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).
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Apart from this, hydrogen is used to separate sulfur compounds from crude oil and break long-chain hydrocarbons into short chains during the production of gasoline. Moreover, the surging demand for sour crude oil is fueling the need for hydrogen, as it requires extensive processing. Besides, stringent environmental regulations to decrease sulfur in oil are escalating the consumption of hydrogen at oil refineries. For example, in January 2020, the International Maritime Organization (IMO) enforced an additional 0.5% global cap on the sulfur content in fuel. This limit is in addition to the earlier limit of 3.5%.
Geographically, the Asia-Pacific (APAC) 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.
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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