Industrial Hydrogen Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The industrial hydrogen market in the US, Europe, and Asia is anticipated to witness substantial growth, driven by the diverse end-use applications of industrial hydrogen in sectors such as electronics, metal fabrication, pharmaceuticals, and fertilizers. The burgeoning LED and semiconductor industries are expected to generate significant growth opportunities, further enhancing revenue prospects in the market.

Impact of COVID-19 on Market Dynamics

The COVID-19 pandemic has significantly impacted the manufacturing and production sectors, stalling progress in the US, Europe, and Asia. This stagnation has led to decreased demand, affecting the growth rate of the industrial hydrogen market. However, as pandemic-related restrictions ease and activities resume, the market is expected to recover and return to its usual business operations.

Cost-Effectiveness and Technological Advancements

Market players are focusing on advanced methods to reduce production costs, driving competition within the industry. Manufacturers are exploring opportunities in the fuel sector to diversify their product portfolios and meet growing demand. Collaborations and partnerships are becoming prevalent as companies strive to enhance their market presence.

Investments in green hydrogen are gaining traction as companies aim to strengthen their positions in the global market. Key players in the industrial hydrogen market include Air Liquide, The Linde Group, Air Products & Chemicals Inc., Messer Group GmbH, and Praxair Inc.

Electrolysis Production Method to Gain Momentum

The Electrolysis production method segment is expected to expand at a higher rate over the forecast period. The electronics application segment is projected to experience the fastest growth in terms of value, driven by increasing demand from various end-use industries such as electronics, glass, metal production, welding, and metal fabrication. Onsite hydrogen generation systems and technological advancements that reduce overall hydrogen production costs are also contributing to market growth.

Despite the benefits, the high cost of hydrogen production via electrolysis compared to conventional methods poses a challenge for the sustained growth of the electrolytic hydrogen market.

Market Projections by Segmentation

The Electrolysis segment is forecasted to expand at the fastest rate in terms of revenue. The Conventional & Others segment is expected to hold a significant market value share, with substantial sales revenue anticipated by the end of the forecast period.

The Electronics segment is predicted to dominate the industrial hydrogen market, with a substantial market share and a high growth rate in terms of value. The Metal Production and Pharmaceuticals & Biotechnology segments are also expected to contribute significantly to market growth.

The Glass, Metal Production, and Welding & Metal Fabrication segments are estimated to collectively account for a considerable market volume share, creating significant opportunities in the industrial hydrogen market.

Regional Market Insights

In the US, the industrial hydrogen market is expected to expand at a higher rate than in Europe and Asia, driven by a high demand from various end-use industries. The rising demand from the electronics industry is a key growth driver for the US market.

In Europe, Germany is anticipated to experience a higher growth rate compared to the UK, owing to a strong economic outlook. The industrial hydrogen markets in Japan and South Korea are expected to expand significantly, supported by the strong presence of electronics and glass industries in these countries.

Key Market Players

Prominent producers of industrial hydrogen globally include Air Liquide, Air Products and Chemicals Inc., The Linde Group, Praxair Inc., and Messer Group GmbH. These companies are leveraging technological advancements and strategic collaborations to maintain a competitive edge in the market.

Key Market Segmentation

By Production Method

• Electrolysis
• Conventional & Others

By End-use

• Chemicals
• Electronics
• Food & Beverage
• Glass
• Metal Production
• Pharmaceutical & Biotechnology
• Welding & Metal Fabrication
• Others

By Region

• U.K.
• Germany
• Japan
• South Korea

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