H1 2023: During H1 2023, major players in the global Hydrogen market were Air Products, Praxair, and Air Liquide. In April 2023, CF Industries Holdings, Inc. and NextEra Energy Resources announced a memorandum of understanding for a joint venture to establish a zero-carbon-intensity hydrogen project at CF Industries’ Verdigris Complex in Oklahoma. This project is part of the HALO Hydrogen Hub's funding application submitted to the U.S. Department of Energy. The proposed initiative involves a shared 100-MW electrolysis plant at the Verdigris Complex, powered by a dedicated 450-MW renewable energy facility from NextEra. During the first quarter of 2023, the Hydrogen market witnessed fluctuations in sentiment in North America. Initially, a bearish trend prevailed, resulting in a marginal decrease in prices attributed to lower production costs. However, a more specific decline occurred in the mid-quarter, driven by reduced orders from European importers. In March 2023, the US market saw an improvement in the price trend, with prices rising due to increased orders. This sudden hike was influenced by affected production rates caused by the volatility in feedstock prices. In the US market, Hydrogen prices experienced a significant decline in Q2 2023. This downturn was mainly due to reduced activity in the downstream ammonia industry, influenced by low demand. The decrease in Natural Gas prices further contributed to a decline in input production costs. Additionally, international market demand dwindled amid a weak global economic outlook, while a rising interest rate fostered an overall pessimistic market view. Operating at lower rates due to weak demand, the plants faced constantly declining prices, resulting in hazy market sentiments. New orders were procured only when demand from the downstream industry was evident. Thus, the period of April- June 2023 witnessed a decrease in the pricing trend in the USA.
H1 2022: During H1 2022, major players in the global Hydrogen market were Air Products, Praxair, and Air Liquide. Although, Air Products was the biggest producer of Hydrogen in H1 2022. This company produced approximately 10% of the total Hydrogen produced in H1 2022. In June 2022, LG Chem, one the leading chemical producers of Hydrogen announced to construct a methane-fed hydrogen plant in South Korea. The plant will have an annual capacity of 50 thousand tonnes per annum. The goal of the company is to reduce carbon emissions on a long run and focus on sustainable development. Furthermore, the plant is estimated to be fully completed in 2024. However, geographically, North America held the position of the largest consumer of Hydrogen during H1 2022. The prices of the product rose steadily in US from April 2022. In the United States, hydrogen is produced by refining steam methane. The prices of natural gas rose in the US due to surge in the export volumes of natural gas to Europe. Several European countries had banned imports of Russian oil and gas. The United States intervened by raising the natural gas prices in the US domestic market to meet European needs, which ultimately led to higher hydrogen prices in the US market in H1 2022.
H2 2022: In July 2022, Shanghai Chemical Industry Park Industrial Gases Co., Ltd (SCIPIG), a subsidiary of Air Liquide, announced about construction of two hydrogen units at Shanghai Chemical Industry Park (SCIP). The project costs more than USD 204 billion These units are equipped with carbon capture and recycling technology and will be connected to SCIPIG's existing local network, With the latest technology, the new units will be environmentally friendly and will display great benefits. The units are expected to be operational by the end of 2023. North American market depicted fluctuations in the price of Hydrogen during H2 2022. In the first half of H2 2022, hydrogen prices showed an upward trend. It was backed up by the high fuel production demand increased in the North American market. The rise in the energy costs had increased the price of hydrogen in the market. Moreover, as the price of natural gas and oil rose, so did the demand for hydrogen, leading to higher domestic prices as an alternative energy source. However, the hydrogen production in North America had mediocre rates. Hydrogen prices showed a downward trend from October 2022 due to fluctuations in natural gas prices. However, hydrogen production levels across US remained stable.
The global Hydrogen market demand stood at 92 million tonnes in 2022 and is expected to grow at a CAGR of 3.58% during the forecast period until 2032. Hydrogen is a flammable gas with negligible carbon emission is actively utilized for numerous applications such as synthesizing chemical derivatives, in building and construction by blending into pre natural gas networks, for power generation and transportation purposes.
