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The global ion exchange resins market is expected to witness significant growth, during the forecast period. The growth in the global market is propelled by increasing demand for nuclear power generation. The growing environmental apprehensions over power generation through conventional means has led the government authorities to focus on unconventional mode of power generation.
Ion exchange resins, also known as ion exchange polymers, are insoluble matrices, which act as a medium for ion exchange. Ion exchange resins are significantly used in nuclear power generation. These polymers are insoluble matrices, which are 0.5-1 mm in diameter. Ion exchange resin beads are highly porous organic polymer substrates having a large surface area to make the ion exchange more effective. These resin beads are extensively used in separation, purification and decontamination processes, with the most common application being water softening and water purification. Additionally, these resins are used for biodiesel filtration process. Ion exchange process is significantly used for decontamination and separation in various industries, such as pharmaceuticals, nuclear power generation, food and beverages, chemical processing, electrical and electronics, water and wastewater treatment, mining and others.
The growing demand for nuclear power generation is likely to boost the global ion exchange resins market. Additionally, growing consciousness toward water softening and purification in industrial applications is expected to boost the demand for ion exchange resins. Ion exchange resins have the ability to eliminate chlorine, organic and radioactive elements, such as thorium, uranium, and lanthanum, which increase their application in food and beverages, chemical processing, power generation, mining and electronics. On the other hand, the global market is adversely affected by the high cost of ion exchange resins; however, technological advancements and continuous R&D in the field of ion exchange resins are expected to reduce the cost-related issues and make the ion exchange resins more economical.
The global ion exchange resins market has been segmented on the basis of type and application. On the basis of type, the global market has been segmented into specialized ion exchange resins, cationic and anionic. On the basis of application, the global ion exchange resins has been segmented into chemical, power, food and beverage, water treatment, electrical and electronics, pharmaceutical and metals and mining. The ion exchange resins are gaining huge popularity in the pharmaceutical industry, due to their efficiency to be used as drug delivery systems and suitability for drug delivery technologies, which include transdermal, nasal, controlled release, and taste masking.
Geographically, the global ion exchange resins market has been segmented into North America, South America, Asia-Pacific, Europe, and Rest of the World. Asia-Pacific is the key region in the global ion exchange resins market, which is expected to witness significant growth, during the forecast period. The growing power generation in developing nations of China, India, and Thailand is anticipated to positively impact the regional ion exchange resins market, during the forecast period.
The growing mining industry in China, Indonesia and India has raised concerns related to water pollution, which is likely to boost the demand for ion exchange resins used for water treatment. Rapid industrialization and growing power generation in South America is expected to further propel the demand for ion exchange resins in the region. The European ion exchange resins market is expected to witness steady growth, during the forecast period, owing to regulations framed by European Commission and EPA on restricting the use of chemicals in water treatment for industrial, commercial and institutional applications.
Some of the key companies in the global ion exchange resins market are Dow Chemical Company, ResinTech Inc., Lenntech B.V., Ion Exchange (India) Ltd., Purolite Corporation, Mitsubishi Chemical Corporation, Thermax Ltd, Lanxess AG, Samyang Corporation and Evoqua Water Technologies.
Global Ion Exchange Resins Market Segmentation
By Material Type