Wellesley, Mass., Aug. 15, 2017 (GLOBE NEWSWIRE) --
New and advancing technologies ranging from clean water to pharmaceutical applications, along with favorable water and energy global policies, suggest that the use of ion exchange materials will continue to grow over the next five years, says a new BCC Research analysis. The report notes that Ion exchange membranes and ionomers should experience a higher growth than ion exchange resins, with the growth of ion exchange membranes dependent on the advanced technologies that incorporate them in new devices.
Ion Exchange Materials: Technologies and Global Markets forecasts double-digit growth rates in the ion exchange materials market, which should reach $9.5 billion in 2021 from $5.5 billion in 2016, reflecting an 11.8% CAGR. Some examples of the applications that incorporate ion exchange membranes include fuel cell systems, redox flow batteries, polymer based electrolysis units, membrane-based chloralkali electrolytic cells, among others. These markets are currently large and have the potential to grow quickly due to the increased adoption of the technologies.
In the fuel cell industry, automotive applications are seeing the biggest growth, as Toyota and others have begun selling fuel cell vehicles in California. The report anticipates these companies to expand regionally in the U.S. and in the rest of the world. Overseas, Ballard Power Systems, which is selling fuel-cell powered buses in China, has secured development deals with other companies, including Volkswagen. New activity in the fuel cell markets abound in the Asia, where many companies that produce fuel cell modules have announced new business. This increased activity should stimulate sales in ion exchange membranes and ionomers, which is expected to expand at the same rate as the fuel cell industry.
Research Highlights
- Energy storage and generation technologies represent the fastest-growing application segment (26.5% CAGR).
- Membrane-based applications are expected to eventually have higher market values than ion exchange resins.
- Water technology, which uses both ion exchange membranes and resins, should achieve a 6.7% CAGR.
"In developing countries where juice and sugar consumption has increased, growth is driven primarily by spending power increases and the desire to consume more products. The market for ion exchange materials is larger here than in the industrialized world," says analyst Gabriel Rodriguez, who authored the report. "As production continues and environmental effects and policies are taken into account, demand will increase. Established companies in the ion exchange resin field have captured most of the current market growth."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.