Albany - NY, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Key players in the global market for ion exchange resins are seen to be investing heavily into the development of new products and the broadening their current capacities so as to strengthen their market position. The companies are also trying to focus on expanding the geographical horizons, especially in the emerging nations of Asia Pacific which are projected to have an abundant room for the growth of the market.
Some of the key players in the global market for ion exchange resins include names such as Ionic System Ltd., Dow Chemical Company, Lanxess AG, Purolite, Mitsubishi Chemical Corporation, ResinTech Inc., and Eichrom Technologies LLC among others. Last year, ResinTech Inc., announced its plan to relocate its headquarters for corporate affairs and build brand new manufacturing plants in Camden, New Jersey. This move will permit the filtration and water treatment company to create 250 new jobs in the area of Camden and also will add 55 employees to the working staff of the new manufacturing facility. The announcement is backed by of nearly US$138 million in tax credits by the Economic Development Authority (EDA) of New Jersey during the monthly meeting of the board in October. Jeffry Gottlieb, CEO of ResinTech Inc., hopes to inaugurate the new manufacturing facility by late 2017.
The global ion exchange resins market stood at an overall market valuation of US$2.40 bn in the year 2016. This valuation is expected to grow and reach a figure worth US$3.66 bn over the course of the given forecast period of 2017 to 2025. The growth of market is estimated to be achieved with the help of a steady CAGR of 4.9% over the same forecast period.
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What Factors Influence Upward Growth of Global Ion Exchange Resins Market?
The global market for ion exchange resins is expected to receive a strong boost from the segment of water and wastewater treatment sector. With mere 60% of the overall industrial wastewater being treated, that leaves near about 40% of untreated water unfit for consumption or any practical use. Sewage water, specifically in the urban areas, is increasing day by day. Treatment of these wastewaters need ion exchange resins. And thus, with growing urbanization, the demand for ion exchange resins is also expected to grow to treat such modern day problems. In addition to this, industrialization is also helping in pushing the upward growth of the global ion exchange resins market since maintaining a certain level of quality of water is necessary to match up with the requirements of wide range of industrial processes. Industrial processes such as cooling, rinsing, and heating among others need huge amounts of processed water. All these factors are thus expected to drive the growth of the global ion exchange market.
What Factors Drive Growth of Asia Pacific Market?
In terms of geography, the global market for ion exchange resins can be segmented into key regions such as North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. The global market has been largely dominated by North America, with the region accounting for more than 32% of market share in 2016. Asia Pacific region is expected to show most promising growth over the coming years of forecast owing lucrative opportunities in the market such as growing demand for waste water, industrial water, and municipal water treatment. Europe is also projected to have a profitable market owing to the expansion of nuclear power and pharmaceutical end use industries in the region during the forecast period.
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