New York, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global Ion Exchange Resin Market size is predicted to grow at a CAGR of over ~7.2 from 2023 to 2035. The market is projected to garner a revenue of USD 6.77 Billion by the end of 2035, up from a revenue of ~2.94 Billion in the year 2022. The growth of the market is attributed to the increasing amount of water being treated worldwide. The ion exchange resin helps extract organic minerals from the water. Based on data from 128 countries representing 80% of the world's population, according to United Nations data, in 2020, 56% of the world's domestic wastewater streams were safely treated.
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In addition, there are approximately 109,000 municipal wastewater treatment plants in 129 countries, serving almost 3 billion people, or about 35% of the world's population. Other factors that are believed to drive the growth of the ion exchange resin market include the increasing demand for microchips across the world. Ion exchange resins are specially manufactured to the precise specifications of the electronics industry for wafers and microchips. Manufacturers are ramping up production due to the severe shortage of semiconductor chips during the pandemic. In addition, to mitigate the impact of global supply chain disruptions, some governments are increasing investment in semiconductor technology. On the other hand, increasing production and extraction of rare minerals is also expected to drive the growth of the market.
Ion Exchange Resin Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The power segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Need for Treating Water across the Globe to Boost Market Growth
The removal of various contaminants from water, such as natural organic matter (NOM), surfactants, drugs, heavy metal ions, anions, and colorants, is often achieved using ion exchange resins. Clean drinking water and adequate sanitation are essential for sustainable development and poverty eradication. According to the United Nations, 884 million people worldwide do not have access to clean drinking water. In nuclear reactors, organic ion exchange resins are used to filter radioactivity from waste streams and process fluids. The International Energy Agency estimates that nuclear power will rebound in 2021 and grow by 2%, barely reversing half of the 2020 production decline. In the second half of 2020 and in the first quarter of 2021, a further seven reactors were commissioned.
Through reversible ion exchange interactions between the opposite charge of the resins and the complex minerals in the solutions, the ion exchange resin can be used to recover rare minerals from their solutions. Industrial demand for platinum is expected to grow 12% per year to 2.505 million tons in 2023. Additionally, investment in platinum is expected to increase in 2023, which is expected to further increase production. Ion exchange resin improves the absorption of other drugs in the intestines, thereby accelerating the action of the drug in health problems of the digestive and gastrointestinal tract.
Ion Exchange Resin Market: Regional Overview
The ion exchange resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding capacity of wastewater treatment plants to Drive the Market Growth in Asia Pacific Region
The Asia Pacific ion exchange resin market is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly due to the increasing capacity of wastewater treatment plants. According to the International Atomic Energy Agency, a sixth of the plant's capacity or around 1,500 cubic meters per day can be treated in the new plant in the city of Jinhua, 300 kilometers south of China. Shanghai.
In addition, in June 2022, China inaugurated the world's largest electron beam wastewater treatment plant, with a daily capacity to treat 30, liters of industrial wastewater. Based on technology transferred by the IAEA since 2010, the treatment process will save 4.5 billion liters of freshwater each year, enough to quench the thirst of 100,000 people.
Growing Pharmaceutical and healthcare industries to Propel the Growth in the North America Region
The North America ion exchange resin market is estimated to garner the highest CAGR by the end of 2035. The demand for ion exchange resins in North America is primarily driven by the need for effective water and wastewater treatment solutions. Ion exchange resins are widely used in the removal of contaminants, such as heavy metals, nitrates, and organic compounds from water sources. With increasing concerns about water quality and stricter regulations, the demand for ion exchange resins is expected to grow. The pharmaceutical and healthcare sectors require high-purity water for various applications, including drug formulation, laboratory testing, and dialysis. Ion exchange resins play a vital role in purifying water and removing impurities that could affect the quality and safety of pharmaceutical products.
As the pharmaceutical industry continues to grow in North America, the demand for ion exchange resins is expected to increase. Power plants, particularly those using steam turbines, utilize ion exchange resins for water demineralization and purification. These resins help remove dissolved minerals and impurities from the water, preventing scaling and corrosion in the power generation equipment. As the demand for electricity continues to rise, the expansion of power generation facilities is likely to drive the growth of the regional ion exchange resin market. According to a report, the North America water treatment chemicals sales in the power generation sector was valued at USD 2.2 billion in the year 2021.
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Ion Exchange Resin, Segmentation by End Use Industry
- Power
- Electronics
- Chemical & Petrochemical
- Pharmaceutical
- Food & Beverage
Amongst these five segments, the power segment is anticipated to hold the largest share over the forecast period. The growth of the segment is due to the increase in the number of nuclear reactors. In May 2022, almost 439 nuclear reactors were in operation worldwide, spread over about 30 different nations. At the time, the United States was the world leader with around 92 operational nuclear reactors.
Ion exchange resins are used in various nuclear reactor systems to remove certain impurities. The "ALPS" Advanced Liquid Processing System, condensate scrubbers, reactor water purification, lithium extraction beds, overflow beds and steam generator blowdown are the few systems in a nuclear power plant that use ion exchange resin. In addition, different types of resins are used in the plant, including anionic, cationic and mixed-bed resins.
Ion Exchange Resin, Segmentation by Type
- Cationic Resins
- Anionic Resins
Amongst these segments, the cationic resins segment is anticipated to hold a significant share over the forecast period. Cationic resins play a crucial role in water and wastewater treatment processes by effectively removing dissolved organic compounds, heavy metals, and other contaminants from water sources. The demand for cationic resins is driven by various applications in municipal and industrial sectors such as water softening, demineralization, and de-alkalization. Cationic resins are widely used in water softeners to remove hardness-causing ions like calcium and magnesium, contributing to the growth of the cationic resins segment. Cationic resins find applications in the pharmaceutical and cosmetics industries for the purification and separation of active pharmaceutical ingredients (APIs) and cosmetic ingredients.
The increasing demand for high-purity APIs and cosmetic products is expected to drive the adoption of cationic resins in these industries. Cationic resins are utilized in the food and beverage industry for processes such as decolorization, deashing, and deacidification. The demand for cationic resins in the food and beverage industry is driven by the need to enhance product quality, extend shelf life, and comply with regulatory standards.
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Ion Exchange Resin, Segmentation by Application
- Water
- Non-Water
Few of the well-known market leaders in the global ion exchange resin market that are profiled by Research Nester are DuPont de Nemours Inc., Lanxess, Purolite Corporation, Mitsubishi Chemical Group Corporation, Thermax Limited, ResinTech, Inc., SAMYANG CORPORATION, Suqing Group, Evoqua Water Technologies LLC, Sunresin New Materials Co. Ltd., and other key market players.
Recent Development in the Global Ion Exchange Resin Market
- DuPont announced the expansion of production of ion exchange resins to meet demand for its pharmaceutical products such as excipients and active pharmaceutical ingredients. This expansion can increase security of supply to improve current and future drug formulations by integrating key technologies into their production.
- Laxness presented its range of products for the treatment, purification and treatment of water using ion exchange resins. The products were exhibited at Aqautech in the Netherlands and Amsterdam.
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