Green Fuel Demand Driving Growth in Petroleum Refinery Hydrogen Market
Key Ideas
  • The green segment in petroleum refinery hydrogen market is projected to exceed USD 47 billion by 2032 due to stringent environmental regulations and global carbon emission reduction commitments.
  • Asia Pacific's market revenue is expected to reach over USD 134 billion by 2032 driven by rapid industrialization, urbanization, and government commitments to carbon reduction.
  • In the U.S., rising federal and state-level support for green fuel adoption and investments in hydrogen production are fostering business growth in refineries.
  • Key players in the petroleum refinery hydrogen industry include BP Plc, Chevron Corporation, Saudi Aramco, and Shell Global, among others.
The petroleum refinery hydrogen market is witnessing a significant surge, particularly in the green segment, which is estimated to surpass USD 47 billion by 2032. This growth is primarily attributed to the increasing need for cleaner alternatives in refineries, driven by stringent environmental regulations and global efforts to reduce carbon emissions. Refineries are under pressure to enhance their sustainability profiles and contribute to national and international carbon reduction targets, thereby fueling the demand for green fuel. In Asia Pacific, the market is expected to see substantial growth, with revenue projected to cross USD 134 billion by 2032. This growth can be linked to the region's rapid industrialization, urbanization, and rising energy demand, necessitating refined petroleum products. Moreover, the region's commitment to carbon emissions reduction and the adoption of green solutions contribute to the positive industry outlook. In the United States, there is a noticeable trend towards green fuel adoption in refineries, supported by increasing investments in hydrogen production technologies and research. The market is further bolstered by government commitments to carbon neutrality and climate goals, driving the push for cleaner energy sources. Key industry players such as BP Plc, ExxonMobil, and Shell Global are actively participating in advancing hydrogen technologies and promoting sustainable practices. Overall, the petroleum refinery hydrogen market is poised for substantial growth, fueled by environmental concerns, sustainability goals, and supportive government initiatives.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2024 AdvanceH2, LLC. All rights reserved.