According to the findings in the World Oil Outlook, 2018 by the Organization of Petroleum Exporting Countries (OPEC), the total primary energy requirement was valued to be 276 Mboe/d in 2015, and the organization has projected the demand to attain 298.2 Mboe/d mark in 2020, 339.4 Mboe/d in 2030, and a massive figure of 371.6 Mboe/d in 2040.[1] This increasing demand for energy will translate to a definite demand for oil which will lead to an augmented production of oil in the refineries worldwide. Hydrogen is used in refineries for oil refining as it enables the process of converting crude oil into refined fuels such as gasoline and diesel while it also removes contaminants such as sulfur from these fuels. The foreseeable growth of the petroleum industry will lead to a demand influx in the hydrogen market that was valued to be $118.1 billion as of 2018. Furthermore, the demand for hydrogen in various industries is projected to grow with a healthy compound annual growth rate (CAGR) of 5.48% during the forecast period of 2019 to 2025.
APAC has been observing an impressive industrial growth for quite a few years now. The oil & gas and pharmaceutical industries are booming in the region with a lot of investments being made by the governments and overseas investors. China’s aerospace industry is advancing in a rapid manner which is increasing the demand for hydrogen in the country. The perpetually growing agricultural industry in APAC has led to enhanced production of fertilizers, which is significantly supporting the hydrogen market. APAC had the maximum hydrogen market share of 55% in 2018.
Hydrogen Market Outlook:
Hydrogen is a chemical element with symbol H which is produced by electrolysis of water, steam reforming, metal-acid reaction, thermochemical reaction or anaerobic corrosion. Owing to its highly combustible nature and the fact that it occurs in various forms such as gaseous, liquid, slush, solid, and metallic, hydrogen is utilized in a gamut of industries for a myriad of purposes.
The key application of hydrogen is found to be in ammonia production. According to the International Trade Center (ITC), the global trade of ammonia was valued to be $6,382,688 thousand in 2018, and the future foresees increased demand for ammonia in the HVAC sector as it is used as a refrigerant.[2] The demand for hydrogen in ammonia production is projected to increase with a CAGR of 2.5% through to 2025.
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Hydrogen Market Growth Drivers:
· The Growing Sales in the Semiconductor Market –
The semiconductor market was valued to be $426.4 billion as of 2018, and the demand for semiconductors is projected to observe a substantial CAGR of 5.88% over the forecast period of 2019 to 2025. Hydrogen is omnipresent during the growth and processing of semiconductors as it is used as a carrier gas. Perceptibly, the estimated growth in demand for semiconductors is poised to enhance growth prospects in the hydrogen market.
· The Augmented Production of Fertilizers –
According to the Food and Agricultural Organization of the United Nations (FAO), the global demand for phosphate fertilizer will be 118,763 thousand tons in 2020 as the organization projects that it will grow with a CAGR of 1.54% during the forecast period of 2015 to 2020.[3] Fertilizers utilize ammonia in production, and hydrogen is a key component of the same. The future foresees growth of the agriculture industry which will play a vital role in fulfilling the sustainable development goals (SDGs) of the United Nations (UN). This growth will create a demand influx the fertilizers market which will generate lucrative opportunities in the hydrogen market.
· The Application in Pharmaceutical Industry –
Hydrogen finds application in pharmaceutical plants as it is used to manufacture vitamins and other pharmaceutical products. The pharmaceutical industry is projected to have a valuation of $1,430 billion by 2020,[4] according to the International Federation of Pharmaceutical Manufacturers Association (IFPMA). The growth prospects for the hydrogen vendors in the pharmaceutical market will be on the rise, and therefore, there will be a demand influx in the hydrogen market.
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Hydrogen Market Trends:
· In October 2018, Praxair Linde completed $90 billion merger and became the global gas leader.
· In March 2019, Air Gas – An Air Liquide company completed acquisition of TA Corporate Holdings Inc. (Tech Air). This will help company position itself in the gas market, especially hydrogen.
· In May 2018, Toshiba and Iwatani started a demonstration project in order to establish low-carbon hydrogen supply chain in Hokkaido.
· In January 2019, The Hydrogen Company of Air Liquide acquired common shares of Hydrogenics Corporation. This is attributed to the increasing demand for hydrogen in various industries.
· In March 2019, Messer CV finalized acquisition of Linde-Praxair Americas business. The major share of this acquisition are that of North America.
Hydrogen Market Challenges:
Even though hydrogen has penetrated in many industries, but hydrogen fuel cells are still facing challenges due to their high capital cost. Furthermore, their installation cost is exorbitant which dwarfs the hydrogen market size. However, the vendors are trying to cut the cost by reducing the material or exploring low-cost material. Reducing the complexity of the integrated system and minimization of temperature constraints which adds cost to the system can ameliorate the problem. The future foresees streamlined manufacturing process with reduced footprints, and that will open up the floodgates in the hydrogen market.
Hydrogen Market Key Players Perspective:
The major players crusading for greater hydrogen market share are INOX Air Products Ltd., Airgas, Inc., Air Liquide S.A., Hydrogenics Corporation, Iwatani Corporation, Linde AG, Messer Group GmbH, and Praxair, Inc.
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Hydrogen Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the hydrogen market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The hydrogen market research report also analyses the application of hydrogen in petroleum refinery, semiconductors, fertilizer production, pharmaceutical industry, power plant generators, aerospace industry, glass purification, heat treatment of metals, and hydrogen fuel cells.
Hydrogen Market Report: Industry Coverage
The hydrogen market is segmented on the basis of system that includes merchant and captive. Moreover, hydrogen is also used in coal gasification and steam methane reforming.
The hydrogen market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia.
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