Steam Methane Reforming Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Feedstock, By Conversion Technology, By Application, By Region, By Competition, 2020-2030F
The Steam Methane Reforming (SMR) Market was valued at USD 123.56 Billion in 2024 and is projected to reach USD 170.54 Billion by 2030, growing at a CAGR of 5.36% during the forecast period. SMR is a key process in global hydrogen production, where methane-primarily from natural gas-is reacted with steam at high temperatures to yield hydrogen, carbon monoxide, and carbon dioxide. This method remains the dominant and most cost-efficient route for large-scale hydrogen generation, particularly within the oil refining, ammonia, methanol, and petrochemical industries. The SMR market is expanding due to the increasing focus on clean energy transitions, where hydrogen is central to industrial decarbonization. Integrating carbon capture, utilization, and storage (CCUS) technologies into SMR operations is gaining traction as producers seek to lower the carbon footprint of hydrogen production and align with emerging climate policies and net-zero goals.
Market Overview
Forecast Period
2026-2030
Market Size 2024
USD 123.56 Billion
Market Size 2030
USD 170.54 Billion
CAGR 2025-2030
5.36%
Fastest Growing Segment
Liquefied Natural Gas
Largest Market
North America
Key Market Drivers
Growing Demand for Hydrogen Across Industrial Applications
The accelerating demand for hydrogen across various industrial sectors is a major driver of the SMR market. In oil refining, hydrogen is critical for hydrocracking and desulfurization to produce low-sulfur fuels that meet global emissions regulations. Tightening environmental standards have significantly increased hydrogen requirements in this segment. Similarly, the ammonia industry relies heavily on hydrogen, particularly for fertilizer manufacturing, a sector seeing continuous growth due to expanding global food demand. Additionally, hydrogen plays a key role in methanol production and other chemical processes, where consistent and large-scale supply is essential. SMR remains the preferred production route in these applications due to its economic efficiency, especially in regions with abundant natural gas availability.
Key Market Challenges
Environmental Concerns and Carbon Emissions Associated with Steam Methane Reforming
A critical challenge for the SMR market is its inherent carbon intensity. Producing hydrogen via SMR results in substantial CO2 emissions-typically 9 to 10 tons of CO2 for every ton of hydrogen produced-posing a problem in a global environment focused on emissions reduction. As governments implement carbon taxes, emissions caps, and regulatory frameworks aligned with climate commitments, conventional SMR operations face mounting cost pressures and reputational risks. Investors and stakeholders are also increasingly prioritizing ESG compliance, making carbon-intensive production methods less attractive. For industries such as refining and chemicals, which are major consumers of hydrogen, adapting SMR technology to align with stricter climate policies has become a necessary but challenging task, requiring significant investment in emission control and carbon capture solutions.
Key Market Trends
Rising Demand for Hydrogen Fuel Driving Growth in Steam Methane Reforming
The growing global focus on hydrogen as a clean energy vector is fueling the expansion of the SMR market. While green hydrogen via electrolysis is gaining attention, SMR continues to dominate due to its cost-effectiveness and established infrastructure. Governments across the U.S., EU, and Asia-Pacific are implementing national hydrogen strategies that include ramping up hydrogen production using SMR, while promoting CCUS integration to reduce associated emissions and create "blue hydrogen." The transportation sector, especially in fuel cell vehicles and heavy-duty trucking, is a major contributor to rising hydrogen demand. Industrial sectors such as ammonia production, steelmaking, and petrochemicals-currently responsible for the majority of hydrogen use-are also transitioning to lower-emission hydrogen sources. As a result, SMR with CCUS is increasingly viewed as a transitional technology that can deliver near-term hydrogen volumes while supporting decarbonization. Companies are upgrading existing plants with digital optimization tools and investing in emission control systems to remain competitive in a carbon-conscious marketplace. With expanding use cases and supportive government policies, SMR is expected to maintain a crucial role in the hydrogen economy over the coming years.
Key Market Players
Air Liquide S.A.
Air Products and Chemicals, Inc.
ALLY HI-TECH CO., LTD.
Linde plc
HyGear B.V.
Mahler AGS GmbH
The Messer SE & Co. KGaA
Plug Power Inc.
Hyster-Yale, Inc.
Hexagon Composites ASA
Report Scope:
In this report, the Global Steam Methane Reforming Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Steam Methane Reforming Market, By Feedstock:
Natural Gas
Liquefied Natural Gas
Methanol
Coal
Steam Methane Reforming Market, By Conversion Technology:
Steam Reforming
Autothermal Reforming
Partial Oxidation
Catalytic Partial Oxidation
Steam Methane Reforming Market, By Application:
Petroleum Refining
Chemicals
Power Generation
Transportation
Industry Energy
Steam Methane Reforming Market, By Region:
North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia-Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
Turkey
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Steam Methane Reforming Market.
Available Customizations:
Global Steam Methane Reforming Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
Detailed analysis and profiling of additional Market players (up to five).
Table of Contents
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends
4. Voice of Customer
5. Global Steam Methane Reforming Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Feedstock (Natural Gas, Liquefied Natural Gas, Methanol, Coal)