Hydrogen Gas Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 109.64 Million tons |
| Market Volume (2029) | 132.44 Million tons |
| CAGR (2024 - 2029) | 3.85 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hydrogen Gas Market Analysis
The Hydrogen Gas Market size is estimated at 109.64 Million tons in 2024, and is expected to reach 132.44 Million tons by 2029, growing at a CAGR of 3.85% during the forecast period (2024-2029).
The hydrogen gas market is expected to proliferate as governments and industries invest in hydrogen as a clean energy solution, driving demand for fuel cells and infrastructure development.
- Over the medium term, factors such as increasing demand from the chemical industry and expanding usage of hydrogen in refineries are likely to drive the market studied.
- On the flip side, factors such as the high production cost of blue and green hydrogen and increased transportation and storage costs are likely to restrain the market's growth.
- However, factors such as increased space exploration and aviation adoption, increasing demand for fuel-cell electric vehicles, and industry readiness of hydrogen in a low-carbon economy are likely to act as growth opportunities for the market over the forecast period.
- Asia-Pacific dominates the market for hydrogen gas and is expected to remain so, owing to massive demand from China and India.
Hydrogen Gas Market Trends
Ammonia Production Expected to Dominate Market Demand
- Ammonia ranks among the world's most vital chemicals. Industries predominantly utilize the Haber-Bosch process, also referred to as abiotic or artificial nitrogen fixation, for ammonia production.
- The Haber-Bosch method, a cornerstone of industrial ammonia production, facilitates chemical reactions between atmospheric nitrogen and hydrogen. This occurs under elevated temperatures and pressures, employing metal-based catalysts like iron and molybdenum.
- Typically, hydrogen in the Haber-Bosch process is sourced from fossil fuel feedstocks. The predominant method for hydrogen generation involves reacting natural gas with steam in a steam reforming unit.
- Given the challenges associated with storing and transporting hydrogen gas, ammonia and fertilizer production facilities often integrate hydrogen generation units (HGUs). These units utilize fossil fuels (including natural gas) and other feed reformers.
- Data from the United States Geological Survey (USGS) revealed that in 2023, global ammonia production reached 150 million metric tons, marking a 3.45% increase from the previous year.
- East Asia led global ammonia production in 2023, churning out approximately 64.6 million metric tons. Notably, China emerged as the world's top ammonia producer, contributing around 43 million metric tons.
- USGS forecasts indicate a projected 6% rise in global ammonia capacity over the next four years.
- The United States, holding the position of the third-largest global ammonia producer, generated 14 million metric tons across 35 facilities operated by 16 companies.
- Given these dynamics, the market is poised for significant shifts in the coming years.
Asia-Pacific Expected to Dominate Hydrogen Gas Market
- Enormous demand for hydrogen gas exists in the Asia-Pacific region. It is expected to be the fastest-growing region in the world in terms of market volume and maintain its dominant position in the global hydrogen gas market.
- China and India are among the world's largest countries in terms of demand for hydrogen gas due to supportive policies and various projects undertaken by these countries worldwide.
- In March 2022, the Chinese government unveiled its first long-term hydrogen plan for the period of 2021-2035. This comprehensive strategy focuses on a phased approach to foster the development of a domestic hydrogen industry, emphasizing technological advancements and manufacturing capabilities. The plan aims to achieve an annual hydrogen production target of 100,000 to 200,000 tonnes from renewable sources by 2025 and facilitate the widespread adoption of renewable hydrogen in the economy to support China's transition toward green energy by 2035. Furthermore, the plan encourages the significant expansion of hydrogen production from various renewable sources over the next 15 years, promoting a diversified approach to technology pathways rather than relying on a single method.
- According to the China Hydrogen Alliance, China anticipates a surge in hydrogen demand, reaching 35 million tons by 2030, constituting at least 5% of the country's energy supply. This demand is projected to rise further to 60 million tons (10% of energy supply) by 2050, eventually reaching 100 million tons (20% of energy supply) by 2060. The hydrogen industry is expected to generate an output value of CNY 1 trillion (USD 157.44 billion) as early as 2025.
- In January 2023, the Government of India unveiled the National Hydrogen Mission, a strategic initiative to establish the country as a prominent producer and exporter of green hydrogen. With a budget of INR 19,744 crore (~USD 2.3 billion) approved by the Union Cabinet, the mission aims to have an annual production capacity of 5 million metric tonnes (MMT) of green hydrogen by 2030, accompanied by a renewable energy capacity addition of approximately 125 GW.
- In addition, the global production and consumption of ammonia are at their highest in China and India, with these countries becoming major markets for hydrogen gases.
- The growth of the hydrogen market in the region is likely to be driven by all these factors over the forecast period.
Hydrogen Gas Industry Overview
The hydrogen gas market is consolidated in nature. The major players (not in any particular order) include Air Liquide, Linde PLC, Air Products and Chemicals Inc., Aditya Birla Chemicals, and Messer SE & Co. KGaA.
Hydrogen Gas Market Leaders
-
Air Liquide
-
Linde plc
-
Air Products and Chemicals, Inc
-
Aditya Birla Chemicals
-
Messer SE & Co. KGaA
*Disclaimer: Major Players sorted in no particular order
Hydrogen Gas Market News
- January 2024: Equinor and Linde signed an agreement to construct the H2M Eemshaven low-carbon hydrogen project in the Netherlands.
- November 2023: Air Products announced Europe鈥檚 largest blue hydrogen plant in Rotterdam, the Netherlands. The plant is expected to go online by 2026 and will serve ExxonMobil鈥檚 (Esso) Rotterdam refinery and other customers.
