물 전해 스택 소재 및 구성 요소 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the water electrolyzer stack materials and components market size was estimated at USD 1.62 billion in 2025 and is estimated to grow from USD 2.03 billion in 2026 to USD 6.34 billion by 2031, at a CAGR of 25.64% during the forecast period (2026-2031).

This report is Segmented by Technology (Alkaline Electrolyzers and More), Component Type (Bipolar Plates and More), Material Type (Platinum Group Metals (PGMs) and More), End-User Industry (Energy Storage and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Global Water Electrolyzer Stack Materials and Components Market Trends and Insights

Industrial Decarbonization of Ammonia, Refining, and Steel

Decarbonization pressure in the ammonia, refining, and steel industries is creating sustained demand for large-format electrolyzer stack materials. These sectors consume hydrogen at volumes that exceed those of mobility and distributed energy applications. In January 2026, Repsol announced a second 100 MW alkaline electrolyzer at its Petronor refinery in Spain, supported by EUR 292 million (~USD 336.39 million) in investment and planned for commissioning in 2029. The project is intended to produce up to 15,000 tons of renewable hydrogen per year. Such refinery projects require a reliable supply of membranes, electrodes, and other stack materials in the water electrolyzer stack materials and components market.

In March 2026, thyssenkrupp nucera received a contract to supply 15 standardized 20 MW alkaline units for Moeve's 300 MW Onuba project in Spain. The order illustrates how larger industrial plants are creating forward procurement requirements for component suppliers in the water electrolyzer stack materials and components market. Direct-reduced steel production requires high capacity-factor operation, which places particular demands on the durability of separators and electrodes. Suppliers that can validate long operating lifetimes may be better positioned for projects with sustained operating loads.

Gigawatt-Scale Electrolyzer Deployment

The shift from sub-megawatt demonstrations to 50-MW and 200-MW plants is changing supplier requirements across stack-component categories. In May 2026, Nel ASA launched its next-generation pressurized alkaline platform, targeting a turnkey cost below USD 1,450/kW for a 25 MW plant. The company supported the platform with a EUR 135 million (~USD 155.52 million) EU Innovation Fund grant covering 60% of eligible industrialization costs. Nel also reached a final investment decision in December 2025 to scale Heroya production to 4 GW per year. These investments reflect the growing importance of standardized manufacturing in the water electrolyzer stack materials and components market.

Chinese original equipment manufacturers are increasing both unit size and factory capacity. LONGi Hydrogen has 5.0 GW of annual manufacturing capacity. By the end of 2024, Shuangliang presented a 5,000 Nm3/h alkaline electrolyzer with energy consumption of 4.532 kWh/Nm3 H2. Larger plants in the water electrolyzer stack materials and components market favor suppliers that can provide membrane and bipolar plate material in continuous, large-area formats. This requirement raises qualification barriers and can concentrate long-term supply agreements among technically approved producers.

Iridium, Platinum, Titanium, and Perfluorosulfonic Acid (PFSA) Supply Constraints

The gap between iridium supply and projected Proton Exchange Membrane (PEM) demand remains a major constraint on scaling PEM components. Iridium is produced as a by-product of platinum mining, which limits the ability to increase supply quickly. A 2026 study estimates annual global iridium production at 7-10 tons and indicates that PEM water electrolysis could require up to 30% of annual global iridium production under net-zero scenarios. Supply shortfalls could arise by 2028 if deployment expands without further reductions in loading.

Titanium bipolar plates and platinum-coated porous transport layers face related cost pressure. At scale, machining costs for titanium components remain four to five times higher than those for graphite or stainless steel alternatives. PFSA membrane suppliers also face uncertainty due to ongoing European Per- and Polyfluoroalkyl Substances (PFAS) restriction efforts. New membranes, coatings, and catalyst chemistries in the Water Electrolyzer Stack Materials and Components Market require long validation periods before industrial use. This qualification risk can delay adoption, even when laboratory results indicate lower material use or improved performance.

Other drivers and restraints analyzed in the detailed report include:

1. Renewable Power Integration and Energy Storage
2. Falling Catalyst Loadings and Component Cost Curves
3. High Cost of Green Hydrogen Versus Fossil-Based Hydrogen

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Alkaline electrolyzers held 54.40% of the water electrolyzer stack materials and components market share in 2025. Their position rests on an established supply chain for nickel, stainless steel, and titanium, along with accumulated experience in 100 MW-scale deployments in China and Europe. Lower material costs support alkaline systems where operating conditions permit, keeping this technology central to large industrial hydrogen projects.

