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The Nafion market size is estimated to grow at a CAGR of 5.56% between 2022 and 2027. The market size is forecast to increase by USD 241.75 million. The growth of the market depends on several factors such as the growing demand for fuel cells as efficient and clean energy sources, the growing use of electrolysis due to green hydrogen production, and the growing investments in end-user industries.
This Nafion market report extensively covers market segmentation by type (dispersion, membrane, and resin), end-user (energy, chemical processing, drying and humidification, coatings, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing investments in end-user industries is the key factor driving the growth of the market. The demand for Nafion is projected to increase as more investments are made by end users in the field of water treatment. Chlorine and alkaline chemicals such as sodium hydroxide (caustic soda) and hydrogen are produced in the chloralkali process used for a variety of industrial applications including water treatment.
Furthermore, China plans to invest USD 50 billion in wastewater treatment for various highly polluting industries, including textiles, printing, steelmaking, oil and gas exploration, and coal mining. Thus, such factors are expected to increase the demand for chlorine and alkali chemicals, which in turn will increase the demand for Nafion for chloralkali processes, thereby propelling the growth of the global Nafion market during the forecast period.
Growing number of partnerships in the market is the primary trend shaping market growth. In order to stay competitive and grow the customer base, players are encouraged by the growth potential of the market to take part in partnerships or joint ventures. For instance, in order to advance their hydrogen fuel cell membrane research activities for next-generation cars, Chemours entered into a joint venture with the German firm BWT FUMATECH Mobility GmbH in October 2022.
Additionally, to continue Chemours' commitment to supporting the hydrogen economy, the company is working with the US Department of Energy's Hydrogen Division and with the University of Delaware to establish the Clean Hydrogen Partnership and Clean Hydrogen Center. Thus, such developments are expected to boost the growth of the global Nafion market market during the forecast period.
Fluctuations in the raw material pricing of Nafion is a challenge that affects the growth of the market. Tetrafluoroethylene and other fluoropolymers, which are derivatives of aluminum smelting, are the raw materials required for the production of Nafion. Due to their performance in extreme temperatures and chemical environments, these compounds have been chosen. Nevertheless, factors such as inflation, availability, and production influence the prices of these materials when they are placed in the market as raw materials. The demand and supply indicators are very sensitive to these commodities.
Moreover, to overcome such fluctuations, Nafion manufacturers are constantly striving to remain competitive in the market. Other medium-sized companies are unable to cope with such volatility in commodity prices and are thus losing market share to the larger companies. Such factors are expected to hinder the growth of the global Nafion market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Nafion Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 11 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The dispersion segment is estimated to witness significant growth during the forecast period. The growing use of Nafion dispersions in fuel cell coatings and construction is the main factor driving the growth of the dispersions segment. Increasing global investment in energy applications, especially in chemical processing applications such as fuel cells, electrolysis, and chloralkali processes for water treatment and coatings, is also boosting the demand for Nafion dispersions during the forecast period.
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The dispersion segment was the largest segment and was valued at USD 305.43 million in 2017. However, there are several factors that make Nafion dispersions unsuitable for large-scale electrochemical process manufacturing techniques such as screen printing. Inks for screen printing are required to exhibit high viscosity at low shear rate and shear thinning behavior where the viscosity decreases with increasing shear rate. Such factors hinder the introduction of Nafion dispersions into various applications. Therefore, the dispersions segment of the market is expected to grow slowly during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American Nafion market is expected to grow steadily due to increasing industrial applications of Nafion in the energy sector such as fuel cells, hydrogen production, energy storage, chemical processing, and coatings. The US is the largest contributor to the market growth in this region.
Furthermore, Nafion-based ion exchange materials such as resin membranes play a key role in chemical processing applications. These membranes, dispersions, and resins help ultrapure chemical manufacturers improve yields and quality and are widely used in electrochemical devices, metal ion recovery, water electrolysis, and electroplating. Provides unmatched performance and durability in such industrial applications. Hence, such factors are expected to drive market growth in this region during the forecast period.
Due to the outbreak of COVID-19, the market Nafion market in North America was negatively affected in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption of key application industries such as energy, chemical processing, and coating.In addition, government funding for the recovery of economic activity and rising demand for Nafion in the fuel cell, clean energy storage, and chemical processing industries are expected to drive the growth of the Nafion market in the region during the forecast period.
The Nafion market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Nafion Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.56% |
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Market growth 2023-2027 |
USD 241.75 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023(%) |
4.75 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Beantown Chemical Corp., DuPont de Nemours Inc., FUJIFILM Corp., Halma Plc, Hangzhou Dayangchem Co. Ltd., Ningbo Vet Energy Technology Co. Ltd., Solvay SA, The Chemours Co., Thermo Fisher Scientific Inc., and Ultrananotech Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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