How is Depletion of Fossil Fuels Leading to Increasing Demand for Hydrogen?

The fertilizer industry uses high-volume of hydrogen to manufacture fertilizers, especially ammonia that is used to create nitrogen-based fertilizers. Ammonia is widely used in agricultural activities to maintain crop nutrition and increase productivity. Due to the declining area of arable land, the requirement for ammonia has grown significantly. Owing to this demand, the hydrogen market is expected to increase its size from $136,185.0 million in 2019 to $196,934.5 million by 2030. According to P&S Intelligence, the market will accelerate at a CAGR of 4.3% during the forecast period (2020–2030).

To learn more about this report: https://bit.ly/3mbPh5d

On account of the rising demand, hydrogen is being produced through several processes that include coal gasification, partial oxidation, steam-methane reforming, electrolysis, fermentation, ammonia cracking, renewable liquid reforming, and methanol-reforming. Among these processes, companies mostly opt for steam-methane reforming method, as it produces hydrogen at low cost. Moreover, the easy availability of feedstock and a well-maintained supply chain have led to the popularity of this method.

Geographically, the Asia-Pacific hydrogen market is expected to consume hydrogen at a fast pace in coming years. This can be ascribed to the high economic growth and rapid establishment of production units of several end-use industries, such as chemical, electronics, and petrochemical, in the region. Moreover, the expansion of refinery and metal processing sectors in emerging economies of the region, such as India and China, on account of support from government and non-government organizations, will fuel the demand for hydrogen. 

Furthermore, key hydrogen suppliers are undertaking mergers and acquisitions to enhance their geographical presence and market share. For example, in September 2020, General Motor Company acquired 11% stake in Nikola Corporation, a U.S.-based electric truck manufacturer. According to the deal, General Motor will supply hydrogen fuel cells to Nikola Corporation. Similarly, Linde Plc acquired a minority stake in ITM Power Plc, in October 2019. Acquisition of the U.K.-based polymer electrolyte membrane (PEM) producer, helped Linde Plc in expanding its consumer base of renewable hydrogen.

Thus, the expansion of oil refineries and fertilizer industry will fuel the consumption of hydrogen in coming years.

Read More: https://www.psmarketresearch.com/market-analysis/hydrogen-market

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