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Chemical Hydrogen Market Size

Report ID: GMI7898
Published Date: Jan 2024
Report Format: PDF

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Chemical Hydrogen Market Size

Chemical Hydrogen Market was valued at USD 42.8 billion in 2023 and is likely to grow at a CAGR of over 5.6% between 2024 and 2032. Hydrogen is a fundamental feedstock utilized for the synthesis of numerous chemicals. It is used in the production of ammonia (NH?), a crucial component in fertilizers, and is a key ingredient in the production of various organic compounds. It is an essential raw material and reactant in several chemical manufacturing processes.

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Growing emphasis towards green hydrogen production using renewable energy sources along with increasing investments by governments and industries in green hydrogen as part of their efforts to achieve carbon neutrality will complement the business scenario. In addition, hydrogen as a fuel possess the ability to replace traditional fossil fuels across various industrial processes and reduce the carbon emissions, thereby driving the market trends.

Chemical Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
Chemical Hydrogen Market Size in 2023:	USD 42.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.6%
2032 Value Projection:	USD 69.7 Billion
Historical Data for:	2019 to 2023
No. of Pages:	200
Tables, Charts & Figures:	310
Segments covered:	Type and Region
Growth Drivers:	Growing production of green hydrogen Government policies and incentives Hydrogen infrastructure development
Pitfalls & Challenges:	Safety concerns

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of chemical hydrogen was worth over USD 42.8 billion in 2023 and is anticipated to surpass USD 69.7 billion by 2032, driven by the growing emphasis towards green hydrogen production using renewable energy sources along with increasing investments.

The blue hydrogen market share will register gains at nearly 9% up to 2032, driven by intense demand of hydrogen as a feedstock for ammonia and methanol manufacturing in line with significant government measures to reduce carbon footprint.

Europe chemical hydrogen industry reach USD 15.1 billion by 2032, driven by growing public awareness toward transitioning to clean energy sources and reducing carbon footprint.

Air Products and Chemicals, Inc., Air Liquide, thyssenkrupp Uhde GmbH, RESONAC HOLDINGS CORPORATION, Linde plc, Technip Energies N.V., Reliance Industries Limited, Plug Power Inc., Cummins Inc., Adani Green Energy, Messer, Ally Hi-Tech Co., Ltd. are some of the major industry contenders.