Increasing awareness towards purification and softening of water in industrial applications is expected to play an important role in driving ion exchange resins market growth in the near future. Ion exchange resins have the ability to remove chlorine, organic compounds and radioactive elements such as uranium, thorium, and lanthanum resulting in increasing application scope in chemical processing, food & beverage, wastewater treatment, power generation, electronics, and mining. Growing aforementioned application industries are expected to drive ion exchange resins market growth in the near future. Ion exchange resins are majorly used for water purification and softening in power generation applications.
Power generation growth in the Middle East, China, and India on account of surging domestic demand is expected to have a positive impact on market growth in the near future. Development of renewable sources such as wind energy, hydropower and biogas has resulted in increased importance of captive water quality, which is expected to promote market growth over the forecast period. Mining industry growth in China, India and Australia has resulted in increased concerns relating to water pollution, which is expected to promote ion exchange resins use in water treatment. European Commission and EPA are focused on restricting use of chemicals in water treatment for industrial, commercial and institutional applications. These regulatory authorities have passed numerous directives and regulations in line with the aforementioned target, and are expected to hamper ion exchange resins market growth in the near future.
Asia Pacific is expected to be one of the largest markets on account of industrial growth in India and China, which has increased water pollution thus, promoting ion exchange resins demand in the near future. Increased government funding on infrastructural development and industrial growth in Saudi Arabia, Oman, and UAE is expected to have a positive impact on Ion exchange resins market growth over the next six years. Key market participants include Dow Chemicals, Lanxess, Purolite Corporation, Mitsubishi Chemical Corporation, and Thermax Limited. The U.S. based Dow manufactures ion exchange resins under the Dow water & process division, which are available in the market with brand names amberlite, amberjet, dowex, marathon, and monosphere. Low manufacturing cost as compared to North America and Europe coupled with favorable government FDI policies for industrial promotion in India and China is expected to attract new investments over the forecast period.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.