Fuel Cell Membranes Market Size, Share, Growth, and Industry Analysis, By Type (Perfluorosulfonic Acid Membranes, and Others), By Application (Stationary, Transportation, Portable), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Fuel Cell Membranes Market REPORT OVERVIEW

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The global fuel cell membranes market size was USD 298.7 million in 2022 and market is projected to touch USD 1276 million by 2031, exhibiting a compound annual growth rate (CAGR) of 17.5% during the forecast period.

A fuel cell is a hydrogen-based fuel cell consisting of special polymer electrolyte membranes. The electrodes of fuel cells are platinum-based and transform the electrochemical reaction of hydrogen and oxygen from chemical to electrical energy. The by-product of the fuel cell membrane is water, making it the most valuable and desirable energy source. The market is witnessing a surge in the adoption of fuel cells and membranes owing to these varied features,

The fuel cell raw materials consist of graphite, stainless steel, platinum, and sulfonated polymers. The commonly used electrolytes are produced by countries such as the United States and China. Major factors driving the market are rising research & development (R&D) activities, leading to technological advantages such as high power density and long storage durability. This has been driving the adoption of polymer membrane fuel cell-powered vehicles and is thus anticipated to drive the market share during the period.

COVID-19 Impact: Decreased Demand due to Production Halt Restrained Market Growth

The decreased demand for fuel cells due to production and manufacturing halts owing to the ban on imports and exports affected the market growth and share of the fuel membranes. The suspension of construction activities, the non-availability of human labor, and supply chain disruptions are the significant factors that affected the industry's growth during the pandemic. Thus, the market experienced negative sales and revenues during the last two years. However, post the pandemic, the resumption of industrial activities will propel the market growth and share of fuel cells.

LATEST TRENDS

"Thermal Management to Improve Waste Heat Efficiency"

Fuel cell membranes are paving the way for innovations in automotive applications as advancements in improving fuel transmission infrastructure are being made by leading industrial companies in the fuel cell membrane market. Global players are increasing their research and development activities to deploy thermal management in fuel membrane systems to ensure high-temperature operations improve waste and heat efficiency. Thus, this will drive market growth and share in the industry, leading to profits and revenues for industrial players and manufacturers.

Fuel Cell Membranes Market SEGMENTATION

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• By Type

The market is categorized based on types into perfluorosulfonic acid membranes and others.

• By Application

The market is subcategorized based on other applications into stationary, transportation, and portable.

DRIVING FACTORS

"Efficient Performance to pave the way for Zero Carbon Emissions"

Electrical powertrains with fuel cells are gaining popularity for their low emissions, which will lead to the fuel cell membranes market growth. Hydrogen technology is gaining popularity, ensuring that each fuel stack performs efficiently, thereby contributing to the smooth functioning of fuel transmission mechanisms. Additionally, improved vehicle control units are prospective opportunities for manufacturers in the fuel cell market, leading to massive profits for leading industrial players worldwide.

"Demand in Automobile Sector to Drive Market Growth and Share"

Individuals and leading automotive companies are becoming conscious of clean energy for transportation, which uses hydrogen technology to maximize sustainability and vehicle range of automobiles. Better fuel durability and operating range of fuel cell systems are increasing the demand amongst environment-conscious vehicle owners and automotive companies. Thus, these fuel cells are emerging as a practical choice while having the potential to replace traditional combustion engines, which will increase the industrial market share.

RETRAINING FACTORS

"High Cost of Catalysts to Hamper Market Share and Growth"

The high cost of catalysts used in fuel cell membranes will restrain the industrial market growth and share of the product. Rare earth materials such as platinum are expensive to extract, thus increasing the costs for extraction of fuel cells, leading to losses for global players, manufacturers and investors. Therefore, costly and high prices for installing extraction systems and rising inflation in the European region will hamper the market growth during the forecast period. The ongoing tensions in the European region are a significant factor impeding industrial growth.

Fuel Cell Membranes Market REGIONAL INSIGHTS

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"North America to Lead Market Share Owing to Production Demand"

The North American region will lead the fuel cell membranes market share owing to increased production demand and capacities in the area. The product's market growth will increase due to the resumption of industrial and supply chain activities in the region, leading to increased revenues for investors and manufacturers worldwide. The U.S. will show the maximum share as the production capacity of leading regional players rises and expands with innovations, mergers, collaborations, and product launches in the area.

KEY INDUSTRIAL PLAYERS

"Developed Regions to Lead Production Demand and Share"

The report has analyzed various global market players in the industry, and the information has been published after analysis of trends, key technological developments, and innovations. The report also includes research on companies, technical outcomes, and emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the fuel cell membranes enterprise. Therefore, the factors specified in the report are subject to change as the market dynamics fluctuate. The U.S. will lead the industrial and supply chain production owing to innovations and product launches.

List of Market Players Profiled

• DuPont (U.S.)
• 3M (U.S.)
• Gore (U.S.)
• Solvay (Belgium)
• BWT Group (Austria)
• AKC (U.S.)
• BASF (Germany)
• Oceanit (U.S.)
• Wuhan WUT (China)
• Dongyue Group (China)

INDUSTRY DEVELOPMENT

"November 2022:" DuPont has announced the withdrawal of its agreement to acquire the shares of Rogers Corporation, as the company could not obtain timely clearance of the accords and conditions from all the required regulators. DuPont is set to pay Rogers a termination fee of USD 162.5 million under the agreement terms and conditions, which will negatively affect the company's market share as investors and manufacturers pull out stakes from the company, thereby causing an imbalance in financial markets.

REPORT COVERAGE 

The report has examined elements that will affect the demand & supply and estimate forces for the forecast period. After thoroughly evaluating the industrial factors, the report provides an extensive, comprehensive SWOT analysis and estimates all the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the fuel cell membranes industry. The report has listed the worldwide leading manufacturers and the regions that will experience growth during the period.