Asia Pacific Chemical Hydrogen Market Size

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.