What is Global Industrial Hydrogen Market?
The Global Industrial Hydrogen Market is a vast and complex entity that plays a crucial role in various industries worldwide. It refers to the global market for industrial-grade hydrogen, a vital element used in numerous industrial applications. This market encompasses the production, distribution, and sale of hydrogen for industrial purposes. The value of this market was estimated at US$ 120,700 million in 2023, and it's projected to grow to US$ 138,880 million by 2030. This growth is driven by the increasing demand for hydrogen in various industries, including oil refining, ammonia production, methanol production, and steel production. The market is also influenced by technological advancements, regulatory policies, and economic factors that affect the production and consumption of hydrogen.
Captive Hydrogen, Merchant Hydrogen in the Global Industrial Hydrogen Market:
The Global Industrial Hydrogen Market is divided into two main segments: Captive Hydrogen and Merchant Hydrogen. Captive Hydrogen refers to hydrogen produced for internal use by industries, while Merchant Hydrogen refers to hydrogen produced for sale to external customers. Captive Hydrogen is the larger segment, accounting for over 80% of the market. This is due to the high demand for hydrogen in industries such as oil refining and steel production, where it is used in large quantities for various processes. On the other hand, the Merchant Hydrogen segment is driven by the growing demand for hydrogen in smaller industries and applications, such as fuel cells and hydrogen-powered vehicles.
Oil Refining, Ammonia Production, Methanol Production, Steel Production, Others in the Global Industrial Hydrogen Market:
The Global Industrial Hydrogen Market serves a wide range of industries, each with its unique needs and applications for hydrogen. In the oil refining industry, hydrogen is used to remove impurities from crude oil and produce clean fuels. In the ammonia production industry, hydrogen is a key ingredient in the production of ammonia, a vital component in fertilizers. In the methanol production industry, hydrogen is used to produce methanol, a versatile chemical used in various applications. In the steel production industry, hydrogen is used in various processes to improve the quality and strength of steel. Other industries that use hydrogen include the chemical industry, the electronics industry, and the food and beverage industry.
Global Industrial Hydrogen Market Outlook:
Looking at the future of the Global Industrial Hydrogen Market, it's clear that it's set for steady growth. In 2023, the market was valued at US$ 120,700 million, and it's expected to reach US$ 138,880 million by 2030, growing at a CAGR of 2.0% during the forecast period from 2024 to 2030. This growth is driven by the increasing demand for hydrogen in various industries, as well as technological advancements that make hydrogen production more efficient and cost-effective. It's also worth noting that the top five manufacturers in this market hold a share of over 5%, indicating a high level of competition.
| Report Metric | Details |
| Report Name | Industrial Hydrogen Market |
| Accounted market size in 2023 | US$ 120700 in million |
| Forecasted market size in 2030 | US$ 138880 million |
| CAGR | 2.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Linde Group, Air Liquide, Air Products, Air Water, Taiyo Nippon Sanso, Messer Group, Yingde Gases |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
