ALBANY, New York, October 31, 2017 /PRNewswire/ --
Ion exchange resins market is expected to receive a major fillip from the water and wastewater treatment industry. With just 60% of industrial wastewater being treated, about 40% of the treated water remains unfit for consumption. Sewage water, especially in urban areas, is growing by the day. Treating those needs ion exchange resins. Thus with increasing urbanization, the demand is receiving a major boost in the market. Industrialization too is benefitting the market since quality water is essential to meet the needs of heavy to light industries for various processes. Industrial processes such as heating, cooling, rinsing, etc., require large amount of processed water.
A report by Transparency Market Research forecasts the global ion exchange resins market to rise at a CAGR of 4.9% during the period between 2017 and 2025 to become worth US$3.66 bn by 2025 from US$2.40 bn in 2016.
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Biodiesel Industry Proves Beneficial for Market
The biodiesel industry is another major sector positively influencing the market. "The biodiesel industry has been looking for ways to replace traditional conversion methods. Development of enzyme-loaded ion exchange resins can be utilized as enzyme-based catalysts in the biodiesel industry. This is estimated to offer lucrative opportunities for ion exchange resins market in the next few years," explains the lead analyst of the report.
Ion exchange resins find application in sugar refining, liquid glucose, uranium mining, gold mining, MTBE catalysis, TAME, bisphenol A, industrial water treatment, food and beverage, ultrapure water, pharmaceuticals, municipal water treatment, and water softening, among others such as mining. Among them, the pharmaceutical segment accounted for a leading 33.0% share in the market in 2016. By rising at a maximum pace, the segment is expected to maintain its dominant share.
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Geographically, key segments of the global ion exchange resins market are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific, among them, will rise at maximum pace. The Asia-Pacific market is expected to grow at a good clip due to the rising demand for nuclear electricity and growing urbanization and increasing affluence in the region. China and India are at the forefront of driving growth in the region.
In the global ion exchange resins market, key players are seen pouring money into development of new products and expansion of their existing capacities in order to bolster their positions. They are also seen focusing on expanding their geographical outreach, particularly in the emerging economies of Asia Pacific which have ample room for market growth.
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Some of the prominent participants in the global ion exchange resins market are the Dow Chemical Company, Ionic Systems Ltd, Purolite, ResinTech Inc., Lanxess AG, Thermax Limited, Mitsubishi Chemical Corporation, Ion Exchange (India) Limited, Novasep, Evoqua Water Technologies LLC, Finex Oy, and Eichrom Technologies, LLC.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research