Nafion Market Insights
The global nafion market is poised to embark on a positive growth trajectory, registering a CAGR of 6% over the forecast period (2020-2030). Nafion is the first ever perfluorosulfonic acid (PFSA) polymer manufactured by Dupont in the 1970s. Nafion was primarily made in response to the increasing demand for ion exchange membranes for fuel cell applications.
Universal chemical-resistivity and exceptional electrochemical stability have made nafion an ideal material in fuel cell applications. Moreover, attributed to nafion’s excellent resistance to impurities and exceptional power consumption, it is used in various electrochemical cells and electrolytic devices under diverse operating conditions. Efficacy to offer a cost-economical alternative to maximize production efficiency in the chlor alkali industry is set to expand the global nafion market size during the forecast period.
Nafion Market Application Insights
Growing demand for clean energy sources and concerns related to rising emission norms, coupled with momentum towards low or no emission vehicles have given birth to transformative innovations such as vehicle electrification and hydrogen fuel cell vehicles. Nafion material-based proton exchange membrane fuel cells are the most widely used fuel cell type in the world. In order to meet the increasing demand for cleaner energy production, significant investments and studies have been done on proton exchange membrane (PEM) fuel cells.
Inline initiatives by governments and fuel cell manufacturers are set to fuel the demand for nafion membranes during the forecast period. Further, over three-fourth of the chlor-alkali is produced by membrane technology, and a promising solution offered by nafion chlor alkali membranes is set to gain traction during the forecast period, creating remunerative opportunities for players to increase their nafion market share.
Regional Outlook of Nafion Market
East Asia is the largest fluoropolymer consumer in the world, and currently accounts for near half of global consumption, which is near 138 kilo tons. East Asia is the electrical vehicle manufacturing hub, and accounted for around two-third of the global production in 2019. Along with electrical vehicles, East Asia is the second-largest fuel cell vehicle market after North America, and accounts for nearly 43% global sales.
However, ongoing initiatives by East Asian governments are set to surpass the North America fuel cell vehicle market by the midterm forecast period. Attributed to the aforementioned facts, East Asia has driven nafion consumption during the historical period, and is poised to maintain its dominance over other regions, accounting for over half of the global nafion market by 2030. The East Asia nafion market is poised to experience a leading growth rate of 6% during the forecast period.
Competition Analysis of Global Nafion Market
The global nafion market is oligopolistic in nature, where only four players currently account for global nafion production. Currently, The Chemours Company, Solvay SA, AGC Inc, and Dongyue Group Ltd. are the key stakeholders in the nafion market.
In response to increasing demand and to align with the trend of high performance ion exchange membranes, targeted product launches and strategic partnerships have been identified as key strategies by nafion market players.
For instance, in order to meet the increasing demand for ion exchange membranes with superior chemical stability, thermostability, durability, and mechanical strength, The Chemours Company launched a new product named Nafion NC700 membrane in 2019, which is laced with the aforementioned capabilities.
Similarly, Solvay authorized Merck KGaA, Darmstadt, Germany, as a global distributor for its high performance perfluorosulfonic acid (PFSA) product line named Aquivion. Targeted strategic initiatives by market players will not only deepen their roots in the global nafion market but also boost market growth.
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COVID-19 Pandemic Impact on Nafion Market
The coronavirus outbreak has for brought the world to its knees, and forced people to stay under lockdowns in their homes, which has affected production and demand across the globe. Fear of coronavirus has forced countries to halt any kind of import-export across borders. Sudden industrial shutdowns and transportation have crippled the global economy in the last few months. As per WHO and UN stats, loss caused due to the coronavirus outbreak may take years to recover.
East Asia is the least affected region by the coronavirus outbreak, and is poised to assist global market growth by the end of 2020. But, East Asia imports most of the nafion material from North America and Europe. Suspended import-export across borders due to the pandemic crisis may squeeze market growth till the situation improves.
Further, Europe and North America are the two leading consumers of nafion, accounting for significant demand in 2019. Along with being the leading nafion consumers, these are most affected regions by the coronavirus outbreak, accounting for nearly half of the global fatalities. The situation in these regions has impacted the global nafion market, which is poised to recover by the end of 2020.
The Analyst’s Viewpoint
“In the midst of the COVID-19 pandemic, the global nafion market is poised to suffer a likely loss of US$ 150 Mn by the end of 2020”.
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About the Nafion Market Report
Fact.MR published an exclusive forecast report on the nafion market for 2020 to 2030. The foremost objective of this report on the nafion market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the market. Also, the study on the nafion market addresses key dynamics that are expected to diversify the sales and future prominence of nafion.
The report on the nafion market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the nafion market, elaborating on key segments.
The report also outlines visionary insights on the dynamics of the nafion market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for nafion. Supply chain analysis and pricing analysis of the nafion market, along with the difference between nafion used as per application, have also been included in the report to help readers clearly understand the product framework map in the nafion market.
Nafion Market: Segmentation
Fact.MR has segmented the nafion market on the basis of form, application, and region.
- Fuel Cels
- Hydrogen Production
- Energy Storage
- Chemical Processing
- Chlor Alkali
- Ion Exchange
- Waste Recovery
- Drying & Humidification
- Single Tubing Systems
- Multi Tubing Systems
- North America
- Latin America
- East Asia
- Rest of the World
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