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.