and water softening purposes.
- On a regional basis, Asia Pacific represents the largest market for ion exchange resins, holding the majority of the share. This growth is led by inflating demand for ion exchange resins from the chemical and power industries across the region. Asia Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Lanxess, Mitsubishi Chemical Holdings, The Dow Chemical Company, Purolite, Thermax Ltd., Ion Exchange (India) Ltd., Resintech Inc., Novasep Holding S.A.S., Samyang Corporation and Jiangsu Suqing Water Treatment Engineering Group Company Ltd.
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