Ion Exchange Resins Market estimated to reach Value of US$ 3,827.6 Mn by 2026
The
global ion exchange resins market is anticipated to register a CAGR
of more than 4% from 2018 to 2026, according to a new report by
Transparency Market Research (TMR) titled “Ion Exchange Resins
Market: Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2018–2026”. Ion exchange resins are chemically inert in
nature, cross-linked, and insoluble in water. These resins are
polymers usually employed as ion exchange mediums. Ion exchange
resins are of seven types: adsorbent resin, chelating resin, weak
acid cation resin, strong acid cation resin, weak base anion resin,
strong base anion resin, and mixed bed resin. Major applications of
ion exchange resins include industrial and municipal water treatment,
pharmaceuticals, and water softening.
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Report Overview @
Increase
in Demand for Ion Exchange Resins in Food Processing Applications for
Elimination of Contaminants
Increase
in the incidence of food-related disorders has prompted consumers to
adopt healthier food habits. According to the recent data published
by Centers of Disease Control & Prevention (CDC), a federal
agency that conducts health care promotion, about 3,000 people die of
food-borne diseases every year. In the backdrop of this, the FDA has
started making amendments in the Food Safety Act (Food Safety
Modernization Act). Ingredients of food products are required to be
of high purity. Sugar, sugar alcohols, high-fructose corn syrup,
high-intensity sweeteners, food additives, and nutritionals such as
amino acids and organic acids need to meet stringent purity
specifications. The need for cost-effective technologies for removal
of unwanted molecules propels the demand for ion exchange resins in
the food industry. Various applications such as starch sweetener
refining, beer sugar refining, sugar cane decolorization,
chromatographic separation, amino acid purification, citrus
debittering, juice deacidification and decolorization, citric acid
and lactic acid production, plant extract and polyphenol recovery,
and gelatin de-ashing are propelling the demand for ion exchange
resins in the food industry.
Extensive
use of water in the food industry has resulted in increase in the
salinity of water in the existing natural water resources. This is
expected to act as a major driving factor for the ion exchange resins
market in the next few years. However, ion exchange resins are not
enough efficient in removing microorganisms such as bacteria from
feedwater. Instead, in several cases, they are known to aid the
growth of bacteria. Hence, the demineralized water produced as a
result of treatment with ion exchange resins needs to be treated with
heat or UV radiations or it needs to undergo very fine filtration.
This factor is anticipated to hinder the ion exchange resins market
during the forecast period. The market player have been showing
significant interest in the development of drug delivery systems so
as to optimize the drug therapeutics and improve patient compliance.
Higher drug loads are likely to be achieved with carboxylic acid
resins. Recent advancements in ion exchange resins for drug delivery
systems are expected to present lucrative growth opportunities to the
global ion exchange resins market during the forecast period.
Mixed
Bed Resin, Industrial Water Treatment, and Pharmaceuticals
anticipated to be among Dominant Segments during the Forecast Period
Among
products, mixed bed resins has been a dominant segment, in terms of
value as well as volume, for the last few years and the trend is
likely to continue during the forecast period also. The segment is
expected to be followed by the adsorbent resin segment between 2018
and 2026. Ion exchange resins are utilized in order to obtain
high-quality industrial water. The industrial water treatment segment
held a major share of the global ion exchange resins market in 2017,
in terms of volume. However, in terms of revenue, the pharmaceuticals
segment held a major share of the ion exchange resins market and is
anticipated to continue its dominance during the forecast period.
Growth
of End-user Industries such as Pharmaceutical, Mining, and Nuclear
Power anticipated to drive Market in North America
North
America held more than 30% share of the global ion exchange resins
market in 2017. Growth of end-user industries such as pharmaceutical,
mining, and nuclear power in the region is projected to offer
lucrative growth opportunities to the ion exchange resins market in
North America during the forecast period. Most manufacturers of ion
exchange resins such as Lanxess and The Dow Chemical Company have
their production facilities in the region. The Dow Chemical Company
has a stronger position in the North America market. The chemical
industry in Asia Pacific is expected to expand at a moderate pace in
the near future. Steady growth of the chemical sector in Asia is
anticipated to offer immense growth opportunities to the ion exchange
resins market in Asia Pacific in the next few years. ASEAN is also
expected to become a lucrative sub-region in terms of manufacture of
ion exchange resins in the near future.
Consolidated
Market for Ion Exchange Resins with a Few Top Players accounting for
more than 40% of Market Share
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Some
of the key players operating in the global ion exchange resins market
are The Dow Chemical Company, Ionic Systems Ltd, Purolite, ResinTech
Inc., Lanxess AG, Thermax Limited, Mitsubishi Chemical Corporation,
Ion Exchange (India) Limited, Novasep, Evoqua Water Technologies LLC,
Finex Oy, and Eichrom Technologies, LLC. The global ion exchange
resins market witnesses regular expansion of facilities and
innovations in products and technologies by market players. In
November 2017, the Dow Chemical Company launched the next generation
of ion exchange resins, re-engineered specifically for achieving
efficient industrial water treatment. In July 2017, Mitsubishi
Chemical Corporation started selling river water treatment systems to
public and private sectors in Myanmar, where the economic growth is
anticipated to drive the demand for safe drinking water
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