While the global scenario of the ion exchange resins market reflecting the increasing use of ion exchange resins in power generation, followed by domestic wastewater treatment applications, the ion exchange resins market is subjected to a crunch due to the advent of alternative technologies that include electro deionization and reverse osmosis. The exceeding efficiency and advancement in technology are the major reasons why consumer preferences are shifting from conventional ion exchange resins towards these new alternatives.
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Ion Exchange Resins Market to register moderate growth owing to changing preferences
This shift of preference is projected to affect the ion exchange resins market adversely and further deteriorate the pace of expansion of ion exchange resins market. Owing to this scenario, the ion exchange resins market is expected to project a moderate growth with a CAGR of 5.4% over the forecast period of 2016 to 2026. Apart from its wide utility in water treatment and various other industrial applications, the ion exchange resins account for certain drawbacks including chlorine contamination and organic contamination of resins. These factors are likely to foster the shift of consumer preference towards other alternatives available in the market. Owing to these factors the accumulation of spent ion exchange resins and their disposal is being governed by regulations to ensure that they cause no potential harm. Despite the shortcomings, the ion exchange resins market is expected to be valued at over US$ 1,830 million by 2026-end.
Stringent regulations towards water conservation and the decreasing availability of fresh water is expected to drive the growth of the ion exchange resins market. Agencies such as Environmental Protection Agency (US) and India Water Works Association (India) are seen framing the regulations for water disposal. These actions towards water conservation and treatment are expected to fuel the demand for ion exchange resins across the globe. Water treatment process is, therefore, expected to be the major factors influencing the growth of ion exchange resins market.
Based on region, the APEJ region is projected to account for a comparatively high-value share and witness a CAGR of 7.0% over the period of forecast. In terms of volume, China is projected to dominate the ion exchange resins consumption in the APEJ region, whereas India is anticipated to witness comparatively faster growth during the forecast period. The factors influencing this market scenario are related to the growing demand for ultra-pure water in the Asian regions, especially China on account of the increasing number of power plants. As ultra-pure water is obtained by using ion exchange resins, several players in the ion exchange resins market offer resins exclusively for the power, pharmaceuticals, and electrical industries to produce ultra-pure water.
Key Developments to trigger the demand for ion exchange resins
Industry players are expected to synergize efforts towards the development of distinct and product offerings tailored for specific applications. Key players of the ion exchange resins market such as Dow Chemicals and Lanxess have indulged in differentiation strategies by emphasizing on novel products to cater to the requirements of a comparatively niche market. On account of this, Dow Chemicals introduced their next-gen Dowex marathon ion exchange resins that are re-engineered to enhance the efficiency of water treatment processes.
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Ion Exchange India Ltd. provides water treatment services, predominantly in India, followed by a range of products and recycling plants for water treatment and wastewater treatment. The company has opted for a joint venture with Safic, a South-African based company for strengthening its global footprints, followed by which they marketed the water treatment equipment and chemical and resins products throughout the South-African region. Furthermore, their constant actions for expanding in the Middle-East and Africa (MEA) region are supported by their chemical blending unit in Bahrain for increasing revenue and strengthening its market share.
Ion exchange resins market participants are investing in extended research and development to cope up with the prompt application of ion exchange resins in various industries including the nuclear power generation industries that have showcased unmatched growth.