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Petroleum Refinery Hydrogen Market Trends

Report ID: GMI10620
Published Date: Aug 2024
Report Format: PDF

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Petroleum Refinery Hydrogen Market Trends

Growing integration of renewable hydrogen into the refining process to reduce their carbon footprint and align with global sustainability goals are stimulating the business scenario. Expansion of refining capacities, especially in developing regions, and upgradation of existing facilities contributes to higher hydrogen consumption thereby fostering the industry statistics. Growing dependence on fossil fuels for hydrogen production exposes refineries to price volatility and geopolitical risks, creating demand for sustainable and locally producible alternative, enhancing supply chain stability and reducing reliance on imported energy sources thereby fostering the industry growth.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of petroleum refinery hydrogen was worth over USD 133.1 billion in 2023 and will grow at 5.4% CAGR between 2024 and 2032, propelled by the growing need for cleaner fuels and compliance with stringent environmental regulations.

Petroleum refinery hydrogen industry size from the green segment will cross USD 47 billion by 2032, attributed to its environmental benefits and alignment with sustainability goals.

Asia Pacific petroleum refinery hydrogen industry will reach USD 134 billion by 2032, owing to rapid industrialization, increasing energy demand, and significant investments in refining infrastructure.

Some of the key petroleum refinery hydrogen industry players include BP Plc, ExxonMobil, Chevron Corporation, Indian Oil Corporation Ltd, Messer Group, Nel Hydrogen, PetroChina, Reliance Industries Ltd, Saudi Aramco, and Shell Global, among others.