Chemical Blue Hydrogen Market
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The global chemical blue hydrogen market size was valued at more than USD 700 billion in 2023 and is anticipated to grow more than USD 2.1 billion by 2032. Blue hydrogen is a type of hydrogen fuel which during its production process emits less carbon dioxide H2O. The process is carried out through a series of steps wherein first natural gas most importantly methane is reformed to hydrogen, which, when used, results in Co2 emission. Further, to reduce carbon footprints, carbon dioxide, the byproduct of this process is captured and stored so that it doesn’t mix with greenhouse gases.
Ongoing shift towards a greener power system alongside the hydrogen economy activity of the energy companies will boost the business landscape. For instance, in July 2022, Shanghai Chemical Industry Park Industrial Gases Co Ltd (SCIPIG) significantly enhanced its research into blue hydrogen generation market with investment of over USD 199 million, along with plans to construct blue hydrogen generation units and associated infrastructural developments in SCIP located in China.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Chemical Blue Hydrogen Market size in 2023: | USD 700 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 11.3 |
| 2023 Value Projection: | USD 2.1 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 100 |
| Tables, Charts & Figures: | 279 |
| Segments Covered: | Technology and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The COVID-19 pandemic has caused disruptions across industries on the account of project delays and a slowdown in investments affecting the development of blue hydrogen projects. However, growing emphasis on environmentally friendly and sustainable practices aligned with investments and support for low-carbon technologies will contribute to business landscape.
Shifting consumer trends toward blue hydrogen owing to its advantages including low emission energy supply along with ability to displace unabated fossil-based fuels from various industrial operations will drive the business outlook. Rising energy consumption across various sectors including refineries & industries along with the growing demand for hydrogen as a feedstock for chemical manufacturing comprising methanol & ammonia among others is set to foster the product demand.
Based on technology, the steam methane reforming blue hydrogen market will grow at a rate of over 10.5% through 2032. Cost-effectiveness, high conversion efficiency and established energy security along with deployment of carbon capture storage technologies to manage the carbon emissions generated during SMR processes will boost the product adoption. For instance, in February 2023, Exxon Mobil Corporation made an announcement regarding the use of carbon capture technologies developed by Honeywell at its facility located in Baytown, Texas. Furthermore, ongoing initiative to employ blue hydrogen for the purpose of making use of pre-existing infrastructures, transforming assets and expanding their energy portfolio will augment the industry potential.
North America chemical blue hydrogen market will continue to grow over USD 400 million by 2032, owing to extensive research & development activities by leading players coupled with introduction of several projects supported by government to cut emissions will stimulate the industry scenario. For instance, in August 2023, the U.S. DOE proposed almost USD 34 million for 19 projects that supported both the university and the industry in addressing complex issues regarding clean hydrogen. Further, ongoing efforts by economies to build a policy structure for low emission hydrogen solutions and the growing need to decarbonize various industries will greatly enhance the business opportunity.
Collaborations and agreements between energy companies, technology providers, and industrial consumers are driving the growth of Chemical Blue hydrogen. Joint ventures and cross-ownerships make efforts to increase the output in terms of blue hydrogen, further making it available in a large capacity. these strategic partnerships further allow companies to reduce the risks while enhancing their productive capabilities and help them steer through the regulations, obtain government support, and assist in achieving country’s and world’s decarbonization requirements.
Major players operating across the chemical blue hydrogen industry include:
Market, By Technology
The above information has been provided for the following regions and countries:
Some of the key chemical blue hydrogen firms are Air Liquide, Shell plc, Bechtel Corporation, BP p.l.c., Exxon Mobil Corporation, Equinor ASA, Technip Energies N.V, Linde plc, Air Products and Chemicals, Inc., and Reliance Industries Limited
North America chemical blue hydrogen industry size is likely to exceed USD 400 billion by 2032, owing to extensive R&D activities for the introduction of several projects supported by government to cut emissions.
Chemical blue hydrogen market from the steam methane reforming technology segment is set to grow at over 10.5% CAGR from 2024 to 2032, due to its cost-effectiveness, high conversion efficiency and established energy security.
The market size of chemical blue hydrogen was worth USD 700 million in 2023 and is anticipated to reach more than USD 2.1 billion by 2032, due to the rising focus on the reduction of greenhouse gas emissions worldwide.