Pink Hydrogen Market Size & Share, by Form (Liquid, Gas); Application (Transportation, Petro-Chemical, Steel, Domestic, Chemical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4989
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Pink Hydrogen Market size is expected to surpass USD 23.3 Billion by 2035, observing nearly 49% CAGR from 2023 to 2035. In the year 2022, the industry size of pink hydrogen was USD 195 Million. Increasing demand for clean energy across the world with a rising preference for low carbon economy is estimated to drive the market growth. Growing regulations to decrease greenhouse gas with concern about air pollution are propelling the growth of the market.

In addition to these, increasing the usage of hydrogen in fuel cells of vehicles to reduce the use of fossil fuels is estimated to hike pink hydrogen market growth. Rising utilization in the transportation sector with a growing zero-carbon motto is anticipated to influence the market demand in the coming years. The increasing demand for pink hydrogen is due to escalating traction toward low carbon release as pink hydrogen uses nuclear energy which is ecofriendly is driving the market growth.

Pink Hydrogen Market
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Global Pink Hydrogen Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Applications of Hydrogen for Various Purposes across the World – The use of hydrogen in electricity generation is estimated to boost the pink hydrogen market growth. The rising applications in fertilizer production, petroleum refining, heat, and power generation in the industries are estimated to propel the market growth. Growing consumption in the food industry, metal works, aviation sector, and medical industry is projected to fuel the market size expansion. The hydrogen demand in 2021 worldwide raised by 5% in 2020 to reach 94 Mt in 2021 owing to recovery activity in the chemical and refining industry as per the International Energy Agency.
  • Increasing Adoption of Hydrogen-Based Technology in the Steel Industry – The escalating public interest in sustainable and carbon-friendly steel products is estimated to rise the use of hydrogen in the production of steel from iron pellets.  The replacement of fossil fuels with hydrogen in the direct reduced iron process is also driving the pink hydrogen market demand.
  • High Investment in Renewable Energy Projects around the World – The increased consciousness of the climate among industrialists and the government spiked the demand for renewable sources of energy. Pink hydrogen is one among them that helps to reach the decarbonization goal with carbon-free fuel production. These factors boosted the investment share of hydrogen in the market propelling the growth during the forecast period.


  • Presence of Alternatives such as Grey and Blue Hydrogen Production – Grey and blue hydrogen are other available options for hydrogen production with low carbon emissions and facilities of storage, and transportation that are not available for pink hydrogen is estimated to hamper the market growth.
  • High Initial Capital Investment

Lack of Infrastructure Facility for Storage and Transportation

Pink Hydrogen Market: Key Insights

Base Year


Forecast Year



~ 49%

Base Year Market Size (2022)

~ USD 195 Million

Forecast Year Market Size (2035)

~ USD 23.3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Pink Hydrogen Segmentation

Form (Liquid, Gas)

The liquid form of the segment is projected to register a significant growth rate in the pink hydrogen market share. The rising applications of liquid hydrogen in the space program as rocket fuel for oxygen and fluorine combustion are estimated to hike the market segment growth. Also, the storage space for liquid hydrogen is very less compared to compressed gas hydrogen which is expected to fuel the market growth. Liquid hydrogen is used in the fuel cells applied in automobiles and is driving the market segment growth. Further, the applications of liquid hydrogen as fuel in rails, planes, and ships which is also predicted to boost the market segment growth.

Application (Transportation, Petro-Chemical, Steel, Domestic, Chemical, Others)

Further, the chemical segment is likely is garner a noteworthy share with the rising usage of hydrogen in the production of many chemicals. The increasing demand for hydrogen in the generation of various end products in the chemical industry is driving the market segment growth. Hydrogen helps to produce ammonia which is a feedstock fertilizer and it is also used in the production of methanol in the chemical industry which is expected to hike the market segment growth. Also, to meet the carbon emission standards most companies opt for pink hydrogen in the chemical sector.

Our in-depth analysis of the market includes the following segments:



  • Liquid
  • Gas


  • Transportation
  • Chemical
  • Petro-Chemical
  • Steel
  • Domestic
  • Others

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Global Pink Hydrogen Industry - Regional Synopsis

APAC Market Analysis

Asia Pacific pink hydrogen market is slated to register a significant revenue share in 2035 with the high usage of hydrogen in the automobile sector. The rising initiatives by the government to decrease carbon footprint is also estimated to hike the market growth. Further, the increasing focus of countries on the sustainable development of energy is driving market growth. The investment of the Asia Pacific region in the year 2021 for hydrogen generation accounted for 50% of the global investment share. Also, about 38% of the world’s hydrogen demand is produced by the Asia Pacific region. Moreover, China is the world’s biggest producer and consumer of hydrogen with more than 200 functioning hydrogen refueling stations as of 2022.

North American Market Statistics

The North American pink hydrogen market is estimated to hold the second-largest revenue share during 2023-2035.  The increasing construction of new powered plants for the generation of hydrogen-based energy is propelling market growth. The replacement of fossil fuel with hydrogen fuel cells in the automobile industry of the region is expected to fuel the market growth. Further, increasing demand for green energy among people is gaining traction for hydrogen thereby fueling the market growth.

Research Nester
Pink Hydrogen Market Size
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Companies Dominating the Pink Hydrogen Market

    • Siemens Energy AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Linde plc
    • Hydrogenics Corporation
    • Ballard Power Systems Inc.
    • ITM Power plc
    • McPhy Energy S.A.
    • Nel ASA
    • Plug Power Inc.
    • Toshiba Energy Systems & Solutions Corporation
    • Doosan Fuel Cell America


In The News

  • Siemens Energy AG and EmBW together initiated the pilot project to use climate-friendly green hydrogen as fuel in future power plants. All the systems in the EnBW strict heating power plant are expected to replace coal with hydrogen as soon as possible.
  • Linde plc declared the agreement of a long-term supply of green hydrogen to Evonik to generate methionine which is the primary ingredient for animal feed. The agreement supported the expansion plan of the Evonik facility and promote the reduction of greenhouse gas emissions of Evonik in Singapore.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 4989
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising applications of hydrogen in various sectors and high investment in renewable energy are the major factors driving the market growth.

The market size of pink hydrogen is anticipated to attain a CAGR of ~49% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Siemens Energy AG, Linde plc, Hydrogenics Corporation, Ballard Power Systems Inc., ITM Power plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Toshiba Energy Systems & Solutions Corporation, Doosan Fuel Cell America, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by form, application, and by region.

The chemical segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The presence of alternatives such as grey and blue hydrogen and high initial capital investment are estimated to be the growth-hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Pink Hydrogen Market Report Scope

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