Global Anion Exchange Resin Market 2022-2028

Global Anion Exchange Resin Market 2022-2028

Global Anion Exchange Resin Market Size, Share & Trends Analysis Report by Type (Strong Base Anion Exchange Resin and Weak Base Anion Exchange Resin), by End-User Industry (Food & Beverage, Pharmaceutical, Water & Wastewater Treatment, Power Generation, Electronics and Mining & Metallurgy) Forecast Period (2021-2028)

The global anion exchange resin market is growing at a CAGR of 4.1% during the forecast period (2021-2028). The global ion exchange resin market was valued at around $1.9 billion in 2021 and is estimated to reach around $2.6 billion in 2028. The market is driven by significant demand for water treatment in different industries such as power, chemical, food & beverages, pharmaceuticals, and others. A wide range of polymers and ion exchange resins are utilized in water treatment and desalination, gas separation, power generation, and fuel cells. Regulations for water conservation and the decreasing availability of fresh water are expected to drive the growth of the global ion exchange resins industry.

The rising demand for ion exchange resins in the battery industry, driven by the growing trend toward electromobility is also expected to contribute to the market growth. The sustainable extraction of battery materials such as high-purity lithium, copper, nickel, cobalt, and platinum group metals, that are suitable for battery production, is essential for advancing the transition toward electric vehicles. The utilization of ion exchange resins leads to highly efficient refining processes that are used for the production of batteries with a good carbon footprint and water balance. In addition, increasing demand for nuclear energy is also fueling the demand for ion exchange resins globally. Ion exchange resin has a wide variety of applications in nuclear plants such as radioactive waste cleanup, spent fuel pool (SFP) cleanup, reactor water cleanup, outage cleanup, and others. In power plants, ion exchange resins are utilized in the production of highly purified water and steam. Ion exchange resins enable removing selected heavy metals, such as mercury and cadmium, and organic pollutants from both groundwater and industrial wastewater.

The cation resins segment held the highest market share of 57.5% accounted for around $1.1 billion in 2021 and is anticipated to reach around $1.5 billion in 2028, growing at a CAGR of 3.9% during the forecast period. Cation resins are used in a wide range of end-use industries for demineralization, dealkalization, and treatment of highly saline water. The anion resin segment held the second-largest share of 37.5% in the ion exchange resin market. The anion resin market is valued at $726 million in 2021 and is estimated to reach $971 million in 2028, growing at a CAGR of 4.3% during the forecast period. Anion resins have been significantly used in water treatment, power plants, food & beverages, and pharmaceuticals. Specialty resins are used for a variety of specific applications. The specialty resins market is valued at $96.0 million in 2021 and is anticipated to reach $146 million in 2028, growing at the highest CAGR of 6.2% during the forecast period. It offers more specific removal solutions than conventional deionization, owing to this, the market for specialty resin is expected to grow at the fastest growth rate. Chelating resins are the most common type of specialty resin and are used for selective removal of certain metals, brine softening, and other substances. Further, magnetic ion exchange (MIEX) resins are another type of specialty resin, which is used for the removal of natural organic matter from liquid streams.

GLOBAL ANION EXCHANGE RESIN MARKET

Anion exchange resin market is segmented based on type and application. Based on type, the market is segmented into strong base anion exchange resins and weak base anion exchange resins. The strong base anion exchange resins segment held the highest market share of 65.0% accounted for $471.9 million in 2021 and is estimated to reach $621.0 million in 2028, growing at a CAGR of 4.0% during the forecast period. Strong base anion exchange resins are available in multiple varieties, including Type 1, Type 2, and acrylic or macroporous. Strong base anion exchange resins are typically used for demineralization, dealkalization, and desilication, as well as the removal of total organic carbon (TOC) or other organics depending on the type of resin. Weak base anion exchange resins segment held the market share of 35.0% accounted for $254.1 million in 2021 and is estimated to reach $350.0 million in 2028, growing at the highest CAGR of 4.7% during the forecast period. Weak base anion exchange resins are used for partial demineralization. In larger plants, weak base anion resin beds may be paired with strong base anion exchange resin units for complete demineralization applications, and weak base anion exchange resins are also effective as TOC barriers as compared to strong base anion beds. Weak base exchange anion is also used for acid adsorption applications involving the removal of chloride, sulfate, nitrate, and other anions associated with strong acids, though it is not effective for the removal of weak acids such as silica (SiO2) and carbon dioxide (CO2).

Based on application, the market is segmented into food & beverage, pharmaceutical, water and wastewater treatment, power generation, electronics, and mining & metallurgy. Water and wastewater treatment applications held the highest market share of 38.7% anion exchange resin market. The market for water and wastewater treatment application was valued at $281.0 million in 2021 and is estimated to reach $381.2 million in 2028. Significant water applications, such as deionization, demineralization, separation, purification, and decontamination are contributing to the highest market share of the water and wastewater treatment market. Power generation application is growing at the highest CAGR of 5.3% during the forecast period. The market for power generation applications was valued at $169.2 million in 2021 and is estimated to reach $241.9 million in 2028. The growing power generation industry in the emerging economies, such as China, India, and the UAE, is contributing to the fastest growth of the power generation market.

The global anion exchange resin market is segmented based on geography that includes North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East & Africa). The anion exchange resin market in Asia-Pacific held the highest market share of 45.6% accounted for $330.9 million in 2021 and is estimated to reach $461.9 million in 2028. The market in Asia-Pacific is growing at the highest CAGR of 4.9% during the forecast period. The continuous rise in ion exchange resin manufacturing by the Chinese manufacturers is contributing to the regional share. Growing demand from the pharmaceutical and power industry is fueling the market growth during the forecast period.

Market Players Outlook

Lanxess AG, Mitsubishi Chemical Corp., Purolite Corp., Thermax Ltd., Ion Exchange (India) Ltd., Samyang Corp., ResinTech Inc., Hebi Higer Chemical Technology Co., Ltd., DuPont de Nemours, Inc., Jacobi Group, Sunresin New Materials Co., Ltd., and Bio-Rad Laboratories, Inc., are some of the players operating in the global anion exchange resins market. These players are continuously focusing on increasing their production capacity to address the demand for anion exchange resins. For instance, in July 2021, LANXESS announced to expand its ion exchange resins business. The new ion exchange resin plant will have a production capacity of between 20,000 and 30,000 cubic meters and is scheduled for completion within the next five years. Further, players are launching new products to expand their business portfolio. For instance, in December 2021, LANXESS announced the expansion of its portfolio of ion exchange resin products with new Lewatit PH 1074 HEP. Lewatit PH 1074 HEP is suitable for the treatment and purification of products derived from biomass, as it supports the reliable capture and removal of organic substances with a high molecular weight.