The increasing use of hydrogen in petroleum industries is propelling the growth of the global hydrogen market. The other end-user industries for hydrogen include metal processing industries, chemical manufacturing, pharmaceuticals, and food processing. The demand for hydrogen in petroleum refining has increased significantly over the last few years, owing to stringent motor vehicle emissions regulations imposed by various governments. Developed countries follow the latest emission regulations; whereas, developing countries frequently revise regulations. The rising per capita vehicle ownership and consequential demand for petroleum is fuelling the demand for hydrogen globally. Apart, their scope in refineries as a chemical compound further acts as a driving factor for the hydrogen market.
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Some of the other drivers behind the growing global demand of hydrogen include increasing demand of hydrogen from refinery hydro-processing industry, and growing concept of power-to-gas. Power-to-gas concept is designed to conserve energy and optimally utilize renewable sources. Methanation is one of the most important processes of the power-to-gas cycle, which produces methane. Hydrogen is one of the important raw materials for methanation, where it combines with carbon dioxide and produces methane. Growing utilization of this system is further fuelling the demand of hydrogen gas.
On the basis of production and delivery, the global hydrogen market can be segmented into merchant production and captive production. On the basis of production process, the hydrogen market can be classified as gasification of coal, steam reforming of natural gases, partial oxidation of hydrocarbons, electrolysis of water, and others. On the basis of application, the hydrogen market can be classified as petroleum refinery, chemical production, food processing, pharmaceutical, metal processing, and others.
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Geographically, Asia-Pacific is the largest revenue generating region globally for the hydrogen market. Rise in number of ammonia production plants and increasing refinery output is driving the Asia-Pacific hydrogen market, particularly in countries such as India, China, and Malaysia. North America is the second-largest market for hydrogen. The U.S. is the largest hydrogen consumer in North American. Over the last few years, stringent motor vehicle emission regulations imposed in developed countries, including the U.S., have increased the demand for low-sulfur and ultralow-sulfur gasoline and diesel fuels. This, in turn, is fuelling demand for hydrogen in the petroleum refining industry. This is driving the hydrogen market in North America.
Some of the key players in the global hydrogen market include Messer Group GmbH, Airgas Inc., Taiyo Nippon Sanso Corporation, Iwatani Corporation, Hydrogenics Corporation, Air Products and Chemicals Inc., Showa Denko K.K, Air Liquide S.A. and Praxair Inc.
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