- July 2022: Air Products and VPI (a power generator company) signed a joint development agreement for driving the 'Humber Hydrogen Hub' or 'H3,' which seeks to develop an 800 MW low-carbon hydrogen production facility in Immingham, United Kingdom.
Hydrogen Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Demand From Chemical Industry
4.1.2 Expanding Usage of Hydrogen in Refineries
4.1.3 Other Drivers
4.2 Market Restraints
4.2.1 High Production Cost of Blue and Green Hydrogen
4.2.2 High Transportation and Storage Cost
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 By Distribution
5.1.1 Pipelines
5.1.2 High-pressure Tube Trailers
5.1.3 Cylinders
5.2 By Application
5.2.1 Ammonia
5.2.2 Methanol
5.2.3 Refining
5.2.4 Direct Reduced Iron (DRI)
5.2.5 Fuel Cell Vehicles (FCV)
5.2.6 Other Applications (Glass, Welding, Power Generation, etc.)
5.3 By Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Spain
5.3.3.6 NORDIC
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Nigeria
5.3.5.4 Qatar
5.3.5.5 Egypt
5.3.5.6 United Arab Emirates
5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Aditya Birla Chemicals
6.4.2 Air Liquide
6.4.3 Air Products and Chemicals Inc.
6.4.4 BASF SE
6.4.5 Equinor ASA
6.4.6 Gujarat Alkalies and Chemicals Limited
6.4.7 Gulf Cryo
6.4.8 Linde PLC
6.4.9 Lords Chloro Alkali Limited
6.4.10 Matheson Tri-Gas Inc.
6.4.11 Messer SE & Co. KGaA
6.4.12 PAO NOVATEK
6.4.13 Taiyo Nippon Sanso Corporation
6.4.14 Universal Industrial Gases Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increased Adoption in Space Exploration and Aviation Industry
7.2 Increasing Demand for Fuel Cell Electric Vehicles
7.3 Industry Readiness of Hydrogen in Low Carbon Economy
Hydrogen Gas Industry Segmentation
Hydrogen gas is a clean, burning, and efficient fuel used in refining processes and producing many chemicals like ammonia and methanol. Hydrogen gas is created through steam methane reforming, coal gasification, and water electrolysis.
The hydrogen gas market is segmented by distribution, application, and geography. By distribution, the market is segmented into pipelines, high-pressure tube trailers, and cylinders. By application, the market is segmented into ammonia, methanol, refining, direct reduced iron (DRI), fuel cell vehicles (FCV), and other applications (glass, welding, power generation, etc.). The report also covers the market size and forecasts for the hydrogen gas market in 27 countries across major regions. For each segment, the market sizing and forecasts are provided based on volume (kilotons).
| By Distribution | |
| Pipelines | |
| High-pressure Tube Trailers | |
| Cylinders |
| By Application | |
| Ammonia | |
| Methanol | |
| Refining | |
| Direct Reduced Iron (DRI) | |
| Fuel Cell Vehicles (FCV) | |
| Other Applications (Glass, Welding, Power Generation, etc.) |
| By Geography | |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
|
Hydrogen Gas Market Research FAQs
How big is the Hydrogen Gas Market?
The Hydrogen Gas Market size is expected to reach 109.64 million tons in 2024 and grow at a CAGR of 3.85% to reach 132.44 million tons by 2029.
What is the current Hydrogen Gas Market size?
In 2024, the Hydrogen Gas Market size is expected to reach 109.64 million tons.
Who are the key players in Hydrogen Gas Market?
Air Liquide, Linde plc, Air Products and Chemicals, Inc, Aditya Birla Chemicals and Messer SE & Co. KGaA are the major companies operating in the Hydrogen Gas Market.
Which is the fastest growing region in Hydrogen Gas Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydrogen Gas Market?
In 2024, the North America accounts for the largest market share in Hydrogen Gas Market.
What years does this Hydrogen Gas Market cover, and what was the market size in 2023?
In 2023, the Hydrogen Gas Market size was estimated at 105.42 million tons. The report covers the Hydrogen Gas Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydrogen Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hydrogen Gas Industry Report
The Global Hydrogen Gas Market is segmented by distribution methods such as pipelines, high-pressure tube trailers, and cylinders. The market analysis also covers various applications including ammonia, methanol, refining, Direct Reduced Iron (DRI), and Fuel Cell Vehicles (FCV), among others. This industry report provides insights into market size and forecasts for hydrogen gas in volume for all the segments mentioned. The report includes a market forecast outlook, historical overview, and market trends, which are crucial for understanding market growth and market value.
Industry reports highlight the significant market growth driven by various factors. Market research indicates that the Asia-Pacific region is a major player, followed by North America, Europe, South America, and the Middle-East and Africa. The industry analysis reveals that market leaders are focusing on expanding their distribution networks to cater to the increasing demand. Market segmentation by geography and application helps in identifying growth rate and market outlook for different regions and sectors.
The market report provides a comprehensive industry overview and industry outlook, highlighting the key industry statistics and industry trends. The market predictions and market review sections of the report offer detailed insights into future market scenarios. Industry information and industry research are essential for companies aiming to stay competitive. The report pdf is available for download, providing an example of the extensive research conducted by 糖心vlog传媒鈩�.
Market data and market segmentation are critical for understanding the dynamics of the hydrogen gas market. The industry size and industry sales metrics offer valuable information for stakeholders. The report also includes market forecast and market growth projections, which are vital for strategic planning. The industry trends and market overview sections provide a clear picture of the current market conditions and future prospects.
In conclusion, this comprehensive market report covers all aspects of the hydrogen gas market, from distribution methods and applications to geographical segmentation and market trends. The industry research and market analysis provided in this report are indispensable for understanding the market dynamics and making informed decisions. The report pdf serves as a detailed reference for companies and researchers interested in the hydrogen gas market.
