Petroleum Refinery Hydrogen Market Size

Petroleum Refinery Hydrogen Market Size

Petroleum Refinery Hydrogen Market was valued at USD 133.1 billion in 2023 and is anticipated to grow at a CAGR of 5.4% between 2024 and 2032. It refers to hydrogen consumption in petroleum refineries for hydrocracking, hydrotreating, and desulfurization to improve the quality of petroleum products and meet environmental standards. Hydrogen helps in breaking down heavy hydrocarbons, removing impurities such as sulfur and nitrogen, and converting crude oil into more valuable and cleaner fuels such as gasoline, diesel, and jet fuel.

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Rising stricter environmental regulations by government to curb emissions from refineries such as the International Maritime Organization's (IMO) sulfur cap and the European Union’s stringent emissions regulations compel refineries to produce cleaner fuels are propelling the product adoption. The need to produce ultra-low sulfur diesel (ULSD) and other low-emission fuels in line with growing global shift towards cleaner energy sources has intensified the product demand.

Rising technological advancements such as the adoption of modern hydro processing technologies offering efficient and effective crude oil with reduced impurities is set to augment the industry growth. Furthermore, rising innovations in catalysts and process designs to enable more efficient hydrogen utilization, enhancing the capacity to produce high-quality fuels are additional factors driving the product penetration.