World’s Top 40 Companies in Grey Hydrogen Market 2025: Watchlist Statistical Report (2024–2035)
RELEASE DATE: Oct 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Grey Hydrogen Market Size is projected to grow from USD 147.5 Billion in 2024 to USD 202.5 Billion by 2035, at a CAGR of 2.92% during the forecast period 2025–2035. The global grey hydrogen market is driven by increasing industrial demand, reliance on fossil fuels, expanding chemical and refining industries, rising energy consumption, and growing applications in ammonia production and petroleum refining.
Introduction
The Global Grey Hydrogen Market Size is witnessing substantial growth as industries seek cost-effective hydrogen solutions for energy, chemical, and industrial applications. Grey hydrogen is produced from natural gas or coal through processes such as steam methane reforming (SMR) or gasification, without capturing the carbon dioxide emitted during production. This makes it a low-cost hydrogen option, attracting sectors like refineries, ammonia production, methanol production, and chemical manufacturing. Grey hydrogen is an important feedstock for ammonia, which accounts for around 40 perof global hydrogen use, and it is also widely employed in oil refining and other industrial processes. Market expansion is being driven by rising energy demand, advances in SMR technology, natural gas supply, and government incentives, notwithstanding environmental concerns about CO2 emissions. Grey hydrogen's low cost makes it attractive to a wide range of businesses, and the development of carbon capture and utilization technologies might boost its viability even more. The market is an essential component of the hydrogen generation market, which comprises green, blue, and grey hydrogen, helping to fulfill global energy demands and enabling the shift to low-carbon industrial solutions.
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The insights presented in this blog are derived from comprehensive market research conducted by Spherical Insights LLP, a trusted advisory partner to leading global enterprises. Backed by in-depth data analysis, expert forecasting, and industry-specific intelligence, our reports empower decision-makers to identify strategic growth opportunities in fast-evolving sectors. Clients seeking detailed market segmentation, competitive landscapes, regional outlooks, and future investment trends will find immense value in the full report. By leveraging our research, businesses can make informed decisions, gain a competitive edge, and stay ahead in the transition toward sustainable and profitable solutions.
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Grey Hydrogen Market Size & Statistics
- The Market Size for Grey Hydrogen Was Estimated to be worth USD 147.5 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 2.92% between 2025 and 2035.
- The Global Grey Hydrogen Market Size is anticipated to reach USD 202.5 Billion by 2035.
- Asia Pacific is expected to generate the highest demand during the forecast period in The Grey Hydrogen Market
- North America is expected to grow the fastest during the forecast period in The Grey Hydrogen Market.
Regional growth and demand
North America is expected to grow the fastest during the forecast period in the grey hydrogen market. North America is expected to grow fastest in the grey hydrogen market due to abundant natural gas resources, advanced SMR technologies, strong industrial demand, supportive government policies, and significant investments in hydrogen infrastructure for energy, refining, and chemical applications.
Asia Pacific is expected to generate the highest demand during the forecast period in the grey hydrogen market. Asia Pacific is expected to generate the highest demand in the grey hydrogen market due to rapid industrialization, growing chemical and refining sectors, rising energy consumption, abundant natural gas availability, and increasing adoption of hydrogen in ammonia and methanol production.
Top 10 Trends in the Grey Hydrogen Market
- Dominance in Traditional Sectors
- Capacity Expansion
- Integration with CCUS
- Growing Market & Infrastructure
- Increased Focus on Blue Hydrogen
- Cost Competitiveness
- Advancements in Green Hydrogen as a Future Competitor
- Regional Growth
- Impact of Energy Transition
- Limited New Applications
1. Dominance in Traditional Sectors
Grey hydrogen remains dominant in established industries such as refineries, ammonia production, methanol production, and chemical manufacture. Its low cost and dependability make it the preferred choice for industries requiring large-scale hydrogen supply, while it retains a strong presence in conventional applications.
2. Capacity Expansion
Producers are increasing hydrogen production capacity through new facilities, renovations, and improved SMR technology. Increased capacity helps satisfy expanding industrial demand, promotes energy security, and allows for increased output while improving efficiency and cutting costs.
3. Integration with CCUS
To address environmental concerns, grey hydrogen production is becoming more integrated with carbon capture, utilization, and storage (CCUS) technologies. This trend lowers CO2 emissions from hydrogen generation, improving sustainability and coinciding with governmental and business decarbonization targets.
4. Growing Market & Infrastructure
Expanding industrial uses, rising energy demand, and supporting government measures are boosting grey hydrogen infrastructure development. This includes pipelines, storage facilities, and distribution networks to ensure consistent supply and accessibility across regions.
5. Increased Focus on Blue Hydrogen
The rising adoption of blue hydrogen, which combines grey hydrogen production with carbon capture, is influencing the market. Companies are investing in hybrid approaches to reduce emissions, enhance environmental compliance, and prepare for a transition toward cleaner hydrogen solutions.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the grey hydrogen market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Grey Hydrogen Market
- Air Liquide
- Air Products & Chemicals, Inc.
