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Chemical Hydrogen Market Trends

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

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Chemical Hydrogen Market Trends

Increasing number of hydrogen projects announced across the chemical industry coupled with supportive fundings for advanced electrolyzer technology to improve upon the efficiency and cost-effectiveness will contribute to the product adoption. For instance, in November 2023, BASF received funding of around USD 136 million from German Federal Ministry for Economic Affairs and Climate Action and the State of Rhineland-Palatinate for the Hy4Chem-EI project. The company will produce hydrogen using its PEM electrolyzers to be utilized in the chemical industries. In addition, enhanced energy security and resilience provide significant growth opportunities along with the ability of hydrogen to be a versatile energy carrier will sway the business dynamics.

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.