The global Ion exchange resins market is expected to showcase absolute dollar opportunity by exhibiting a stable CAGR of 4.9%. The global market is predicted to be valued at around US$ 1,486.9 Mn in 2022 and is further projected to accelerate to around US$ 2,399.1 Mn by 2032.
The wastewater treatment sector is anticipated to experience a phenomenal rise in demand for ion exchange resins, which is prominently being driven by the demand for fresh water and an increase in water pollution. Growth in the power, automobile, and water treatment industries is expected to boost the demand for ion exchange resins.
The global ion exchange resins market witnessed robust growth over the historical period ranging from 2016 and 2021 with a stable CAGR of 4.5%. Furthermore, according to the current estimations, the forecast growth outlook is predicted to remain around4.9% for the period of 2022 and 2032.
A certain increase in the growth is attributed to the growing demand for pharmaceuticals, power generation, water purification due to freshwater scarcity, etc. According to the latest research published, demand for ion exchange resins is expected to account for around 30% of the market share in the overall adsorbents market.
Various diverse techniques such as separation, purification, and decontamination employ ion exchange resins. Typical examples of the same are water filtration and water softening, these resins are frequently used in these processes as a more adaptable option as compared with the application of natural or synthetic zeolites. Ion-exchange resins are also quite effective in the filtering of biodiesel. These factors are expected to boost the year-over-year growth of the market in the near future.
Throughout the assessment period, a significant surge in the demand for ultrapure water is anticipated from the industries of electronics, pharmaceuticals, and power generation. Prominent manufacturers of semiconductors and microelectronics utilize ultrapure water for multiple procedures including chip cleaning, rinsing, and etching. Ion exchange resins are utilized to produce ultrapure water. To produce ultrapure water, a number of industry participants in the global ion exchange resins market provide resins, particularly for the aforementioned sectors.
Ultrapure water is needed for the production of displays, integrated circuits, and several other electronic components. Similarly, the healthcare and pharmaceutical sector utilizes ultrapure water mostly for the tasks like cleaning medical equipment and administering injections.
The energy industry employs ultrapure water for generating power and also consists of a significant user of ultrapure water. Ultrapure water is used as the boiler feedwater in the power generation process to avoid corrosion of the boiler tubes.
The demand for ultrapure water is expected to surge over the forecast period owing to the strong expansion in power generation throughout the forecast period. This is thus anticipated to fuel the demand for ion exchange resins.
North American region is predicted to remain one of the prominent markets attributed to the strong development in the key end-use industries including water treatment, power generation, food and beverages, etc. Owing to the rising demand for water treatment, and scarcity of fresh water, the South Asia Pacific region remains one of the fastest-growing markets for ion exchange resins.
In order to increase their market presence in the area, major manufacturers in the industry are concentrating on embracing alternative distribution methods such as the internet channel. Various market players are majorly investing in R&D to develop technologies that will cut operational costs and reduce risk exposure to workers. Improved methods for managing ores with a deteriorating grade are another focus of development initiatives.
While most of the manufacturers are focusing on sustainability, some of the other crucial firms are concentrating on expanding their current manufacturing facilities in order to satisfy the demand from the growing chemical industry.
More Insights into the Ion Exchange Resins Market
China is expected to dominate the global ion exchange resins market by witnessing a growth outlook of around 7% over the assessment period of 2022 and 2032. Rising concerns about water pollution owing to the expanding manufacturing and mining industries in the country are expected to propel the demand for ion exchange resins. China is dominating the global manufacturing and mining industries, with predominant production of gold, magnesium, lead, iron and steel, graphite, fluorspar, coal, cement, and aluminum.
The U.S. is expected to account for around 20% global value share in the ion exchange resins. A major share of the global consumption of resins are employed in nuclear power plant, ion exchange resins are utilized in chemical and volume control systems in order to monitor the volume of dissolved constituents in cooling circuits. The United States has 93 nuclear reactor power plants, which provide a higher ground for the growth of the market.