Hydrogen is a versatile compound and can be produced from various energy sources such as natural gas, coal, biomass, wind, hydroelectric power etc., and can be utilized to make numerous fuel derivatives like synthetic liquid fuels, methane, ammonia, methanol, and others. Currently, majority of the Hydrogen is produced by fossil fuel and natural gas. Although the production of Hydrogen using electrolytic cell with caustic soda traces is currently not so much used, however it is perceived to gain high demand in the coming years with cost effective and reliable innovations. Several new projects for cost effective production of Hydrogen have been initiated in the past few years at the back of the growing interest in producing hydrogen from renewable electricity sources. Hydrogen is not just an energy source but also a carrier of chemical energy.
Hydrogen along with fuel cell technologies has observed tremendous potential for growth but requires drastic efforts to push it into reality. Moreover, road to decarbonation adopted by countries in concern of the climatic shifts observed in past few years has laid high emphasis to imply zero carbon hydrogen solution policies in the coming years. In support of this initiative various governments across countries have started to support the utilization of low carbon hydrogen in various industrial and commercial purpose. To support green Hydrogen economy, the start-up and scale-up of competitive and innovative hydrogen production companies is anticipated to largely fuel the Global Hydrogen market. However, the challenge ahead is the transformation of existing natural gas pipeline to Hydrogen pipeline. Moreover, the construction and maintenance of Hydrogen fueling stations and port facilities for active transportation of the gas is another factor that could favor the growth of Hydrogen market in the coming years. With European Union and several other governments leaned to adopt Hydrogen as a niche fuel in the future to battle the degrading environment, a large number of investments are anticipated to happen with various companies entering the green Hydrogen market in search of new profit bearings. The size of the global Hydrogen market is estimated to reach a volume of 130 million tonnes by 2032.
Based on region, North America is the leading the Hydrogen market, followed by Asia Pacific region. In 2022, North America held a market share approximately of 38% of the global Hydrogen. Focus on clean energy usage and production in USA for transportation and manufacturing is mainly driving the market in North America. Additionally, it is anticipated that the growth of hydrogen production and the installation of effective hydrogen fuel cell stations would be fueled by the demand for electric vehicles and fuel-efficient technology in countries like China and Japan of the Asia Pacific region. China’s step towards expansion of renewable-hydrogen with increased investments to brace new research and development operations and build transport and storage facilities along with large scale production of Hydrogen fuel vehicles is a powerful attribute towards the growth of Hydrogen market in Asia Pacific.
Based on the end-user industry, the global Hydrogen market is segmented into Ammonia, Refining, Methanol, Fuel, and Others. As of 2022, majority of the hydrogen is used for manufacturing ammonia with a market share of 45 percent. Ammonia is an important solvent and precursor for various chemicals. Ammonia's potential as a carbon-free fuel, hydrogen transporter, and energy reservoir gives a chance for the expansion of the use of renewable hydrogen technology.
Major players in the production of Global Hydrogen are Air Products, Praxair, Air Liquide, Linde plc, Chevron Usa Inc, Sinopec, Valero, Phillips 66 Company, Wrb Refining Lp, Flint Hills Resources Lp, Bp West Coast Products Llc, Martinez Refining Co Llc, Hyundai-Wison, Deokyang, Delaware City Refining Co Llc, Cenex Harvest States Coop, Hollyfrontier El Dorado Refining Llc, Sinclair Wyoming Refining Co, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Hydrogen which covers production, demand and supply of Hydrogen market in the globe.
• To analyse and forecast the market size of Hydrogen
• To classify and forecast Global Hydrogen market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Hydrogen market in the globe.
To extract data for Global Hydrogen market, primary research surveys were conducted with Hydrogen manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Hydrogen market over the coming years.
ChemAnalyst calculated Hydrogen demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Hydrogen. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Hydrogen manufacturers and other stakeholders
• Organizations, forums and alliances related to Hydrogen distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
92 million tonnes
Market size Volume by 2032
130 million tonnes
Growth Rate
CAGR of 3.58% from 2023 to 2032
Base year
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Ammonia, Refining, Methanol, Fuel, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What was global market size of Hydrogen in terms of volume in 2022?
Ans:
The global market size of Hydrogen has grown significantly in the historic period of 2015-2021 and reached approximately 92 million tonnes in 2022.
Q2.
Which region is leading as a consumer of Hydrogen?
Ans:
North America is the leading consumer of Hydrogen on the global scale.
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