Nafion Market Size

Nafion Market size was over USD 889.79 Million in 2023 and is anticipated to exceed USD 1.74 Billion by the end of 2036, growing at over 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of nafion is evaluated at USD 932.23 Million. The demand for nafion is growing faster due to the increasing demand for FCEV vehicles. In comparison to 2021, there were about 39% more hydrogen fuel cell electric vehicles (FCEVs) on the road in 2022, representing over 71,000 vehicles in world.

Comparable to all-electric vehicles, fuel cell electric vehicles (FCEVs) utilize electricity to operate an electric motor. FCEVs, in contrast to other electric cars, produce electricity using hydrogen-powered fuel cells as opposed to only a battery. The power of the vehicle is defined throughout the vehicle design phase by the size of the electric motor(s) that obtain electricity from the proper size fuel cell and battery combination. Hence, the market is expanding as more electric vehicles use fuel cells to power them since protons are exchanged in membrane fuel cells and hydrogen generation usually uses nafion membranes.