The global hydrogen market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Hydrogen is an industrial gas that caters to a wide array of applications in several end-use industries. It is a diatomic colourless light gas known for its high combustion rates. It is used mostly in applications such as petroleum refinery, ammonia production, methanol production, as fuel and others. The commercial method of preparing 99% pure hydrogen is by steam methane reforming, partial oxidation of oil, gasification of coal, and electrolysis of water.
Rising demand for primary chemicals is likely to drive the hydrogen market. As hydrogen is used as a raw material in primary chemicals production, demand for primary chemicals is expected to fuel the growth of this market. Demand for primary chemicals is actually increasing because of growing end-use markets such as polymers, fertilizers etc. in developing countries. Additionally, demand for fuel and fuel cell is likely to increase at a greater rate because of an upsurge in demand due to growing space explorations and adoption of fuel cell automobiles. This demand is growing at a higher rate, which in turn will boost consumption of hydrogen.
Drivers and Restraints of Hydrogen Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for hydrogen market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Hydrogen generation is exposed to the probability of volatility in supply and price of crude oil and gas. hydrogen is a highly flammable, odourless gas making it impossible to detect leakages in the absence of sensors. Existing and future regulations concerning the use of hydrogen in automobiles and other end uses is likely to challenge the market growth.
Hydrogen Market by Region
Asia was the largest consumer of hydrogen and this pattern is anticipated to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, India and Japan were the largest consumers of hydrogen in this region. Growing demand for primary chemicals, fuel and other applications will drive hydrogen market in Asia. Consumption of hydrogen in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from chemicals, fuel and other industries. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Air Liquide, Air Products and Linde-Praxair. Other significant players operating in the hydrogen market include BASF, Messer Group GmbH, Taiyo Nippon Sanso Corporation, Asia Technical Gas Co (PTE) LTD (ATG) and Showa Denko K.K.. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth