Hydrogen Market was Dominated By the Chemical Industry

The hydrogen market will grow at a compound annual growth rate of 4.3% by the end of this decade to reach a value of USD 196, 934.5 million by 2030.

The main factors responsible for this growth are the increasing requirement for ammonia, because of the mounting use of ammonia-based fertilizers for maintaining crop nutrition, improve productivity, and the growing requirement for hydrogen from the refinery sector, as a result of the strict sulfur reduction standards.

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The steam-methane reforming category had the largest share in the past, as the production of hydrogen through this procedure is relatively inexpensive than others. Furthermore, a well-maintained supply chain and easy obtainability of the feedstock also added to this dominance of the category.

On-site generation category will grow the fastest in the distribution method segment in the future. On-site generation is a less-complicated method of transporting the gas to end users. Moreover, it is lucrative than the tanker and cylinder methods, when put to use for a longer time.

Furthermore, it allows companies to smoothen their processes by minimalizing the risks related to the supply chain.

The chemical industry had the major share in the hydrogen market in the past, and this trend will continue by the end of this decade as well.

Hydrogen acts as a raw material throughout the making of numerous basic chemicals, for example ammonia and methanol. The growing requirement for these chemicals because of the booming population and growing demand for fertilizers will power the gas consumption in the chemical industry.

Mergers and acquisitions have emerged as a major trend in the industry. With these strategic measures, market players will increase their portfolio and consolidate their presence in the market.

For instance, in September 2020, General Motor Company had 11% shares in Nikola Corporation. Under this deal, General Motor Company will assist Nikola Corporation in manufacturing hydrogen fuel cells and battery for class 7 and 8 semi-trucks, with the supply of hydrogen fuel cells to the latter.

APAC dominated the industry in the past because of the existence of numerous chemical and petrochemical companies, particularly in South Korea, India, China and Japan.

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As said by the European Chemical Industry Council, China had the most revenue, of USD 1,341 billion, in the industry in the past.

Furthermore, the region will dominate the industry by the end of this decade as a result of the vast populace and its high purchasing power because of a surge in income.

It is because of the high demand for hydrogen for production of ammonia-based fertilizers, the demand for hydrogen will continue to grow in the years to come.

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