Global ion exchange resins market seen worth $2.3 bn by 2026; India, China to push growth
Led by strong growth in the Asia-Pacific region, particularly in India, China and Indonesia, the global market for ion exchange resins estimated is expected to nearly double to $2.3 billion by 2026, up from $1.7 Billion in 2020. The global market is projected to grow at a CAGR of 5.2 per cent over the six-year period.
Growth is also likely to surge owing to increasing demand for power generation in India, China and the Middle East in the next few years, said a recent market study published by Global Industry Analysts Inc (GIA), adding that growing awareness regarding water softening and purification for industrial applications is also poised to drive growth.
The ion exchange process is mainly utilized to produce high-quality water for various industrial applications, water softening, and the removal or recovery of metals in the chemical sector. Rising ion exchange resin demand for numerous applications is a key factor driving growth in the market. Ion exchange resins are widely used in industries such as chemical processing, wastewater treatment, electronics, mining, food and beverage, and power generation.
In the global market, the cationic resins segment is projected to grow at a 5.8 per cent CAGR to reach $1.3 billion by 2026 while growth in the anionic resins segment is seen at 4.8 per cent. This segment currently accounts for a 32.8 per cent share of the global ion exchange resins market.
Accelerated urbanization in tbhe Asia Pacific region has resulted in rising cationic resin demand for numerous water treatment applications. Cationic resins display better efficiency and broader applicability as compared to anionic resins, the market study said.
The ion exchange resins market in the US is estimated at $374.8 million in 2021. The US alone currently accounts for a 21.4 per cent share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of $533.6 million by 2026, trailing a CAGR of 7.2 per cent.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$572.5 Million by the year end of the analysis period.
The Asia-Pacific region is likely to be a key market as rising industrial growth rate in China and India raises water pollution levels, thereby driving demand for ion exchange resins over the coming years.
Power industry is the leading end-use market for ion exchange resins market and this segment will see the market reach $905.9 million by 2026. Fossil power plants are using various water treatment devices such as feedwater makeup, stator cooling, condensate polishing, and indicator cation resin in order to improve operational efficiency.
Makeup water is added to the cooling towers for compensating losses due to evaporation and leakage. While strong base anion resins are primarily used in makeup water, weak base resins are capable of minimizing operating costs.
In the global power (end-use) segment, the US, Canada, Japan, China and Europe will drive the 5 per cent CAGR estimated till 2026. These regional markets accounting for a combined market size of $492.2 million in 2020 will reach a projected size of $724.7 million by 2026.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach $114.2 million by 2026, while Latin America will expand at a 6.6 per cent CAGR.
