The Ion Exchange Resins (IERs) market is projected to grow at a CAGR of 4.15% during the long-term forecast period to reach USD 2.26 billion by 2026. The growth of this market can be attributed to the increasing demand for the use of nuclear energy to generate electricity in emerging countries. Another factor driving the growth of the IERs market is the growing urbanization and increasing affluence in the Asia-Pacific region. However, factors such as, the volatility of raw material prices and increasing competition from the reverse osmosis membrane in the demineralization application are restraining the growth of the IERs market. Most of the raw materials used in the production of IERs are petroleum products. The prices of these raw materials have been highly volatile in recent times, touching a five-year low, which affected the growth of the market. In addition, the reverse osmosis membrane technology is a major competitor of IERs in the demineralization application in end-use industries such as water treatment, especially in thermal power stations, and chemical plants.
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Chelation and adsorbent resins market to be the fastest growing in IERs market, during forecast period
Chelation resins and adsorbent resins are projected to be the fastest growing type from 2016 to 2026. Chelation resins are used in metal separation processes, especially in agricultural applications. Adsorbent resins are used in industrial applications such as the production of foods & beverages. The high growth of this market can be attributed to the increasing demand for processed food and agricultural demand in emerging economies such as China, India, and others.
Asia-Pacific to lead the IERs market during the forecast period
Increasing demand in end-use industries such as, power, chemicals, pharmaceuticals, water treatment, and others will drive the market for IERs in the Asia-Pacific region. China is the biggest market in the world for IERs owing to its well-established industrial base. The slow growth rate in the North American and European markets is expected to affect the demand for IERs in the region during the forecast period.
Based on end-use industry, the power end-use industry to lead the IERs market during the forecast period.
The power segment is projected to lead the IERs market during the forecast period. IERs are widely used in the power industry, mainly in demineralizing feed water and make-up water, wastewater treatment, and condensate polishing inside water-steam circuits. The power industry is also growing at a high rate as the demand for electricity is growing and governments are taking initiatives to decrease their dependence on the coal and natural gas end-use industries, which will lead to the high growth of the IERs market. In addition to this, the growing scarcity of fresh water, growing industrialization in emerging countries, and opportunities associated with cleaning biodiesel will also drive the IERs market during the forecast period.
In the report, the IERs market has been segmented on the basis of type, end-use industry, and region. The objective of the study is to define, describe, and forecast the global IERs market on the basis of various segmentations, and to strategically analyze the market segments with respect to individual growth trends, future prospects, and contribution to the total market.
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