Nafion Market Was Valued US$ 1.2 Bn in 2018 And Expected To Register A CAGR of 8.5% By 2026
The global nafion market is estimated to value of over US$ 1.2 Bn in 2018, and is projected to register a CAGR of 8.5% in terms of value over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global nafion market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.
Nafion is a copolymer of Teflon and perfluoro-3,6-diepoxy-4-methyl-7-decene-sulfuric acid. It also can be called as perfluorosulfonic acid. Nafion has Teflon structure with another fluorocarbon temporary side chain. The end of side chain is a sulfonic acid group (- SO3H). Nafion membranes and dispersions are used in wide range of power back-up and automotive applications.
Nafion is very selectively and highly permeable to water. The sulfonic acid groups in nafion have a very high water-of-hydration, and hence absorb water very efficiently. Interconnections between the sulfonic acid groups lead to very rapid transfer of water through the membrane of nafion. High mechanical strength, and excellent thermal and chemical stabilities are nafion membrane offer a range of advantages over other Proton Exchange Membranes (PEMs), which is expected to drive revenue growth of nafion market over the forecast period.
Moreover, various tests associated with the testing of nafion such as performance test, leakage test etc., which ends up with high cost of the end-product. Additionally, need for product testing will increase with increasing demand for nafion, which will either lead to high manpower, labor costs etc., or to low quality of testing. In such cases, implementing automation in product testing will provide a beneficial opportunity to manufacturers of nafion.
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The global nafion market is segmented on the basis of component type, application, and region/country.
On the basis of component type segmentation, the membrane segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. The membrane segment witnesses a CAGR over 8.5%. Increasing adoption of nafion market membrane, owing to its advantages such as mechanical reinforcement with enhanced chemical stability, improved membrane durability, and others are major factors expected drive revenue growth of the membrane segment over the forecast period.
Among all the application segments, the chemical processing segment accounts for highest share in terms of revenue in the global market. Adoption of nafion is increasing in chemical processing owing to various advantages, including reduced lifetime costs/total cost of ownership (TCO), limited maintenance downtime, fewer process interruptions, consistent production quantities, and reduced lifetime energy consumption. These are major factors expected to drive revenue growth of the chemical processing segment over the forecast period.
The market in China is expected to witness considerable growth in terms of revenue during the forecast period. Rapid growth of the semiconductor industry in China is a major factor expected to support growth of the nafion market in China. For instance, according to a report published by The Semiconductor Industry Association (SIA), year-on-year sales of semiconductors increased by 22.1% in China in June 2018. Moreover, increasing adoption of fuel cells to power passenger vehicles, commercial buildings, homes, and even small devices such as laptop computers is expected to drive growth of the nafion market in China.
Rapid growth of the automotive industry in China, and initiatives by government in the country for production and adoption of electric vehicles is expected to drive growth of the market over the forecast period. For instance, according to the International Organization of Motor Vehicle Manufacturers, overall production of passenger vehicles in China was approximately 24,806,687 Units, and Units of commercial vehicles was approximately 4,208,747 in 2017.
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Key players operating in the global nafion market include EOS GmbH, General Electric Company, SLM Solutions Group AG, 3D Systems Corporation, Arcam AB, Renishaw plc., DMG MORI AKTIENGESELLSCHAFT, The ExOne Company, Wuhan Binhu Mechanical & Electrical Co. Ltd., Xi‘an Bright Laser Technologies Co., Ltd. (BLT), Wuhan Huake 3D Technology Co. Ltd., and Optomec, Inc.