Report cover image

Grey Hydrogen Market

Published Aug 18, 2025
Length 140 Pages
SKU # CMI20399815

Description

The Global Grey Hydrogen Market is estimated to be valued at USD 187.61 Bn in 2025 and is expected to reach USD 273.09 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 5.51% 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.

Market Dynamics

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.

Key Features of the Study
  • 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
Market Segmentation
  • Source Insights (Revenue, USD Bn, 2020 - 2032)
  • Natural Gas
  • Coal
  • Others
  • Production Method Insights (Revenue, USD Bn, 2020 - 2032)
  • Steam Methane Reforming (SMR)
  • Partial Oxidation
  • Gasification
  • Others
  • End-use Industry Insights (Revenue, USD Bn, 2020 - 2032)
  • Refining
  • Ammonia Production
  • Methanol Production
  • Fuel Cells
  • Others
  • Regional Insights (Revenue, USD Bn, 2020 - 2032)
  • North America
  • U.S.
  • Canada
  • 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
  • Key Players Insights
  • 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

Table of Contents

140 Pages
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
Global Grey Hydrogen Market, By Source
Global Grey Hydrogen Market, By Production Method
Global Grey Hydrogen Market, By End-use Industry
Global Grey Hydrogen Market, By Region
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER’s Analysis
Market Opportunities
Regulatory Scenario
Key Developments
Industry Trends
4. Global Grey Hydrogen Market, By Source, 2020-2032, (USD Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Natural Gas
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Coal
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
5. Global Grey Hydrogen Market, By Production Method, 2020-2032, (USD Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Steam Methane Reforming (SMR)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Partial Oxidation
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Gasification
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
6. Global Grey Hydrogen Market, By End-use Industry, 2020-2032, (USD Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Refining
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Ammonia Production
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Methanol Production
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Fuel Cells
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
7. Global Grey Hydrogen Market, By Region, 2020 - 2032, Value (USD Bn)
Introduction
Market Share (%) Analysis, 2025, 2028 & 2032, Value (USD Bn)
Market Y-o-Y Growth Analysis (%), 2021 - 2032, Value (USD Bn)
Regional Trends
North America
Introduction
Market Size and Forecast, By Source, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Production Method, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By End-use Industry, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
U.S.
Canada
Latin America
Introduction
Market Size and Forecast, By Source, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Production Method, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By End-use Industry, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Introduction
Market Size and Forecast, By Source, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Production Method, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By End-use Industry, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
Introduction
Market Size and Forecast, By Source, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Production Method, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By End-use Industry, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
Introduction
Market Size and Forecast, By Source, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Production Method, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By End-use Industry, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
GCC Countries
Israel
Rest of Middle East
Africa
Introduction
Market Size and Forecast, By Source, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Production Method, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By End-use Industry, 2020 - 2032, Value (USD Bn)
Market Size and Forecast, By Country/Region, 2020 - 2032, Value (USD Bn)
South Africa
North Africa
Central Africa
8. Competitive Landscape
Air Products and Chemicals, Inc.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Linde plc
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Thyssenkrupp AG
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Messer Group
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Nippon Sanso Holdings Corporation
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Yara International ASA
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
BASF SE
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Equinor ASA
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Shell Global
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
SABIC
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Mitsubishi Heavy Industries
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
TotalEnergies
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Haldor Topsoe A/S
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
ENGIE
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Wood plc
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
9. Analyst Recommendations
Wheel of Fortune
Analyst View
Coherent Opportunity Map
10. References and Research Methodology
References
Research Methodology
About us
*Browse 32 market data tables and 28 figures on 'Grey Hydrogen Market' - Global forecast to 2032
How Do Licenses Work?
Request A Sample
Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.