ION EXCHANGE MEMBRANE MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The increasing focus on fuel cells across the globe is a major factor driving the growth of the global ion exchange membrane market. Fuel cells are energy conversion devices that generate electricity through an electrochemical reaction. Ion exchange membranes play a crucial role in fuel cells as they allow only specific ions to pass through while blocking others. This selective transportation of ions is important for the smooth functioning of fuel cells.  Over the past few years, several governments and automobile manufacturers have ramped up investments and efforts to develop fuel cell technologies for transportation. For example, the European Union announced investments of €1.5 billion under its Horizon Europe program between 2021-2027 to support research and development of fuel cells. Several leading automakers like Toyota, Hyundai and BMW have developed prototypes of fuel cell vehicles and set roadmaps to launch fuel cell models in mass markets by 2025-2030. Such initiatives are aimed at transitioning the transportation sector from fossil fuels to hydrogen as an alternative clean fuel. With the commercialization of fuel cell vehicles expected to begin in the latter half of this decade, demand for ion exchange membranes from the auto industry is projected to rise sharply.