Market for PEM and Membrane Electrode Assemblies to See 27.9 Percent CAGR

Due to the high potential profits that could be garnered by large corporations, the global market for proton exchange membranes and membrane electrode assemblies for PEM fuel cells is forecast to see major growth within the next five years. The global market for proton exchange membranes and membrane electrode assemblies for PEM fuel cells was worth USD 7.7 million during 2017. It is expected to reach a value of USD 2.6 billion by 2022, indicating a compound annual growth rate (CAGR) of 27.9 percent, according to materials for proton exchange membranes and membrane electrode assemblies for PEM fuel cells.

All segments of proton exchange membranes and membrane electrode assemblies for PEM fuel cells, which include membranes, bipolar plates/collectors, GDL and carbon, inks and catalysts, have seen an upward revision to their five-year CAGR since the publication of the last report in May 2013. The average estimated CAGR from 2017-2022 is 27.9 percent with a total market value of USD 2.6 billion in 2022. The membrane segment is expected to achieve the highest growth with a projected 28.1 percent CAGR from 2017 to 2022 and an estimated value of USD1.2 billion in 2022. Fluoropolymers are projected to remain the largest type of proton exchange membrane, reaching a total market value of USD 700 million in 2022 with a 29.8 percent CAGR starting in 2017.

“The reign of the fluoropolymers PEM continues, but the absolute dominance of the fluoropolymers electrolyte has decreased somewhat,” said Donald Saxman, report author and BCC Research analyst. “New materials such as the functionalized hydrocarbon PEM can decrease costs and increase performance and durability in certain applications. These functionalized hydrocarbons decrease metal plate corrosion problems and offer improved conductivity at lower relative humidity. This is proving especially important in transportation PEMFCs.” – BCC Research