As a result of stricter fuel emission regulations, refineries are experiencing an increase in desulfurization. For instance, due to widespread environmental concerns, fuel emission standards have been tightened. Globally, crude oil refineries are lowering the sulphur content of their final products in order to comply with standards like EURO 5 and 6, which is increasing demand for hydrogen. Throughout the predicted timeframe, this is anticipated to increase demand for hydrogen. Methanol production is expanding, which is accelerating the market expansion for hydrogen. Methyl Tertiary-Butyl Ether (MTBE), formaldehyde, and methanol-to-olefins (MTO) are just a few of the many compounds that are produced using methanol as a raw material, most of which are done so using hydrogen. Methanol is also used to blend gasoline.
The global Hydrogen Market is estimated to be valued at US$ 148.9 Billion in 2021 and is expected to exhibit a CAGR of 2.2% over the forecast period (2021-2028).
Prominent Companies in the Hydrogen Industry:
1. Air Liquide
Air Liquide S.A. provides gases, technologies, and services for the industrial and health sectors in Europe, the Americas, the Asia Pacific, the Middle East, and Africa. L'Air Liquide S.A. was incorporated in 1902 and is headquartered in Paris, France. In March 2022, Air Liquide announces that Airgas has completed the acquisition of TA Corporate Holdings, Inc.
2. Linde LLC
Linde plc operates as an industrial gas and engineering company. The company was founded in 1879 and is based in Woking, the United Kingdom. In February, 2023 Linde announced that it has signed a long-term agreement to supply clean hydrogen and other industrial gases to OCI’s (Euronext: OCI) new world-scale blue ammonia plant in Beaumont, Texas.
3. Air Products & Chemicals, Inc.
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company was founded in 1940 and is headquartered in Allentown, Pennsylvania. In February, 2023 Air Products announced plans to broaden its Americas presence by establishing two new Project Delivery offices in Edmonton, Alberta, Canada and Buffalo, New York (NY).
4. Praxair, Inc.
Founded in 1907, Praxair, Inc. is an industrial gas supplier in North and South America. It designs, engineers, manufactures and operates facilities that produce and distribute industrial gases. The company has headquarters situated in Danbury, Connecticut.
5. Airgas Inc.
Airgas was founded in 1982 with the acquisition of a local distributor, Connecticut Oxygen. The company has grown organically and through more than 500 acquisitions to become the largest U.S. distribution network in the packaged gas industry. It has headquarters situated in Radnor, Pennsylvania, United States.
*Definition- One abundant chemical compound used in many different sectors is hydrogen. It is primarily utilised in the production of specific metals, ammonia, carbon steels, semiconductors, and methanol for polymers.
