The Global Grey Hydrogen Market is estimated to be valued at in 2025 and is expected to reach by 2032, exhibiting a compound annual growth rate from 2025 to 2032. The global grey hydrogen market represents a pivotal segment within the broader hydrogen economy, characterized by hydrogen production through conventional fossil fuel-based processes, primarily steam methane reforming (SMR) and coal gasification. Unlike green hydrogen produced through renewable energy-powered electrolysis or blue hydrogen with carbon capture technologies, grey hydrogen constitutes approximately 95% of current global hydrogen production, making it the most economically viable and widely adopted hydrogen generation method.
The global grey hydrogen market is propelled by several key drivers, primarily the substantial cost advantages and mature technological infrastructure associated with steam methane reforming and coal gasification processes, which offer significantly lower production costs compared to green hydrogen alternatives, making grey hydrogen the preferred choice for price-sensitive industrial applications. The growing demand from traditional end-use sectors, particularly petroleum refining for hydrocracking and desulfurization processes, ammonia production for agricultural fertilizers, and steel manufacturing, continues to drive market expansion, while emerging applications in fuel cells and energy storage systems create additional growth opportunities.
- This report provides in-depth analysis of the global grey hydrogen market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025–2032), considering 2024 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global grey hydrogen market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Air Products and Chemicals, Inc., Linde plc, Thyssenkrupp AG, Messer Group, Nippon Sanso Holdings Corporation, Yara International ASA, BASF SE, Equinor ASA, Shell Global, SABIC, Mitsubishi Heavy Industries, TotalEnergies, Haldor Topsoe A/S, ENGIE, and Wood plc
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global grey hydrogen market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global grey hydrogen market
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- Steam Methane Reforming (SMR)
- Partial Oxidation
- Gasification
- Others
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- Refining
- Ammonia Production
- Methanol Production
- Fuel Cells
- Others
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- North America
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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- Air Products and Chemicals, Inc.
- Linde plc
- Thyssenkrupp AG
- Messer Group
- Nippon Sanso Holdings Corporation
- Yara International ASA
- BASF SE
- Equinor ASA
- Shell Global
- SABIC
- Mitsubishi Heavy Industries
- TotalEnergies
- Haldor Topsoe A/S
- ENGIE
- Wood plc