- China National Petroleum Corporation
- Exxon Mobil Corporation
- Indian Oil Corporation Limited
- Iberdrola S.A.
- Linde plc
- Messer Group GmbH
- Orsted A S
- Praxair Technology, Inc.
- Reliance Industries Ltd.
- Sinopec
- Royal Dutch Shell Plc
- BP Plc
- TotalEnergies SE
- Mitsubishi Heavy Industries, Ltd.
- Hyundai Heavy Industries Co., Ltd.
- Siemens Energy AG
- Engie SA
- Eni SpA
- Air Water Inc.
- Kawasaki Heavy Industries, Ltd.
- Tokyo Gas Co., Ltd.
- Marubeni Corporation
- JGC Corporation
1. Air Liquide
Headquarters: Paris, France
Air Liquide, based in Paris, France, is a global industrial gas leader with operations in more than 80 countries. The corporation is a prominent player in the hydrogen sector, focusing on low-carbon hydrogen generation, storage, and delivery. It actively promotes hydrogen infrastructure for industrial, transportation, and energy applications. Recent initiatives include agreements to develop clean hydrogen centers in the United States and strategic acquisitions in Asia to expand the company's reach and capabilities. Air Liquide helps to accelerate the transition to a low-carbon, hydrogen-powered economy by combining innovation, environmental practices, and global reach.
2. Air Products & Chemicals, Inc.
Headquarters: Allentown, Pennsylvania, USA
Air Products, headquartered in Allentown, Pennsylvania, USA, serves over 50 nations as a major source of industrial gases and equipment. The company's primary emphasis is on hydrogen generation and delivery, which supports industries such as refining, chemicals, and transportation. It is actively increasing hydrogen production capacity and infrastructure to satisfy rising worldwide demand. Large-scale hydrogen plants are among the strategic objectives, as are cooperation with industry and transportation partners. Air Products contributes significantly to hydrogen adoption and greener energy solutions across the world via innovation, environmental efforts, and global operations.
3. CHINA NATIONAL PETROLEUM CORPORATION (CNPC)
Headquarters: Beijing, China
CNPC, headquartered in Beijing, China, works in more than 30 countries spanning Asia, Africa, the Middle East, and the Americas. CNPC, one of the world's major oil and gas enterprises, is investing in hydrogen generation as part of its aim to diversify energy sources and lower carbon emissions. The firm focuses on integrating hydrogen into current energy processes, notably in the refining and chemical industries. By combining its extensive infrastructure, technology, and global reach, CNPC is well-positioned to meet the growing demand for hydrogen while also contributing to cleaner industrial and energy solutions worldwide.
4. Exxon Mobil Corporation
Headquarters: Irving, Texas, USA
ExxonMobil is headquartered in Irving, Texas, USA, and operates in roughly 200 nations and territories. While primarily an oil and gas company, it is investing in hydrogen technologies to help with its low-carbon and energy transition strategies. The firm is looking into hydrogen production and consumption to minimize emissions from industrial processes and refining activities. Recent initiatives include strategic expansion efforts, such as re-entering Iraq to investigate oil resources. ExxonMobil intends to incorporate hydrogen solutions into its energy portfolio by utilizing its worldwide reach, technological competence, and large-scale operations, therefore promoting sustainable energy adoption and a low-carbon future.
5. Indian Oil Corporation Limited (IOCL)
Headquarters: New Delhi, India
IOCL is headquartered in New Delhi, India, and operates in various countries, including Sri Lanka, Mauritius, the UAE, Sweden, the United States, and the Netherlands. IOCL, India's largest government owned oil company, is expanding hydrogen production for refining, chemical, and industrial purposes. The corporation is using hydrogen in its energy mix to improve sustainability and meet environmental laws. Initiatives include low-carbon hydrogen technology research as well as infrastructure development cooperation. IOCL, with its strong industrial presence, technological expertise, and strategic investments, is playing an important role in supporting India's hydrogen economy and contributing to the global shift towards cleaner energy solutions.
Are you ready to discover more about the grey hydrogen market?
The report provides an in-depth analysis of the leading companies operating in the global grey hydrogen market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Air Liquide
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Air Products & Chemicals, Inc.
- CHINA NATIONAL PETROLEUM CORPORATION (CNPC)
- Exxon Mobil Corporation
- Indian Oil Corporation Limited (IOCL)
- Iberdrola S.A.
- Linde plc
- Messer Group GmbH
- Orsted A/S
- Others.
Conclusion
The Global Grey Hydrogen Market Size is steadily growing as industries seek cost-effective hydrogen solutions for energy, refining, chemical production, and industrial applications. Grey hydrogen, produced primarily from natural gas or coal via steam methane reforming (SMR) without carbon capture, remains attractive due to its low production cost and reliability. Rising industrial energy demand, advancements in SMR technology, and availability of natural gas are driving adoption despite environmental concerns over CO2 emissions. Integration with carbon capture and utilization (CCUS) and investments in infrastructure are further enhancing market potential. The market is a critical component of the broader hydrogen generation market, supporting global energy transition and decarbonization goals.
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