PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1649564
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1649564
Grey Hydrogen Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)
The global grey hydrogen market is projected to reach $134.5 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 1.9% from 2025 to 2032, reaching $156.5 billion by 2032. Grey hydrogen, produced from natural gas through steam-methane reforming (SMR) without carbon capture, remains the most consumed form of hydrogen due to the abundant availability of natural gas and the cost-effectiveness of the SMR process. However, this method generates significant carbon dioxide emissions, contributing to environmental concerns.
Key Insights
Grey hydrogen is primarily produced via steam-methane reforming (SMR), a process that, while cost-effective, results in substantial carbon dioxide emissions.
Major end-use industries include petroleum refining, where grey hydrogen is used for hydrogenation and desulfurization to produce cleaner fuels, and chemical manufacturing, where it serves as a feedstock in ammonia production for fertilizers. It is also employed as a fuel source in power generation applications.
Europe holds the largest market share, driven by extensive industrial activities and established infrastructure, while the Asia-Pacific region is expected to experience the fastest growth, propelled by rapid industrialization and increasing demand for hydrogen in various applications.
The production of grey hydrogen via SMR releases significant amounts of carbon dioxide, leading to environmental concerns. Studies indicate that each kilogram of hydrogen produced through this method results in 8-10 kilograms of CO2 emissions. This environmental impact is prompting industries to explore cleaner alternatives and implement carbon capture, utilization, and storage (CCUS) technologies.
To mitigate environmental concerns, there is a growing trend of integrating CCUS technologies in grey hydrogen production. This approach prevents the direct release of CO2 into the atmosphere and allows its utilization as a feedstock in the chemical industry, thereby balancing economic benefits with environmental responsibilities.
The grey hydrogen market is highly consolidated, with key players including Linde plc, Air Products & Chemicals Inc., L'AIR LIQUIDE S.A., Siemens Energy AG, BASF SE, China National Petroleum Corporation, ExxonMobil Corporation, Indian Oil Corporation Limited, BP plc, Shell plc, China Petroleum & Chemical Corporation, and Equinor ASA. These companies are focusing on implementing CCUS technologies and exploring sustainable practices to address environmental challenges associated with grey hydrogen production.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Distribution Channel
- 1.4.2. Market Size Breakdown, by End Use
- 1.4.3. Market Size Breakdown, by Region
- 1.4.4. Market Size Breakdown, by Country
- 1.5. Market Data Reporting Unit
- 1.5.1. Revenue
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Industry Background
- 5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
- 5.3. Impact of COVID-19
- 5.4. Sociopolitical Impact
- 5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
- 5.6. Innovation and Technology Trends
- 5.7. Supply Chain and Value Chain Insights
- 5.8. Economic and Regulatory Impact
- 5.9. Market Entry Strategies
Chapter 6. Competitive Landscape
- 6.1. List of Market Players and their Offerings
- 6.2. Competitive Benchmarking of Key Players
- 6.3. Recent Strategic Developments by Key Players
- 6.4. Company Leadership Matrix
Chapter 7. Global Market
- 7.1. Overview
- 7.2. Market Revenue, by Distribution Channel (2019-2032)
- 7.3. Market Revenue, by End Use (2019-2032)
- 7.4. Market Revenue, by Region (2019-2032)
Chapter 8. North America Market
- 8.1. Overview
- 8.2. Market Revenue, by Distribution Channel (2019-2032)
- 8.3. Market Revenue, by End Use (2019-2032)
- 8.4. Market Revenue, by Country (2019-2032)
Chapter 9. Europe Market
- 9.1. Overview
- 9.2. Market Revenue, by Distribution Channel (2019-2032)
- 9.3. Market Revenue, by End Use (2019-2032)
- 9.4. Market Revenue, by Country (2019-2032)
Chapter 10. Asia-Pacific Market
- 10.1. Overview
- 10.2. Market Revenue, by Distribution Channel (2019-2032)
- 10.3. Market Revenue, by End Use (2019-2032)
- 10.4. Market Revenue, by Country (2019-2032)
Chapter 11. Latin America Market
- 11.1. Overview
- 11.2. Market Revenue, by Distribution Channel (2019-2032)
- 11.3. Market Revenue, by End Use (2019-2032)
- 11.4. Market Revenue, by Country (2019-2032)
Chapter 12. Middle East and Africa Market
- 12.1. Overview
- 12.2. Market Revenue, by Distribution Channel (2019-2032)
- 12.3. Market Revenue, by End Use (2019-2032)
- 12.4. Market Revenue, by Country (2019-2032)
Chapter 13. Company Profiles
Chapter 14. Appendix
- 14.1. Sources and References
- 14.2. Related Reports
