PUNE, India, December 21, 2016 /PRNewswire/ --
The report "Ion Exchange Resins Market by Type (Cationic Resins, Anionic Resins), End Use Industry (Power, Chemical, Water Treatment, Pharmaceutical, Food & Beverage, Mining & Metal, Electrical & Electronic), Region - Global Forecast to 2026", published by MarketsandMarkets, the global market was valued at USD 1.45 Billion in 2015 and is projected to reach USD 2.26 Billion by 2026. The market is projected to grow at a CAGR of 4.15% from 2016 to 2026.
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It is estimated to grow at a CAGR of 4.15% from 2016 to 2026. The growing urbanization and increasing affluence in the Asia-Pacific region and the increasing demand for the use of nuclear energy for electricity generation in emerging economies are the major drivers for the IERs market. In addition to this, stringent environment related regulations in many countries are also expected to drive the IERs Market during the forecast period.
Cationic resins segment to lead the IERs market during the forecast period
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Based on type, the cationic resins segment is projected to lead the IERs Market during the forecast period. Cationic resins are commodity resins, extensively used for water softening and demineralization applications in various end-use industries such as, nuclear, water treatment, and chemical, which is leading to the high growth of the IERs market.
Pharmaceutical end-use industry segment projected to grow at the highest CAGR during the forecast period
Based on end-use industries, the pharmaceutical segment is projected to grow at the highest CAGR from 2016 to 2026. The IERs are receiving considerable attention for efficient use as drug delivery vehicles and are very suitable for drug delivery technologies. The R&D departments of manufacturing companies are carrying out research to widen the application areas of IERs, which is expected to drive the IERs market during the forecast period.
Asia-Pacific is projected to grow at the highest CAGR from 2016 to 2026
The IERs market in the Asia-Pacific region possesses immense potential for growth. Increasing demand for nuclear electricity and growing urbanization & increasing affluence in the region are expected to fuel the demand for IERs during the forecast period. China, India, Indonesia, and South Korea are some of the key countries in the region contributing significantly towards the growth of the IERs market in the Asia-Pacific region.
Some of the key players in the IERs market are, The Dow Chemical Company (U.S.), Purolite Corporation (U.S.), Mitsubishi Chemical Corporation (Japan), Lanxess AG (Germany), Ion Exchange (India) Ltd. (India), and Thermax Ltd. (India), among others. Investments & expansions, and new product developments were the major growth strategies adopted by the market players between 2012 and 2016 to enhance their regional footprint and meet the growing demand for IERs in the emerging economies.
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