Global Ion Exchange Resins Market to Witness robust growth with Samyang Corporation entering into a contract with Korea Hydro and Nuclear Power to supply ion exchange resins for purification of nuclear power plants

 


Ion exchange resin is the name given to an organic compound that has a variety of applications in the pharmaceutical and bio-medical industries. This chemical compound is made from amino acids (proteins) that have been treated with an electrochemical process. The process activates a reaction between the charged amino acids and creates ions (free radicals), which bind to other molecules. When a molecule has an extra electron, a proton is released, and this new atom gives way for a new chemical reaction, creating another set of ions that bond with the atoms of another substance, create a new compound, or participate in chemical reactions in general. Ions exchange resins are termed as such as the crystals that make up the compound are designed to pass through an electric membrane.

Increasing demand for nuclear electricity generation in emerging economies is expected to drive growth of the global ion exchange resins market. Nuclear power is one of the most low-carbon energy sources and has one of the smallest carbon footprints as compared to other forms of energy. Although it requires significant capital investment, it is highly cost-effective and reliable in the long run. The demand for nuclear power electricity has increased in both developed and emerging economies in the recent past. According to the World Nuclear Association, in 2019, nuclear plants supplied around 2657 TWh of electricity, increasing from 2563 TWh in 2018. According to the same source, in 2019, nuclear power plants in India generated around 6.3 GWe of electricity, 3% of the country’s electricity. Ion exchange media is commonly used in nuclear power plants for mixed-bed ion exchange system. They are typically used to demineralize water where cations are replaced by H+ ions, while anions are replaced by OH− ions. Hence, such factors are expected to drive growth of the global ion exchange resins market. Furthermore, increasing demand for water treatment chemicals and rise waste generated from industries is expected to propel the global ion exchange resins market growth in the near future.

However, the volatility of raw material prices and lack of strict regulations in emerging economies is expected to hinder the global ion exchange resins market. However, growing industrialization in emerging economies and rising importance of the recycling and reuse of water can present lucrative growth opportunities in the global ion exchange resins market. Among regions, North America is expected to witness significant growth in the global ion exchange resins market, owing to increasing demand for ion exchange resins in the pharmaceutical and nuclear power industry. Furthermore, Asia Pacific is expected to register a robust growth rate in the global ion exchange resins market. This is owing to rapid industrial growth in China, India, and South Korea.

Key competitors involved in the global ion exchange resins market are DuPont, Thermax Limited, Eichrom Technologies, LLC, Samyang Corporation, Evoqua Water Technologies LLC, ResinTech Inc., Finex Oy, Purolite, Ionic Systems Ltd., Novasep, Jacobi Carbons Group, and Mitsubishi Chemical Corporation.

For instance, in November 2020, Samyang Corporation entered into a contract with Korea Hydro and Nuclear Power to supply ion exchange resins for the purification of nuclear power plants. 


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