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Petroleum Refining Blue Hydrogen Market Trends

Report ID: GMI9368
Published Date: May 2024
Report Format: PDF

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Petroleum Refining Blue Hydrogen Market Trends

Large scale investments to build new SMR plants or retrofit the existing natural gas reformers with carbon capture and storage (CCS) technology to produce blue hydrogen will drive the business scenario. For instance, in September 2023, Woodside, announced its plant to build a blue hydrogen production facility with USD 5 billion investment in Perth. The project, H2Perth, once operational in 2027, will be the largest of its kind across the globe. In addition, Investments in catalyst research aim to improve the performance, stability, and selectivity of catalysts used in hydrogen production processes will propel the product adoption.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.