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, growing at a compound annual growth rate (CAGR) of 5.51% from 2025 to 2032.
Report Coverage
Report Details
Base Year:
2024
Market Size in 2025:
USD 187.61 Bn
Historical Data for:
2020 To 2024
Forecast Period:
2025 To 2032
Forecast Period 2025 to 2032 CAGR:
5.51%
2032 Value Projection:
USD 273.09 Bn
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
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)