PEM electrolyzers are projected to be the fastest-growing technology segment at a 28.52% CAGR from 2026 to 2031. Renewable-coupled and distributed applications favor PEM systems for their operating pressure, gas purity, and dynamic response. AEM and SOEC technologies continue to receive research and development investment. Enapter introduced its AEM Stack 250 in 2026 for hybrid plants above 100 MW, and Topsoe opened an SOEC manufacturing facility in Herning, Denmark, in March 2026. U.S. Department of Energy targets for reduced iridium loading and membrane thickness define a key performance and cost boundary for PEM component suppliers.

Membranes and separators held 32.71% of the market share in 2025, serving PEM, alkaline, and AEM architectures. PEM systems use PFSA membranes, alkaline systems use zirconia-composite diaphragms, and AEM systems rely on polymer membranes with anion-exchange functionality.

Catalyst layers and electrodes are forecast to be the fastest-growing component category, with a 29.66% CAGR through 2031, supported by lower iridium loadings and non-precious bifunctional catalysts for AEM stacks. Bipolar plates account for 53% of the PEM stack cost. A 2026 Langmuir study reported 3D-printed stainless-steel porous transport layers with chromium-interlayer platinum coatings that achieved a 50-fold increase in surface area and a 96% reduction in corrosion rate. A 2025 Nano-Micro Letters study described triple-layer porous transport layers with high porosity for improved oxygen transport. Gaskets and seals continue to attract patent activity, as high-temperature SOEC systems and PFAS-free AEM systems require specialized materials

Complete Report Scope:

• By Technology
  • Proton Exchange Membrane (PEM) Electrolyzers
  • Alkaline Electrolyzers
  • Others (AEM and SOEC)
• By Component Type
  • Membranes and Separators
  • Catalyst Layers and Electrodes
  • Bipolar Plates
  • Porous Transport Layers (PTL)/Gas Diffusion Layers (GDL)
  • Others (Gaskets, Seals, End Plates, MEAs)
• By Material Type
  • Platinum Group Metals (PGMs)
  • Nickel, Stainless Steel and Titanium
  • Polymer Materials (PFSA, Hydrocarbon, AEM)
  • Graphite and Carbon Composites
  • Others (Ceramics and Emerging Materials)
• By End-User Industry
  • Green Hydrogen Production
  • Power-to-X Applications
  • Industrial Applications (Refining, Ammonia, Steel)
  • Energy Storage
  • Others (Mobility and Hydrogen Refueling)
• By Geography
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle-East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle-East and Africa

Geography Analysis

Asia-Pacific held 37.46% of the water electrolyzer stack materials and components market share in 2025 and is projected to record the fastest regional CAGR of 29.05% through 2031. China's manufacturing scale, India's localization plans, and South Korea's hydrogen commitments are supporting regional demand. China's installed capacity and manufacturing footprint provide a cost advantage in alkaline stack production. LONGi Hydrogen has 5.0 GW of annual manufacturing capacity. India is also becoming an important localization market for water electrolyzer stack materials and components.

Thyssenkrupp Nucera and BHEL signed a Strategic Collaboration Agreement in July 2026 to localize the fabrication of alkaline water electrolyzer modules in India. Japan and South Korea contribute membrane chemistry and precision electrode coating capabilities. Australia is a demand center for green iron and ammonia projects. Progressive Green Solutions selected Thyssenkrupp Nucera as a preferred supplier for a 1.4 GW electrolyzer project in Australia in August 2025. This activity supports regional demand for large alkaline stack components in the water electrolyzer stack materials and components market.

Europe held the second-largest regional position in the water electrolyzer stack materials and components market. Germany, Spain, and the Netherlands are key deployment centers supported by the EU Hydrogen Bank. The European Commission's hydrogen auction process supports renewable hydrogen projects through the Innovation Fund. John Cockerill assembled its first 5 MW alkaline stack in France in July 2026. Sunfire's pressurized systems exceeded 85,000 cumulative operating hours at European industrial sites in 2025. North America faces uncertainty around Section 45V, while South America and the Middle-East have opportunities tied to favorable renewable resources and ammonia production. The NEOM project's 2.2 GW electrolyzer capacity and 4.0 GW of co-located renewables illustrate the scale of Gulf supplier qualification requirements.

