Asia Pacific Hydrogen Market Size, Share, and COVID-19 Impact Analysis, By Type (Grey, Blue and Green), By Application (Petroleum Refinery, Chemicals and Others), and Asia Pacific Hydrogen Market Insights, Industry Trends, Forecast to 2035.

Asia Pacific Hydrogen Market Insights Forecasts to 2035

• The Asia Pacific Hydrogen Market Size Was Estimated at USD 23.06 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 7.41% from 2025 to 2035
• The Asia Pacific Hydrogen Market Size is Expected to Reach USD 50.62 Billion by 2035

According to a research report published by Spherical Insights & Consulting, The Asia Pacific Hydrogen Market Size is anticipated to reach USD 50.62 Billion by 2035, Growing at a CAGR of 7.41% from 2025 to 2035. The market is driven by growing demand for energy coupled with concerns about energy security and dependence on fossil fuels, rising advancements in hydrogen production, storage, transportation, and utilization technologies, coupled with innovation in electrolysis.

Market Overview

The Asia-Pacific hydrogen market refers to the economic ecosystem involving the production, storage, distribution, and consumption of hydrogen gas as a chemical feedstock and energy carrier within the region. The gas exists as a colourless, odourless and tasteless substance which exhibits high reactivity to create chemical compounds with all elemental substances. The substance serves as a fuel and energy carrier in multiple industrial applications, transportation systems, and power generation activities. The market for grey hydrogen currently stands as the primary hydrogen production method which creates hydrogen from natural gas or coal due to its existing infrastructure and reduced operational expenses.

Shakti Sustainable Energy Foundation (SSEF) and IIT Bombay signed an agreement to recreate and multiply innovative approaches in shaping green hydrogen in India.

The Asia Pacific hydrogen ecosystem needs regional partnerships for both low-carbon hydrogen production expansion and supply chain resolution. The hydrogen strategies of Japan and Australia face two major challenges, which are policy fragmentation and high production costs. The finance minister declared India's strategic partnerships with Shakti Sustainable Energy Foundation and IIT Bombay in February 2024 to support green hydrogen innovation.

Report Coverage

This research report categorizes the market for the Asia Pacific hydrogen market based on various segments and regions, and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific hydrogen market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Asia Pacific hydrogen market.

Driving Factors

The hydrogen market in Asia Pacific is driven by the increasing need for energy together with the need to protect energy resources and the ongoing usage of fossil fuels as energy sources, the development of hydrogen production and storage and transportation and utilization technologies, and the progress of electrolysis and steam methane reforming and carbon capture and storage technologies, the rising energy security concerns which drive countries to create more diverse energy systems that decrease their dependency on fossil fuels.

Restraining Factors

The hydrogen market in Asia Pacific is restrained by the production expenses of green hydrogen currently exceed those of grey hydrogen by 2 to 4 times. The high costs for electrolyzer systems and the expensive requirements for integrating renewable energy sources create this situation. A lack of specialized storage, transportation, and distribution networks is a critical barrier for the operation of hydrogen systems.

Market Segmentation

The Asia Pacific hydrogen market share is categorised into type and application.

• The grey segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The Asia Pacific hydrogen market is segmented by type into grey, blue and green. Among these, the grey segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. The growth of the segment is driven by the company's developed industrial systems, which automatically connect to current manufacturing processes. The solution enables industries to achieve emission reductions while maintaining their operational efficiency. The hydrogen type produces more carbon emissions than other hydrogen types. Its low-cost nature and easy-to-access features will enhance the industry environment.

• The chemical segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.  

Based on application, the Asia Pacific hydrogen market is segmented into petroleum refinery, chemical and others. Among these, the chemical segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The segmental growth is driven by the rising hydrogen demand, which serves as a feedstock for multiple chemical processes that produce ammonia, methanol and other essential chemical compounds. The increasing need for businesses to reduce their carbon emissions while implementing sustainable technologies will create a greater demand for environmentally friendly solutions.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific hydrogen market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies                                                                                                      

• INOX Air Products
• Nippon Sanso Holdings Corp
• Iwatani Corp
• Mitsubishi Heavy Industries
• Hyundai Motor Company
• Adani Green Energy
• Reliance Industries
• Sinopec
• Toshiba Energy Systems
• H2U Technologies
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

In January 2026, Laos took a major step in upgrading its coffee industry launched of Asia’s first hydrogen-powered coffee roasting plant in Champasak province, a move expected to boost export value and support environmentally sustainable production.

Market Segment

This study forecasts revenue at the Asia Pacific, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Asia Pacific Hydrogen Market based on the below-mentioned segments:

Asia Pacific Hydrogen Market, By Type

• Grey
• Blue
• Green

Asia Pacific Hydrogen Market, By Application

• Petroleum Refinery
• Chemical
• Others