The ion exchange resins market is projected to grow from USD 1.8 billion in 2020 to USD 2.2 billion by 2025, at a CAGR of 4.2%, during the forecast period. The APAC region is projected to be the largest market for ion exchange resins during the forecast period. The APAC region is projected to lead due to the increasing investments by the countries in this region in the use of nuclear energy to generate electricity. As the demand for electricity is growing, governments are taking initiatives to decrease their dependence on coal and natural gas. The ion exchange resins market in North America and Europe is expected to witness moderate growth during the forecast period as the market is facing tough competition from the reverse osmosis membrane technology in the demineralization application.
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The cationic resins segment is the largest, as these resins are commodity resins and are used in the nuclear and water treatment end-use industries on a large scale. The others segment, which includes chelating resins and adsorbent resins, is expected to grow at the highest CAGR during the forecast period. The demand for these resins is increasing in the pharmaceutical, chemical & petrochemical, and food & beverage industries, which is leading to the high growth of the segment. Strong R&D activities to develop new and innovative products to widen the application areas are expected to boost the demand for ion exchange resins during the forecast period.
Based on end-use industry, the power segment is projected to lead the ion exchange resins market during the forecast period. Ion exchange resins are widely used in the power industry, mainly in demineralizing feed water and make-up water, wastewater treatment, and condensate polishing inside water-steam circuits. The pharmaceutical segment is projected to grow at the highest CAGR during the forecast period. These resins are receiving considerable attention for their efficient use as drug delivery vehicles or systems, and are also suitable for drug delivery technologies, which include controlled release, transdermal, nasal, topical, and taste masking. The growing electrical & electronics industry is also expected to lead to a growing demand for ion exchange resins during 2020 to 2025.
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Growing urbanization and increasing affluence in APAC and the increase in nuclear electricity generation in emerging economies are some of the drivers for ion exchange resins market. Companies are adopting various organic and inorganic strategies to fulfill the rising demand for ion exchange resins.
Major players operating in the global ion exchange resins market include DuPont de Nemours, Inc., (US), Lanxess (Germany), Purolite Corporation (US), Mitsubishi Chemical Corporation (Japan), Thermax Limited (India), Ion Exchange (India) Ltd. (India), Novasep Holding (France), Samyang Corporation (South Korea), ResinTech Inc., (US), and Bio-Rad Laboratories, Inc. (US).
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