Membrane Electrode Assemblies Market Size, Share, Growth Analysis, By Component(Membranes, Gas Diffusion Layers, Gaskets, Others), By Application(Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Electrolyzers, Others), By Region - Industry Forecast 2024-2031

In 2021, Asia Pacific had the biggest share in the global market. Due to the widespread consideration of fuel cell and hydrogen technologies for accomplishing the aim, the market for membrane electrode assemblies is anticipated to grow in the Asia Pacific as a result of the increased demand for electric cars and different frameworks for boosting renewable energy.

For example, in contrast to the forecast rise of merely 4.8 percent last year, EV sales in Asia are predicted to increase by 78.1 percent year over year in 2021. Chemical companies create essential components for the car industry, including adhesives, sealants, lubricants, interior and form plastics, coatings, and tire rubbers. By the end of 2030, the region's total sales of EVs will have increased from an estimated sales volume of just over 1.4 million units the previous year to a high of just under 10.9 million units. According to the International Energy Agency's (IEA) Global EV Outlook 2021, China has the largest fleet with 4.5 million electric vehicles on the road as of last year. The three most developed economies in the area, notably China, Japan, and South Korea, will account for the majority of EV demand. China is anticipated to contribute about 91 percent of the region's EV sales this year, followed by South Korea with 4.2 percent and Japan with 2.8 percent. China's EV sales will rise faster this year, by 83 percent year over year, after expanding by an anticipated 3.6 percent in 2020.

Due to the commercial launch of fuel cell technology and significant expenditures in the research and development program of fuel cell technologies, North America is expected to increase rapidly throughout the projection period. Through technology advancement, demonstration, and a variety of initiatives to address institutional and market constraints, the U.S. Department of Energy's (DoE) administration for fuel cell technologies has set goals for supporting the wider commercialization of fuel cell technologies. States are also putting up action plans to reduce their carbon footprints.

The global membrane electrode assemblies market is being consolidated in Europe as a result of the region's emphasis on creating highly power-efficient automobiles and encouraging hydrogen-based transpiration. The research and commercialization of fuel cell technologies have come under the limelight as a result of numerous government efforts. For instance, the EU-funded GAIA project, which focuses on creating high power and high current density automobile MEAs, aims to significantly improve the MEA designs in order to meet the fuel cell's operating, economic, and durability goals. The initiative also combines OEMs, top industry and research groups, and fuel cell science and technology experts to create MEAs with greater performance.