|Fastest Growing Market:||Asia-Pacific|
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The Global Liquid Hydrogen Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).
The novel coronavirus outbreak has impacted most chemical industries worldwide, including the liquid hydrogen industry. During the pandemic, many industries were affected due to supply chain disruption. Demand for chemicals like liquid hydrogen declined due to instability in the financial market and the global economy. Also, many end-user industries, including automotive, chemicals and petrochemicals, aerospace, metallurgy, and many other industries, were impacted due to pandemics. That restricted the growth of the market. However, in 2022, the situation is coming on track, and now the market is stable and growing steadily.
- One of the major factors driving the liquid hydrogen market is the increasing demand from the automotive sector. Another major driving factor of the market studied includes rising emphasis on reducing fossil fuel emissions.
- However, the liquid hydrogen is highly flammable and can easily escape containment, which hinders the market's growth.
- Asia-Pacific region accounts for the highest market share due to increasing demand in countries like China, Japan, and South Korea.
Scope of the Report
Liquid hydrogen is the simplest substance, non-toxic, and has no color, odor, or taste. In addition, under ambient conditions, the hydrogen molecule is extremely small, about 14 times lighter than air, and has a high diffusion rate and buoyancy. The liquid hydrogen market is segmented by distribution, end-user industry, and geography. By distribution, the market is segmented into containers and tanks. By end-user industry, the market is segmented into automotive, chemicals and petrochemicals, aerospace, metallurgy, and other end-user industries. The report also covers the market size and forecasts for the liquid hydrogen market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).
|Chemicals and Petrochemicals|
|Other End-user Industries|
Key Market Trends
Automotive Application to Dominate the Market
- The global liquid hydrogen market is forecasted to grow substantially due to the rising demand for clean fuel in the automotive industry. Liquid hydrogen offers greater advantages because of its storage and transportation qualities.
- In an automotive application, liquid hydrogen can be used as a secondary energy source without emitting any CO2 using new technologies like Proton Exchange Membrane fuel cells to produce electricity for an electric drive and a direct fuel for ICE (internal combustion engines).
- Furthermore, pollution all around the globe is increasing from vehicles and transportation over time. Pollution from fossil fuel-powered vehicles is emitted directly into the environment, which causes health risks.
- According to a study, vehicles driven by diesel and gasoline account for around 30% of the carbon emission globally, and ~72% of the emission comes from road vehicles like cars, trucks, lorries, and other road vehicles.
- Governments of the developed and developing countries are very concerned about this pollution. To minimize this problem, many players in the market are invested in research and development activities and launched electronic and hydrogen-driven vehicles. Hydrogen-powered vehicles are as safe as conventional vehicles.
- According to a study, the number of electric cars on the world's roads by the end of 2021 was ~16.5 million, triple the amount in 2018. In China, electric car sales nearly tripled in 2021 to ~3.3 million.
- Thus, players in the market were also expanding their production capacity and extending their penetration all around the globe. For instance, in 2021, Air Liquide and Faurecia signed a joint development to design and produce onboard liquid hydrogen storage systems for the automotive industry. Also, in the same year, Linde plc started up its fifth liquid hydrogen plant in the U.S. The new plant in La Porte, Texas, will supply over 30 tons per day of high-purity liquid hydrogen to meet growing demand from Linde's customers.
- Hence, owing to the above reasons, the automotive industry is expected to dominate the studied market.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is dominating the liquid hydrogen market and is expected to continue this shortly. Countries like Japan, China, South Korea, and India are the major contributor to the Asia-Pacific region due to the economies rapidly undergoing economic changes.
- Liquid Hydrogen is a power source; hydrogen fuels rockets and powers life-support systems and computers in aerospace environments. Liquid hydrogen is also used for metal sintering and annealing.
- China is the world’s second-largest national air travel market and the major aircraft manufacturer. Moreover, the aircraft parts and assembly manufacturing sector in China has been growing at a fast rate.
- By 2040, the Chinese airline companies are planning to have ~8,700 new airplanes, which would be worth USD 1.47 trillion. This is further expected to boost the market demand for liquid hydrogen.
- As of India Brand Equity Foundation, India will become the third-largest aviation market in terms of passengers by 2024. Also, the country has become the third-largest domestic aviation market in the world.
- Furthermore, increasing liquid hydrogen set up by refineries is another important factor for the market growth. Some of the major refineries in the region where the demand for liquid hydrogen is higher are China Petroleum & Chemical Corporation., Reliance Industries Limited and Nayara Energy Limited.
- In the refineries, liquid hydrogen is used in the hydrocracking and hydrotreating process. Also, in refineries, demand for liquid hydrogen is increasing to lower the sulfur content of diesel fuel.
- Hence, owing to the trends above, Asia Pacific is likely to dominate the market studied during the forecast period.
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The liquid hydrogen market is highly consolidated in nature. Some of the major players in the market include Air Liquide S.A., Linde plc, Ballard Power Systems Inc., Universal Industrial Gases, Inc., and Air Products Inc., among other domestic and global players (not in any particular order).
- In May 2022, Air Liquide opened its largest liquid hydrogen production and logistics infrastructure facility in North Las Vegas, Nevada. With this facility, the company has developed the infrastructure necessary to attract other companies to move into the area, creating additional jobs and new revenue for the locals.
- In March 2022, Air Products Inc., a world leader in the supply, distribution, and dispensing of hydrogen, is planning to build, own and operate a ten metric ton per day facility to produce green liquid hydrogen in Casa Grande, Arizona, U.S. The zero-carbon liquid hydrogen facility is expected to be on stream in 2023. The company will sell its products to the hydrogen for mobility market in California and other locations requiring zero-carbon hydrogen.
- In February 2022, Ballard Power Systems. And Chart Industries, Inc. has tested a fuel cell powered by liquid hydrogen. This test confirms that heavy-duty vehicles powered by Ballard fuel cells will be able to employ Chart HLH2 vehicle fuel systems that utilize liquid hydrogen as fuel.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Rising Emphasis on the Reduction of Fossil Fuel Emissions
4.1.2 Growing Demand for Electronic Vehicles to Reduce Emission Levels
4.2.1 High Flammability Range
4.2.2 Complexities Involved in Storing Liquid Hydrogen on Large Scale
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.2 End-user Industry
5.2.2 Chemicals and Petrochemicals
5.2.5 Other End-user Industries
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Air Liquide
6.4.2 Air Products Inc.
6.4.3 AIR WATER INC
6.4.4 Ballard Power Systems.
6.4.5 Iwatani Corporation
6.4.6 Linde plc
6.4.7 Universal Industrial Gases, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Focus on the Decarbonisation of Global Energy Industry
7.2 Upsurge in the Awareness About Higher Efficiency of Liquefaction
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Frequently Asked Questions
What is the study period of this market?
The Liquid Hydrogen Market market is studied from 2017 - 2027.
What is the growth rate of Liquid Hydrogen Market?
The Liquid Hydrogen Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Liquid Hydrogen Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Liquid Hydrogen Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Liquid Hydrogen Market?
Air Liquide S.A. , Linde plc , Ballard Power Systems Inc., Universal Industrial Gases, Inc. , Air Products Inc. are the major companies operating in Liquid Hydrogen Market.