The Mexico Hydrogen market demand stood at 770 thousand tonnes in 2023 and is expected to grow at a CAGR of 3.55% during the forecast period until 2034.
Hydrogen demonstrates adaptability in its generation, sourced from various energy sources such as natural gas and coal. This versatile compound acts as a precursor for a range of fuel derivatives, encompassing synthetic liquid fuels, methane, ammonia, and methanol. Currently, fossil fuels and natural gas dominate the primary methodologies for hydrogen production. Although the use of electrolytic cell technology with is not widespread at present, there is an expected surge in demand in the future, driven by advancements in cost-effective and dependable innovations. Recent years have witnessed the commencement of multiple projects focusing on enhancing the cost efficiency of hydrogen production, particularly utilizing renewable electricity sources. Beyond its role as an energy source, hydrogen also serves as a carrier of chemical energy, highlighting its significance across diverse applications. Hydrogen plays a pivotal role in the ammonia industry, demonstrated by its involvement in the Haber-Bosch process, where hydrogen and nitrogen combine to produce ammonia. This ammonia is widely used as a crucial component in fertilizers. Additionally, hydrogen is essential in the refining of methanol, a key resource for various chemical products. Moreover, hydrogen is a critical component in the oil refining process, facilitating the transformation of crude oil into more practical fuels.
Mexico Hydrogen market is driven by the usage of Hydrogen as a feedstock to produce ammonia. Also, hydrogen is employed in refineries to decrease the sulphur levels in diesel, and this specific use currently holds the majority of the market share in the hydrogen industry. Mexico is anticipated to witness a significant increase in the demand for hydrogen in the projected period. This upswing is propelled by various factors underscoring Mexico’s dedication to the hydrogen sector. Government initiatives, policies, and energy transition goals can play a crucial role in fostering a supportive environment for the hydrogen sector. Owing to these factors, Mexico Hydrogen market is likely to reach roughly 1130 thousand tonnes in 2034.
Based on the end-user industry, the Mexico Hydrogen market is segmented into Ammonia, Refining, Methanol, Fuel, and Others. Among these, Ammonia industry holds the largest market share followed by the Refining industry. Ammonia industry held a market share of nearly 38% in the year 2023.
Major players in the global Hydrogen include LG Chem, Sinopec, Iwatani, Air Products, Air Liquide, Praxair, Linde plc, Deokyang, Linde plc, Shanghai HuaLin Industrial Gases, Martinez Refining Co Llc, Phillips 66 Company, Wrb Refining Lp, Flint Hills Resources Lp, Cenex Harvest States Coop, Deokyang, Bp West Coast Products Llc, Sinclair Wyoming Refining Co, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Mexico Hydrogen which covers production, demand and supply of Hydrogen market in Mexico.
• To analyse and forecast the market size of Mexico Hydrogen
• To classify and forecast Mexico Hydrogen market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Hydrogen market in Mexico.
To extract data for Mexico 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 Mexico Hydrogen market over the coming years.
ChemAnalyst calculated Hydrogen demand across the Mexico region by analysing the volume of Hydrogen consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine 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 ass Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Mexico 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 2023
770 thousand tonnes
Market size Volume by 2034
1130 thousand tonnes
Growth Rate
CAGR of 3.55% from 2024 to 2034
Base year
2023
Estimated Year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
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, Foreign Trade, 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
West Region, North Region, South Region, Central Region, and East Region
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the size of Mexico Hydrogen market in terms of volume in 2023?
Ans:
The size of Mexico Hydrogen market has grown significantly and reached approximately 770 thousand tonnes in 2023.
Q2.
Which industry is leading as the leading consumer of Hydrogen?
Ans:
Ammonia industry is the leading consumer of Hydrogen.
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