Asia Pacific Hydrogen Market Size - By Type (Grey, Blue, Green), By Application (Petroleum Refinery, Chemicals) & Forecast, 2024 – 2032

Asia Pacific Hydrogen Market Size

Asia Pacific Hydrogen Market size was valued at USD 109.7 Billion in 2023 and is anticipated to grow at a CAGR of 5.8% between 2024 and 2032. It is a colorless, odorless, and tasteless gas in its pure form which is highly reactive and forms compounds with various elements. In its molecular form, it is commonly used as a fuel and energy carrier in various industrial processes, transportation, and energy production. It plays a crucial role in numerous applications, including ammonia production, petroleum refining, and metallurgy.
 

Growing demand for energy coupled with concerns about energy security and dependence on fossil fuels will fuel the market growth. Rising advancement in hydrogen production, storage, transportation, and utilization technologies coupled with innovation in electrolysis, steam methane reforming, and carbon capture and storage technologies will expand its application across industries. Rising energy security concerns, driving nations to diversify their energy mix and reduce reliance on fossil fuels will support create opportunities leading to market growth.
 

Asia Pacific Hydrogen Market Trends

Strategic collaborations between governments, industry leaders, and research institutions will foster a vibrant ecosystem of innovation, driving the commercialization and deployment of hydrogen technology. Rising industrial demand from sectors including refining, chemicals, and transportation will power the transition toward sustainable practices and bolster the economic growth. Moreover, ongoing shift toward sustainable energy along with the implementation of proactive initiatives will highlight the importance of energy-efficient fuels thereby leading to widespread adoption of viable alternatives.
 

Asia Pacific Hydrogen Market Analysis

Based on type, the market is segmented into Grey, Blue and Green. The grey is anticipated to grow type segment is set to cross USD 137.4 billion by 2032. Established production processes and infrastructure ensure seamless integration into existing industrial ecosystems, providing a pragmatic solution for industries seeking to reduce emissions without compromising on the operational efficiency. This type may have a higher carbon footprint compared to other types of hydrogen; however, its affordability and accessibility will boost the industry landscape.
 

Based on application, the Asia Pacific hydrogen market is segmented into petroleum refinery, chemical and others. The chemical segment is poised to expand at a CAGR of over 6% through 2032. Growing demand for hydrogen as a feedstock for various chemical processes, including the production of ammonia, methanol, and other important chemical compounds will drive the industry growth. Moreover, increasing regulatory pressure to minimize carbon footprints and adopt cleaner technologies will stimulate the demand for clean alternatives.
 

India hydrogen market is expected to surpass USD 36.8 billion by 2032. Ongoing government hydrogen targets including the National Hydrogen Mission will foster the product demand. Key players to develop extraordinary processes covering major applications thereby will create opportunities for market growth. For instance, in February 2024, the finance minister announced India's strategic partnerships with Shakti Sustainable Energy Foundation (SSEF) and IIT Bombay to foster innovation in green hydrogen. This collaboration aims to develop a roadmap for reducing carbon intensity in the economy while also creating green job opportunities.
 

Asia Pacific Hydrogen Market Share

Eminent players are investing in infrastructure development, focusing on the establishment of robust hydrogen production, storage, and distribution networks. By expanding their infrastructure footprint, companies aim to support the scalability and widespread adoption of hydrogen technologies across the region. Technological innovation, with key players investing heavily in research and development to enhance the efficiency, reliability, and cost-effectiveness of hydrogen production and utilization technologies.
 

Asia Pacific Hydrogen Market Companies

Eminent players operating in the Asia Pacific hydrogen industry are:

• Air Liquide
• Air Products & Chemicals Inc
• Ballard Power Systems
• Cummins Inc
• H2U Technologies
• Iwatani Corporation
• Kawasaki Heavy Industries, Ltd.
• Linde plc.
• Messer Group GmbH
• Nel ASA
• Plug Power Inc
• Resonac Holdings Corporation
• TAIYO NIPPON SANSO CORPORATION
• Teledyne Technologies Incorporated,
• Toshiba Energy Systems & Solutions Corporation
   

Asia Pacific Hydrogen industry News

• In March 2023, an Australian and Japanese venture, led by Kawasaki Heavy Industries (KHI), announced the commencement of its commercial demonstration phase for producing hydrogen from brown coal. The project, called the Hydrogen Energy Supply Chain (HESC) project, secured USD 1.62 billion in funding from the Japanese government. The project aims to convert coal into hydrogen, thereby transitioning to clean energy and reducing carbon emissions.
   
• In September 2021, Adani Global Pte Ltd, and Kowa Holdings Asia Pte Ltd. established a 50-50 joint venture. This will focus on marketing and selling green hydrogen, green ammonia, and their derivatives in Japan, Taiwan, and Hawaii. Further, the Adani Group plans to start producing one million metric tons of green hydrogen annually by 2027.
   

The market research report for hydrogen in Asia Pacific includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MT & USD Billion” from 2019 to 2032, for the following segments:

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Market, By Type

• Grey
• Blue
• Green

Market, By Application

• Petroleum refinery
• Chemicals
• Others

The above information has been provided for the following countries:

• China
• India
• Japan
• Australia