Ion-Exchange Resins MarketFactors such as the increasing need for clean drinking water and nuclear electricity generation necessitates water softening and demineralization, with the rising urban population in developing countries are driving the industry's growth.Ion-Exchange Resins Market Overview
Ion-exchange resins market size is forecast to reach US$1.9 billion by 2027, after growing at a CAGR of 5.1% during 2022-2027. Polymers performing as an ion exchange medium are known as ion exchange resins. In various industries, organic polymer and ion-exchange polymer are used for purification purposes. They work to remove chlorine, organic compound, and radioactive elements from the water, used afterward for different industrial purposes. Factors such as the increasing need for clean drinking water and nuclear electricity generation necessitates water softening and demineralization, with the rising urban population in developing countries are driving the industry's growth. Moreover, the growing importance of using ion-exchange resins for recycling wastewater and drug manufacturing in the pharmaceutical industry is further expected to create opportunities for developing the ion exchange resins market during the forecast period.
COVID-19 Impact
The COVID-19 outbreak widely affected the electrical and electronics, pharmaceuticals, and chemical industries over 2020. The electronics industry has faced a dual impact globally after the pandemic. The logistics slowdown and unavailability of the workforce halted the production facilities of electronic parts across the globe. Apart from this, the global supply chain of major electronic brands was also disrupted globally. Thus, the ion-exchange resins market got impacted by the slowdown of the electronics industry market in the year 2020.
Ion-Exchange Resins Market Segment Analysis – By Type
The cationic resins segment held the largest share in the ion-exchange resins market in 2021 and is anticipated to dominate the market during the forecast period. Cationic resins are highly preferred over anionic resins since these resins have a larger exchange capacity. Also, being denser, a smaller volume is needed for cationic resins to obtain equal total exchange capabilities. In addition, cationic resins are cheaper and have a far higher capacity for metals than chelating resins. Moreover, the primary factor driving the demand for cationic resins is their extensive use for water treatment in chemical, domestic, and power industries. Thus, with the growing demand for cationic resins, the ion-exchange resins market is estimated to grow during the forecast period.
Ion-Exchange Resins Market Segment Analysis – By Application
The non-water segment held the largest share in the ion-exchange resins market in 2021 due to the enormous growth in the electronics industry, mainly due to the rise in the semiconductor market and sugar and sweetener production and metal finishing. In the semiconductor industry, the excessive use of ultra-pure water is done, which is obtained by using ion-exchange resins, in the processes such as wafer cleaning, rinsing, surface conditioning, solvent processing, chemical mechanical planarization, and other functions. Furthermore, ion-exchange resins are also widely used for the cane sugar decolorization process under the application of sugar and sweetener production. The demineralization of liquor and the decolorized syrups is treated in ion exchangers to remove the salt and ionic content. Moreover, metal salts, acids, and bases are mainly inorganic compounds ionized in water in the metal finishing industry. The removal is possible through contact with ion exchange resins. Thus, it is estimated that the rising usage of ion-exchange resins in the non-water segment applications will drive the market over the forecast period.
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Ion-Exchange Resins Market Segment Analysis – By End-Use Industry
The electronics industry held the largest share in the ion-exchange resins market in 2021 and is expected to grow at a CAGR of 8.4% during 2022-2027. For ultrapure water (UPW) production, ion-exchange polymer and organic polymer are generally used in the electrical & electronics industry. Also, to prevent the low yield of electronic devices, ultra-pure water is needed in the electronics industry to avoid the contamination of products during manufacturing. Acquisition of new technologies and capabilities, innovations, launch of new products and services, and establishment of new companies has boosted the growth of the market of the electronics industry. For instance, according to Semiconductor Industry Association (SIA), in 2020, more than 22,800 new semiconductor companies were established in China, which is 195% more than 2019. With the rising demand for more electronic goods, the need for the ion-exchange resins market is further anticipated to rise during the forecast period.
