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Rising Popularity of Fuel Cell for reduced Emissions Bolsters Development of Fuel Cell Bipolar Plate Market
The rising demand from a host of end use industries, most prominently from automotive industry is one of the most prominent driving factors, positively influencing the growth in the fuel cell bipolar plate market. Furthermore, the development of the fuel cell bipolar plate market is also supplemented by the rising awareness pertaining to the benefits of using green and clean energy as well as the rising number of strict government regulations, controlling the emission of carbon as well as greenhouse gases.
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Rising popularity of fuel cell as a promising substitute for electrical energy generated from fossil fuels is also bolstering the growth of the fuel cell bipolar plate market. As per the latest corporate intelligence research report by TMR, the global fuel cell bipolar plate market is anticipated to witness a record breaking compound annual growth rate of 57.5 % over the forecast period of 2020 to 2030. It also projects that the fuel cell bipolar plate market will cross the final evaluation of US$ 4.4 Bn by the end of the forecast period I.e., in 2030.
The increasing applications in the proton exchange membrane fuel cells are anticipated to bolster the development trajectory of the fuel cell bipolar plate market in the near future. Some other major drivers for the fuel cell bipolar plate market include the increasing demand for electricity in rural settings as well as the increasing requirement to reduce the carbon emissions.
Rising Demand for Graphite Materials Favors Expansion of Fuel Cell Bipolar Plate Market
Key types of materials used by the players and manufacturers in the fuel cell bipolar plate market include carbon composite plate, graphite, and metal. Based on the type of material, the graphite segment displays the highest growth potential in the fuel cell bipolar plate market. This trend can be attributed to the higher amount of chemical stability offered by the graphite, even in extreme acidic conditions.
Some of the major applications for the equipment and solutions in the fuel cell bipolar plate market include phosphoric acid fuel cells or PAFC, solid oxide fuel cells or SOFC, proton exchange membrane fuel cells or PEMFC, molten carbonate fuel cells or MCFC, and direct methanol fuel cells or DMFC, among others. Among these, the demand from the PEMFC or proton exchange membrane fuel cells is rising, providing attractive growth opportunities for the manufacturers and players in the fuel cell bipolar plate market.
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A few of the most dominant and leading manufacturers and players operational in the fuel cell bipolar plate market include Interplex Holdings Pte. Ltd., Ballard Power Systems, Inc., Cell Impact, Pragma Industries, Schunk Carbon Technology, Veco B. V., POCO, Shanghai Hongfeng Industrial Co., Ltd., Aperam, Dana Limited, Impact Coatings AB, Technical Fibre Products, and Nisshinbo Chemical, Inc., among others.
Players in Fuel Cell Bipolar Plate Market Focused on Collabs and Agreements
The competitive landscape of the fuel cell bipolar plate market is consolidated in nature, with a limited number of leading players operational in the industry. The leading players operational in the fuel cell bipolar plate market, such as Cell Impact, Dana Limited and Impact Coatings are engaged in the efforts to develop new age coating technologies for application in one of the major components of hydrogen fuel cell EVs I.e., in metal bipolar plates.
Some other major strategies employed by the leading industry players for expansion of the fuel cell bipolar plate market include collaborations, strategic agreements, joint ventures, and research and development. For example, a joint development agreement was formed between the Hyundai Motor Company and the Impact Coatings in October of 2019 for developing new technologies for enabling efficient coating for metal bipolar plates.
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Fuel Cell Bipolar Plate Market: Segmentation
Fuel Cell Bipolar Plate Market, by Material
Fuel Cell Bipolar Plate Market, by Application
Fuel Cell Bipolar Plate Market, by Region
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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