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Petroleum Refining Blue Hydrogen Market
Petroleum Refining Blue Hydrogen Market was valued at USD 1.24 billion in 2023 and is set to grow at a CAGR of 8% from 2024 to 2032. Growing incentivization along with mandating the production & utilization of low carbon hydrogen production technologies will stimulate the market dynamics.
Continued advancements in SMR and ATR technologies, as well as CCS technologies, are critical for improving the efficiency, cost-effectiveness, and environmental performance of blue hydrogen production will enhance the business statistics. Research and development efforts focus on optimizing process efficiency, reducing capital and operating costs, and enhancing CO2 capture and storage capabilities will further promote the market growth.
Integrating blue hydrogen production with existing refinery operations allows for efficient utilization of resources and minimizes the need for additional infrastructure investment, which will positively impact the product demand. Additionally, using low-carbon hydrogen can enhance the sustainability profile of refined products, meeting consumer demand for environmentally friendly products.
How much is the petroleum refining blue hydrogen market worth?
The market size of petroleum refining blue hydrogen was reached USD 1.24 billion in 2023 and is set to grow at 8% CAGR during 2024 to 2032, driven by continued advancements in SMR and ATR technologies.
Why is the demand for steam methane petroleum refining blue hydrogen rising?
Petroleum refining blue hydrogen market from the steam methane reforming production process segment will exceed USD 1.8 billion by 2032, driven by emissions trading systems that create financial incentives for industries to reduce CO2 emissions.
Why is the use of petroleum refining blue hydrogen rising in Europe?
Europe petroleum refining blue hydrogen market size will cross USD 870 million by 2032, owing to the ambitious targets set to reduce greenhouse gas emissions.
Who are the major petroleum refining blue hydrogen industry players?
Air Products and Chemicals, Inc., BP p.l.c, Exxon Mobil Corporation, Shell plc, Air Liquide, Technip Energies N.V., TOPSOE, Equinor, Johnson Matthey, and SK E&S among others.