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Asia Pacific Petroleum Refining Hydrogen Generation Market Trends

Report ID: GMI11740
Published Date: Oct 2024
Report Format: PDF

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Asia Pacific Petroleum Refining Hydrogen Generation Market Trends

Increasing trend of partnerships between refineries and technology providers to develop advanced clean fuel production technologies coupled with rising collaborations with firms specializing in electrolyzer technology and carbon capture to enhance operational efficiency and reduce production costs will improve the industry outlook. Growing transition to low sulfur fuels due to regulation mandating including the International Maritime Organization's (IMO) 2020 regulations are set to encourage refineries to invest in hydrogen production technologies to meet the new sulfur content standards will complement the product growth.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The Asia Pacific petroleum refining hydrogen generation market is projected to exceed USD 21.5 billion by 2032, driven by increasing demand for hydrogen in refining processes like hydrocracking and desulfurization to meet stricter fuel quality standards.

The captive segment is anticipated to exceed USD 32 billion by 2032, propelled by lower transportation and logistics costs associated with on-site hydrogen delivery for refining applications.

The steam reformer segment is projected to grow at a CAGR of over 6.5% through 2032, attributed to its cost-effectiveness, particularly when using natural gas as a feedstock.

The China petroleum refining hydrogen generation market is expected to reach USD 15 billion by 2032, driven by increasing crude oil processing capacities and the demand for clean fuel for desulfurization to meet stringent emission standards for low-sulfur gasoline and diesel.

Eminent players in the industry include Air Products and Chemicals, Air Liquide, BP, Chevron Corporation, Chennai Petroleum Corporation, Cummins, ExxonMobil, Linde, Messer Group, Nel Hydrogen, Plug Power, Praxair, Reliance Industries, Sinopec, and Suncor Energy.