1. Asahi Kasei Corporation
2. Bloom Energy
3. Cummins Inc.
4. Enapter
5. HydrogenPro
6. ITM Power plc
7. John Cockerill
8. LONGi
9. Nel ASA
10. Plug Power Inc.
11. Siemens Energy
12. Sunfire SE
13. SUNGROW
14. thyssenkrupp nucera AG & Co. KGaA
15. Topsoe A/S

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Industrial Decarbonization of Ammonia, Refining, and Steel
  • 4.2.2 Gigawatt-Scale Electrolyzer Deployment
  • 4.2.3 Renewable Power Integration and Energy Storage
  • 4.2.4 Falling Catalyst Loadings and Component Cost Curves
  • 4.2.5 Regional Manufacturing Localization Incentives
  • 4.2.6 Stack Standardization and Modular Manufacturing
• 4.3 Market Restraints
  • 4.3.1 Iridium, Platinum, Titanium, and PFSA Supply Constraints
  • 4.3.2 High Cost of Green Hydrogen Versus Fossil-Based Hydrogen
  • 4.3.3 Project Cancellations, Financing Gaps, and Slow Offtake Conversion
  • 4.3.4 Qualification Risk for New Membranes, Coatings, and Catalyst Chemistries
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces
  • 4.5.1 Bargaining Power of Suppliers
  • 4.5.2 Bargaining Power of Buyers
  • 4.5.3 Threat of New Entrants
  • 4.5.4 Threat of Substitutes
  • 4.5.5 Competitive Rivalry

5 Market Size and Growth Forecasts (Value)

• 5.1 By Technology
  • 5.1.1 Proton Exchange Membrane (PEM) Electrolyzers
  • 5.1.2 Alkaline Electrolyzers
  • 5.1.3 Others (AEM and SOEC)
• 5.2 By Component Type
  • 5.2.1 Membranes and Separators
  • 5.2.2 Catalyst Layers and Electrodes
  • 5.2.3 Bipolar Plates
  • 5.2.4 Porous Transport Layers (PTL)/Gas Diffusion Layers (GDL)
  • 5.2.5 Others (Gaskets, Seals, End Plates, MEAs)
• 5.3 By Material Type
  • 5.3.1 Platinum Group Metals (PGMs)
  • 5.3.2 Nickel, Stainless Steel and Titanium
  • 5.3.3 Polymer Materials (PFSA, Hydrocarbon, AEM)
  • 5.3.4 Graphite and Carbon Composites
  • 5.3.5 Others (Ceramics and Emerging Materials)
• 5.4 By End-User Industry
  • 5.4.1 Green Hydrogen Production
  • 5.4.2 Power-to-X Applications
  • 5.4.3 Industrial Applications (Refining, Ammonia, Steel)
  • 5.4.4 Energy Storage
  • 5.4.5 Others (Mobility and Hydrogen Refueling)
• 5.5 By Geography
  • 5.5.1 Asia-Pacific
    • 5.5.1.1 China
    • 5.5.1.2 India
    • 5.5.1.3 Japan
    • 5.5.1.4 South Korea
    • 5.5.1.5 Rest of Asia-Pacific
  • 5.5.2 North America
    • 5.5.2.1 United States
    • 5.5.2.2 Canada
    • 5.5.2.3 Mexico
  • 5.5.3 Europe
    • 5.5.3.1 Germany
    • 5.5.3.2 United Kingdom
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Rest of Europe
  • 5.5.4 South America
    • 5.5.4.1 Brazil
    • 5.5.4.2 Argentina
    • 5.5.4.3 Rest of South America
  • 5.5.5 Middle-East and Africa
    • 5.5.5.1 Saudi Arabia
    • 5.5.5.2 South Africa
    • 5.5.5.3 Rest of Middle-East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share (%)/Ranking Analysis
• 6.4 Company Profiles (includes Global Overview, Market Overview, Core Segments, Financials as available, Strategic Information, Products and Services, and Recent Developments)
  • 6.4.1 Asahi Kasei Corporation
  • 6.4.2 Bloom Energy
  • 6.4.3 Cummins Inc.
  • 6.4.4 Enapter
  • 6.4.5 HydrogenPro
  • 6.4.6 ITM Power plc
  • 6.4.7 John Cockerill
  • 6.4.8 LONGi
  • 6.4.9 Nel ASA
  • 6.4.10 Plug Power Inc.
  • 6.4.11 Siemens Energy
  • 6.4.12 Sunfire SE
  • 6.4.13 SUNGROW
  • 6.4.14 thyssenkrupp nucera AG & Co. KGaA
  • 6.4.15 Topsoe A/S

7 Market Opportunities and Future Outlook

• 7.1 White-Space and Unmet-Need Assessment