Global Ion Exchange Resins Market to Reach US$2.3 Billion by the Year 2026

Ion exchange resins are polymers or resins that play the role of a medium in order to facilitate ion exchange. Ion exchange resins can effectively remove organic compounds, radioactive elements such as lanthanum, thorium, and uranium, along with chlorine. The ion exchange process is mainly utilized to produce high-quality water for various industrial applications, water softening, and the removal or recovery of metals in the chemical sector. Rising ion exchange resin demand for numerous applications is a key factor driving growth in the market. Ion exchange resins are widely used in industries such as chemical processing, wastewater treatment, electronics, mining, food and beverage, and power generation. Growth in these industries is likely to drive expansion in the global market. Growing awareness regarding water softening and purification for industrial applications is also poised to drive growth in the coming years. Growth is likely to surge owing to increasing demand for power generation in India, China, and the Middle East in the next few years. The rising significance of the quality of captive water due to advances in renewable energy sources like biogas, wind energy, and hydropower is likely to propel growth in the market. Expansion in the mining sector along with rapid industrialization is increasing the need for freshwater, which in turn, will propel the ion exchange resins market.

Amid the COVID-19 crisis, the global market for Ion Exchange Resins estimated at US$1.7 Billion in the year 2020, is projected to reach a revised size of US$2.3 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Cationic Resins, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Anionic Resins segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 32.8% share of the global Ion Exchange Resins market. Accelerated urbanization in the Asia Pacific region has resulted in rising cationic resin demand for numerous water treatment applications. Cationic resins display better efficiency and broader applicability as compared to anionic resins.

The U.S. Market is Estimated at $374.8 Million in 2021, While China is Forecast to Reach $533.6 Million by 2026

The Ion Exchange Resins market in the U.S. is estimated at US$374.8 Million in the year 2021. The country currently accounts for a 21.4% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$533.6 Million in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$572.5 Million by the year end of the analysis period. Asia-Pacific region is likely to be a key market as rising industrial growth rate in China and India raises water pollution levels, thereby driving demand for ion exchange resins over the coming years. Governments in emerging markets like Indonesia, China, and India are taking stringent measures towards water treatment. Growth in North America is due to rising demand for these resins from end-use industries such as nuclear power, mining, and pharmaceutical, among others. The region is likely to register tremendous growth because of expansion in the pharma, nuclear power, and mining industries.

Power (End-Use) Segment to Reach $905.9 Million by 2026

Power industry is the leading end-use market for ion exchange resins market. Fossil power plants are using various water treatment devices such as feedwater makeup, stator cooling, condensate polishing, and indicator cation resin in order to improve operational efficiency. Makeup water is added to the cooling towers for compensating losses due to evaporation and leakage. While strong base anion resins are primarily used in makeup water, weak base resins are capable of minimizing operating costs. In the global Power (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$492.2 Million in the year 2020 will reach a projected size of US$724.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$114.2 Million by the year 2026, while Latin America will expand at a 6.6% CAGR through the analysis period.