Most of the hydrogen produced today is not used as a fuel; it is used as a chemical feedstock. The hydrogen gas market supplies hydrogen to refineries (for hydrotreating, hydrocracking), ammonia plants (for fertilizer), and methanol units. This hydrogen is currently mostly "grey" (from natural gas), but there is a growing demand for "blue" and "green" hydrogen to decarbonize these processes. The hydrogen gas market is mature but undergoing a green transition.

The broader hydrogen market includes this segment. The hydrogen gas market for "petroleum refining" is the largest segment. Hydrogen is used to remove sulfur (hydrodesulfurization) and upgrade heavy oil. The hydrogen gas market for "hydrocracking" produces light products from heavy residues. The hydrogen gas market for "refinery" hydrogen is often produced on-site (captive). The hydrogen gas market for "merchant" hydrogen (sold to third parties) is also significant.

The hydrogen gas market for "ammonia" production (Haber-Bosch process) is the second largest. The hydrogen gas market for "fertilizer" is essential for global food supply. The hydrogen gas market for "green ammonia" (using green hydrogen) is a growing segment. The hydrogen gas market for "methanol" production (used for plastics, solvents) also consumes hydrogen.

The hydrogen gas market for "other" chemical processes includes hydrogen peroxide, MDI, TDI, and other products. The hydrogen gas market for "metal" processing uses hydrogen as a reducing agent. The hydrogen gas market for "food" processing (hydrogenation of oils) is a niche. The hydrogen gas market for "glass" and "electronics" also uses hydrogen (as a reducing atmosphere).

The hydrogen gas market for "purity" requirements vary. Refining requires high purity (99.9%+). The hydrogen gas market for "pressure swing adsorption" (PSA) is used to purify hydrogen. The hydrogen gas market for "hydrogen" transport is often by pipeline.

Looking ahead, the hydrogen gas market will see a shift from grey to blue hydrogen, and eventually to green hydrogen. The hydrogen gas market for "carbon capture" retrofits will be deployed on many SMR units. The hydrogen gas market for "electrolysis" will be built for new capacity. As the hydrogen gas market decarbonizes, the carbon footprint of industrial products will fall.

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