U.S., Europe And Asia Industrial Hydrogen Market Driven By Increasing Demand From Chemical And Refining Industry & Growth Of Petrochemical Industry
The U.S., Europe And Asia Industrial Hydrogen Market is estimated to be Valued At US$ 14.7 Billion In 2022 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial hydrogen is widely used as chemical feedstock and energy carrier in various end-use industries such as chemical, refining, general industry, and metal processing. It is used as a fuel and reducing agent in the production of chemicals and petroleum products. Hydrogen finds numerous applications in the chemical industry for ammonia production, methanol production, oil refining, petrochemical processing, and edible fats and oils hardening.
Market Dynamics:
The increasing demand for industrial hydrogen from the growing chemical and refining industry is expected to drive the growth of the U.S., Europe and Asia industrial hydrogen market during the forecast period. For instance, according to the American Chemistry Council, the U.S. chemical industry directly and indirectly supported over 14.5 million American jobs and accounted for 9.5% of U.S. GDP in 2018.
Furthermore, the market growth is also supplemented by the growing petrochemical industry, especially in Asia. Rapid industrialization and rising population in Asian countries such as China and India has boosted the demand for petrochemical products like plastics, synthetic fibers, detergents, and fertilizers, which require industrial hydrogen as a feedstock for their manufacturing. This factor is projected to propel the demand for industrial hydrogen over the forecast period.
SWOT Analysis
Strength:
- The U.S., Europe and Asia industrial hydrogen market has a large and well-established customer base due to wide application of hydrogen in various industries like chemical, oil refining and metals.
- Major players in the market have strong production and distribution capabilities to cater to the massive demand from different end-use industries.
- Growing emphasis on clean energy and decarbonization is augmenting the demand for low-carbon hydrogen and favoring market growth.
Weakness:
- High production and transportation costs associated with industrial hydrogen limits its scope of applications.
- Safety issues related to the handling and transportation of hydrogen pose operational challenges.
Opportunity:
- Increasing support through government policies and initiatives towards developing hydrogen economy present significant growth prospects.
- Advancements in production technologies are expected to make hydrogen more affordable and accessible over the coming years.
Threats:
- Availability of cost-effective alternative fuels can impede the demand growth for industrial hydrogen.
- Slow pace of building required hydrogen infrastructure poses challenges for market expansion.
Key Takeaways
The global Industrial Hydrogen Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from chemical and petroleum refining industries. The market size was valued at US$ 14.7 billion in 2018.
Regional analysis:
Asia Pacific dominates the global industrial hydrogen market and is expected to grow at the fastest rate during the forecast period. China, Japan and India have been the major demand generators due to large chemical processing and petroleum refining base. Europe and North America also capture substantial market share owing to significant hydrogen requirements of various manufacturing sectors.
Key players:
Key players operating in the industrial hydrogen market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. The market is moderately consolidated with top three players accounting for over 50% share.
Read More : https://marketinsightsminds.blogspot.com/2023/11/us-europe-and-asia-industrial-hydrogen.html
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