PEM Fuel Cell Materials Market: Introduction
Transparency Market Research delivers key insights on the global PEM fuel cell materials market. In terms of revenue, the global PEM fuel cell materials market is estimated to expand at a CAGR of ~58% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global PEM fuel cell materials market.
The global PEM fuel cell materials market has been positively impacted by the rise in demand for these materials in automobile and aviation industries across the globe. Thus, increase in demand for PEM fuel cell materials in automobile and aviation industries is propelling the global PEM fuel cell materials market.
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PEM Fuel Cell Materials Market: Dynamics
The demand for PEM fuel cells has been rising in automobile and power generation industries, as these provide green energy, high power density, and are lightweight. This is expected to boost the global PEM fuel cell materials market.
Investment in the global PEM fuel cell materials has been rising significantly over the past few years. For instance, in June 2020, the U.S. Department of Energy announced an investment of US$ 100 Mn in laboratory research on hydrogen and PEM fuel cell technologies over the next five years. The growth in investment in PEM fuel cells is expected to boost the demand for PEM fuel cell materials during the forecast period.
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PEM Fuel Cell Materials Market: Prominent Regions
In terms of value, Asia Pacific dominated the global PEM fuel cell materials market in 2019. The region is expected to remain dominant during the forecast period, due to rapid implementation of the fuel cell technology in public transport in countries such as China, Japan, South Korea, India, and Singapore. China is one of the leading countries in terms of implementation of the fuel cell technology in the world. It is focusing on using fuel cells in public transportation; for instance, more than 2,000 buses and 1,500 trucks were operational in the country in 2019. Furthermore, China is targeting more than 1 million passenger vehicles and over 11,600 commercial vehicles to be operational by 2021. Japan is anticipated to be a lucrative country of the PEM fuel cell materials market in Asia Pacific during the forecast period. According to Japan’s Hydrogen Roadmap, the country is aiming for 200,000 fuel cell vehicles by 2025, 800,000 by 2030, along with 1,200 fuel cell buses by 2030.
Europe is also an attractive region of the global PEM fuel cell materials market. This can be ascribed to the rise in investment in R&D and government initiatives to promote the usage of fuel cells. Fuel cells can play a vital role in lowering the emission of greenhouse gases and carbon in the region. According to the European Union guidelines, automobile emissions need to reduce by 30% by 2030 compared to that in 2019. Thus, demand for PEM fuel cells is expected to rise in Europe. In turn, this is anticipated to boost the PEM fuel cell materials market in the region in the near future.
North America is a key region of the global PEM fuel cell materials market. The U.S. dominated the PEM fuel cell materials market in North America in 2019. It is estimated to continue its dominance during the forecast period. This can be ascribed to the growth in the automotive industry in the country. For instance, Honda, Hyundai, and Toyota sold more than 6,500 fuel cell vehicles in the U.S. in 2019. Various automotive companies are planning to produce their own fuel cell vehicles in the next couple of years.
PEM Fuel Cell Materials Market: Key Players
Major players operating in the global PEM fuel cell materials market are Dupont, BASF SE, HyPlat, ABB, Giner Inc., 3M, Hydrogenics USA, Robert Bosch GmbH, Asahi Chemical Industry, Dow Chemical Company, Solvay-Solexis, and Ballard Advanced Materials Corporation.
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