Asia Pacific Chemical Hydrogen Market Size - By Type (Grey, Blue, Green), Regional Outlook, Competitive Industry Share & Forecast, 2024 – 2032

Asia Pacific Chemical Hydrogen Market Size

Asia Pacific Chemical Hydrogen Market size was assessed at USD 17.4 billion in 2023 and is expected to grow at a CAGR of 6.2% between 2024 and 2032. Chemical hydrogen typically refers to hydrogen gas produced through chemical processes, rather than being extracted directly from water or other hydrogen-containing compounds via electrolysis or other methods. It is widely used in various industries, including ammonia and methanol production, thereby, growth of these industries, particularly in emerging economies will enhance the business dynamics.
 

Subsidies for hydrogen production and usage along with rising regulations aimed at reducing carbon emissions will augment the industry landscape. For instance, in March 2022, the Chinese authorities released a plan for the development of hydrogen energy for 2021 - 2035. Moreover, growing interest in hydrogen as a clean fuel aligned with increase in exploration of H2 production methods will augment the product demand.

Advancements in catalysts, process optimization combined with global agricultural production contributing to the growing demand of ammonia will contribute to the business growth. Increasing adoption of hydrogen for applications including chemical industry for fertilizers in conjunction with ongoing development of hydrogen production, storage, and distribution infrastructure will complement the business outlook.
 

Asia Pacific Chemical Hydrogen Market Trends

Ongoing research and development efforts focused on improving the efficiency and cost-effectiveness coupled with mandates to curb the overall emission levels across the industries will accelerate the market potential. For instance, in April 2022, through Climate Disclosure Program (CDP) and Science Based Targets initiative (SBTi), about 670 companies in the Asia Pacific region set emission reduction targets which will cut over 336 million of CO2 by 2030. Additionally, ongoing investments for clean energy alternatives in the long term will influence the product adoption.
 

Asia Pacific Chemical Hydrogen Market Analysis

Based on type, the market is segmented into grey, blue, and green. The grey chemical hydrogen industry witnessed the growth of USD 21 billion by 2032. Grey hydrogen is produced from fossil fuels like natural gas or coal without carbon capture. Industries already equipped with infrastructure for natural gas or coal-based processes make it easier and cost effective along with key features including affordability and availability will favor the product adoption. Furthermore, extensive dependency on carbon intensive fuels coupled with consumer preferences and corporate sustainability goals will stimulate the business outlook.
 

Green chemical hydrogen application is set to expand at a rate of over 13% by the year 2032. Investments in hydrogen infrastructure, including electrolyzer manufacturing facilities, refueling stations, and transport in line with countries with abundant renewable energy resources will fuel the business statistics.
 

For instance, in October 2021, Air Liquide entered into a partnership with Total Energies & Vinci Group to set up a USD 1.7 billion support for the growth of low carbon & renewable hydrogen infrastructure. Additionally, continuous efforts by businesses to reduce emission from the energy sector through the development of advanced & sustainable technologies will drive the business outlook.
 

China chemical hydrogen market is forecasted to exceed USD 13 billion by 2032. Evolving regulatory landscape across numerous countries & regions, introduction of new projects, pilot studies & commercial partnerships combined with large scale adoption of energy efficiency targets will provide a foundation for the product penetration. For instance, in March 2023, Sinopec announced the largest green hydrogen project in the world in Ordos in Inner Mongolia, China for making chemicals from coal. Additionally, increasing cross border & sector strategic partnerships will propel the industry dynamics.
 

Asia Pacific Chemical Hydrogen Market Share

Air Products and Chemicals, Inc, Air Liquide, Adani Green Energy, ACCIONA, Linde plc, and Messer are some of the prominent players in the industry. Research and development efforts aimed at improving efficiency, reducing costs, and enhancing environmental sustainability led to technological advancements and innovations that augment the market growth. Moreover, sharing resources, expertise, and market insights through partnerships can help manufacturers navigate uncertainties and capitalize on emerging opportunities more effectively.
 

Asia Pacific Chemical Hydrogen Market Companies

Some of the key market players operating across the Asia Pacific chemical hydrogen industry are:

• ACCIONA
• Adani Green Energy
• Air Liquide
• Air Products and Chemicals, Inc
• Ally Hi-Tech Co., Ltd
• Cummins Inc.
• Linde plc,
• Messer
• Plug Power Inc
• Reliance Industries Limited
• RESONAC HOLDINGS CORPORATION
• Sinopec
• Technip Energies N.V.
• thyssenkrupp Uhde GmbH
• VERDAGY
   

Asia Pacific Chemical Hydrogen Industry News

• In July 2023, Air Liquide secured funding of USD 69.2 million from BNP Paribas, the French Bank, for the construction of blue hydrogen plants in China. The project will utilize fossil gas for the production of hydrogen by Steam Methane Reforming (SMR) while capturing carbon, which will be further used for industrial purposes. The project is estimated to reduce around 350 thousand tons of CO2 annually. The fund will support the company in highlighting its ability to uphold projects with high environmental standards.
   
• In June 2023, Technip Energies N.V. unveiled Canopy, comprising of Carbon Capture, Utilization & Storage (CCUS) technologies and solutions. The launch also included emitters of all sizes, providing flexible and modular post-combustion carbon capture solutions. The range enhanced the company’s portfolio and presence across the hydrogen industry.
   

Asia Pacific chemical hydrogen market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume in MT & revenue in USD Billion from 2021 to 2032, for the following segments:

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Market, By Type

• Grey
• Blue
• Green

The above information has been provided for the following countries:

• China
• India
• Japan
• Australia