The global nafion market is slated to record 6% CAGR through 2030, according to a new report by Fact.MR. The efficiency to provide an economic substitute to capitalize on production efficiency in the chloralkali sector is poised to expand the Nafion market size globally amid the assessment period.
Dubai, United Arab Emirates -- (SBWIRE) -- 12/04/2020 -- The global nafion market is slated to record 6% CAGR through 2030, according to a new report by Fact.MR. The efficiency to provide an economic substitute to capitalize on production efficiency in the chloralkali sector is poised to expand the Nafion market size globally amid the assessment period. However, the market is anticipated to experience a loss of US$ 150 Mn amid the COVID-19 outbreak, towards 2020 end".
"Surging demand from the automotive industry for proton exchange membrane fuel cells is projected to augment the Nafion market growth in the coming years." says the Fact.MR report.
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Nafion Market - Key Takeaways
In terms of form, the membrane segment will be the most lucrative, holding over 50% of global consumption.
Based on the application, the Chlor-alkali will witness expansion at a CAGR of 6% during 2020-2030.
East Asia is slated to remain dominant over other regions, holding over 50% of the global Nafion market.
North America is likely to be the second biggest lucrative market over the assessment period.
Nafion Market - Drivers
The growing need for ion exchange membranes for the production of fuel cell applications is the primary driver for the Nafion market
Extensive use of Nafion in several electrolytic devices and electrochemical cells due to its exceptional resistance to impurities and power consumption, complementing market demand.
Rising momentum for clean energy manufacturing will be fueling the cell market, and therefore the driving the demand for nafion amid the assessment period.
Nafion Market -Constraints
Higher cost associated with the Nafion membrane restrains the revenue growth of the market
Availability of cheaper and substitute membranes will hinder the market growth
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has limited the production and affected the demand for Nafion across geographies. To curb the spread of the virus, the nations have imposed lockdowns, travel ban, and halt to export-import across borders. While East Asia will be the least affected region in the global market, the notable growth pace will resume after the suspension of import-export as North America and Europe are the major importer of Nafion materials.
Explore the Nafion market comprising of 80 figures and 74 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/4965/nafion-market
Key companies identified in the global Nafion market are Solvay SA, AGC Inc. The Chemours Company, and Dongyue Group Ltd.
Nafion producers are strategically collaborating with clean energy producers. For instance,
The Chemours Company collaborated with UniEnergy Technology LLC (UET), a redox flow battery (RFB) producer located in Mukilteo, Washington to meet the energy storage requirements.
More on the Report
The FACT.MR's market research report provides in-depth insights into the nafion market. The market is scrutinized in terms of form( dispersion, resin and membrane), application (energy, fuel cells, hydrogen production, energy storage, chemical processing, chlor alkali, catalysts, ion exchange, semiconductors, waste recovery, drying & humidification, single tubing systems, multi tubing systems, and others) across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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