Ion-Exchange Resins Market Segment Analysis – By Geography
Asia-Pacific region dominated the ion-exchange resins market with a share of 42% in the year 2021. This is due to the rise in the demand for potable water and electricity across the region due to environmental concerns. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for ion-exchange resins in developing countries such as China, Japan, India, and South Korea. China is expected to continue its dominance in the ion-exchange resins market due to the rising growth of various end-use industries such as power generation, pharmaceuticals, electronics, and others. For instance, according to Semiconductor Industry Association, in 2020, China imported US$ 378 billion in semiconductors; accounted for 30% to 70% of the global TV, mobile phone exports, and PC; assembled 35% of the world's electronic devices; and has a consumption of all semiconductor-enabled electronics of about one-quarter. The ratio of sales to production remained over 98% due to the expansion of the internal and external markets. India and Taiwan are predicted to grow their ion-exchange resins market during the forecast period, with increased investments in various end-use industries. Ion-exchange resin is used to eliminate chlorine, a radioactive element, and organic compound from the water and for water softening and demineralization, which can be used afterward for different industrial purposes. Thus, the rising usage of ion-exchange resins in various end-use industries will drive market growth in the forecast period.
Ion-Exchange Resins Market Drivers
Rapid Industrialization And Recycling of Wastewater Will Drive The Market Growth
The increase in industrialization in the developing countries increases the demand for ion-exchange resins in various applications, such as making ultra-pure water across various end-use industries such as coal-fired power plants and gas turbine power. Ion exchange resins perform water softening and demineralization processes to meet the requirements for suitable drinking water. Additionally, the growing importance of using ion exchange resins for recycling and reusing wastewater in the power industry will further increase the opportunities for the growth of the ion exchange resins market during the forecast period.
Increasing Demand For Ion-Exchange Resins In The Pharmaceutical Industry
Ion-exchange resins are used in the pharmaceutical industry as inactive pharmaceutical constituents. Taste-masking agents are one of the more ingenious uses of ion-exchange resins. They are extensively used in oral sustained-release products, topical products for local application to the skin, and ophthalmic delivery and nasal delivery. Increasing expansion of ion-exchange resin manufacturing facilities will also drive the growth of the industry. For instance, in 2021, DuPont announced the expansion of its ion exchange resin manufacturing production to address the high global demand for its pharmaceutical products such as excipients and active pharmaceutical ingredients. Thus, the increasing demand for ion-exchange resins in the pharmaceutical industry will drive the market's growth.
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Ion-Exchange Resins Market Challenges
Rising Environmental Effects Will Hamper the Market Growth
Ion-exchange resins cause chlorine contamination, calcium sulfate fouling, organic matter adsorption, organic contamination from the resin, iron fouling, bacterial contamination, and saltwater discharged into the atmosphere during the regeneration of ion exchange beds is effective for the environment. The European Commission and the Environmental Protection Agency (EPA) have even established strict laws and regulations on the usage of water treatment. The other significant environmental effects of ion-exchange polymer include bacterial contamination because cation exchange resins do not remove bacteria from feed water and have high running expenses. Thus, increasing ecological impacts with the rising use of ion-exchange resins will affect the market's growth in the upcoming years.
Effect of US-China Trade War
According to the International Trade Administration, in China, the trade relationship between China and the United States has been characterized by ongoing trade disputes, retaliatory tariffs, increasing sanctions, and general uncertainty. In 2019, US exports of goods to China were US$ 106.4 billion, down by 11.5% from US$ 120.3 billion in 2018. Recently, there is instability in the chemical industry due to the high fluctuations in the dollar value. Thus, due to difficulty in trade, the growth of the ion exchange resin market will be hindered in the forecast period.
Ion-Exchange Resins Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies players adopt in the ion-exchange resins market. Major players in the ion-exchange resins market are:
Dow
Dupont
Lanxess
Novasep Holding
Purolite
Mitsubishi Chemical Corporation
Resintech
Samyang Corporation
Thermax
Anhui Sanxing Resin Technology Co. Ltd.
Jiangsu Suqing Water Treatment Engineering Group Company Ltd.
Acquisitions/Technology Launches
In 2021, 3M Health Care launched its 3M Polisher ST product, a single-use anion exchange chromatography solution designed to replace reusable polishing columns for biologic drug manufacturing.
Key Takeaways
Asia-Pacific region dominates the ion-exchange resins market owing to the increasing investments in the electronics industry. For instance, according to the Indian Brand Equity Foundation, by 2021-22, the government has set a target to get US$ 2.4 billion investments in the electronics manufacturing segment.
Growing demand for ion exchange resins in pharmaceuticals as constituents in drug-making, taste-making agents, and drugs applied to the skin will also drive the growth of the ion-exchange resins market.
Furthermore, the driving need for ion-exchange resins in the recycling of wastewater and pure water and rising industrialization are the critical factors that will drive the growth of the ion-exchange resins market in the upcoming years.
However, the stringent rules and regulations imposed by the government in the usage of ion-exchange resins can hinder the growth of the market.
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