The global Hydrogen market demand stood at 9.5 million tonnes in 2024 and is expected to grow at a CAGR of 3.58% during the forecast period until 2035. 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 the European Union and several other governments leaning 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 14 million tonnes by 2035.
Based on region, the North America is the leading the Hydrogen market, followed by Asia Pacific region. In 2024, 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 2024, majority of the hydrogen is used for manufacturing ammonia with a market share of 45%. 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, Wrb Refining, 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- 2023
Base Year: 2024
Estimated Year: 2025
Forecast Period: 2026-2035
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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 2024
9.5 million tonnes
Market size Volume by 2035
14 million tonnes
Growth Rate
CAGR of 3.58% from 2025 to 2035
Base year for estimation
2025
Historic Data
2015 – 2024
Forecast period
2026 – 2035
Quantitative units
Demand in million tonnes and CAGR from 2025 to 2035
Report coverage
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
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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Market Data & Insights
Table of Content
1. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Hydrogen.
2. Capacity By Location
To better understand the regional supply of Hydrogen by analyzing its manufacturers' location-based capacity.
3. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
4. Production By Company
Study the historical annual production of Hydrogen by the leading players and forecast how it will grow in the coming years.
5. Demand by End- Use
Discover which end-user industry (Ammonia, Refining, Methanol, Fuel, and Others) are creating a market and the forecast for the growth of the Hydrogen market.
6. Demand by Region
Analyzing the change in demand of Hydrogen in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
7. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Hydrogen. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
8. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Hydrogen.
9. Company Share
Figure out what proportion of the market share of Hydrogen is currently held by leading players across the globe.
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Member - Board of Directors
Osaka Gas Co. Ltd
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resulting in a loss of production capacity to impact the bottom line. The capacity tracker provides industries
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It also highlights the immediate impact on supply due to planned and unplanned outages as well as upcoming start-up
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was global market size of Hydrogen in terms of volume in 2024?
Ans:
The global market size of Hydrogen has grown significantly in the historic period of 2015-2024 and reached approximately 9.5 million tonnes in 2024.
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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