Chemical Liquid Hydrogen Market Size - By Distribution (Pipelines, Cryogenic Tanks), By Production (Coal Gasification, SMR, Electrolysis), & Forecast, 2025 - 2034

Chemical Liquid Hydrogen Market Size

The global chemical liquid hydrogen market was valued at USD 17.6 billion in 2024 and is estimated to grow at a CAGR of 4.9% from 2025 to 2034. The increasing need for green feedstock in chemical production and stringent carbon neutrality targets will propel the use of liquid hydrogen in the chemical industry. Improvements in electrolyzer technologies, as well as declining costs for renewable energy, will also benefit product growth. Furthermore, increasing investments in decarbonizing industrial processes will drive market growth.
 

Transparency in pricing mechanisms will enhance investor trust and market engagement in the green hydrogen economy. Plug Power introduced the first spot pricing program for liquid green hydrogen in April 2024, allowing on-demand purchases with no long-term obligation. Plug will boost transparency in a total production capacity of around 45 tons per day of liquid hydrogen. This project boosts capital investment and accelerates industrial adoption, driving overall market growth.
 

Increasing use of low-emission feedstocks for chemical manufacturing will propel liquid hydrogen demand in the upcoming years. Carbon capture and storage technological advancements are facilitating the incorporation of clean hydrogen in industry processes. Modular hydrogen facilities are also enabling flexible and cost-optimized project planning in the chemicals industry, propelling the business trend. In addition, the increasing public-private partnerships will facilitate quicker infrastructure development, boosting chemical liquid hydrogen market growth.
 

Increased emphasis on massive-scale ammonia cracking and liquefaction technologies to facilitate cost-effective hydrogen transportation will drive market growth. In December 2024, Air Liquide received a USD 136 million grant from the European Innovation Fund for its ENHANCE project in Belgium to construct a high-capacity ammonia cracking unit and hydrogen liquefier. The development of such infrastructure will create effective supply chains, enhancing liquid hydrogen availability across chemical and industrial sectors.
 

The Trump administration's tariffs on foreign hydrogen equipment will increase future expenses for liquid hydrogen manufacturers, affecting the international market. Supply chains will continue to be disrupted, and overall production costs will be increased. Increased costs will likely retard innovation and expansion activities, slowing the growth of liquid hydrogen manufacturing and impeding the growth of the clean energy industry in different regions.
 

Chemical Liquid Hydrogen Market Trends

• Rising demand for clean fuels across chemical and petrochemical sectors is driving the expansion of green liquid hydrogen production capacity. In 2023, Air Products commissioned a 10 metric ton/day green liquid hydrogen plant in Casa Grande, Arizona, using Thyssenkrupp Nucera electrolyzers and advanced liquefaction technologies. Supportive government policies promoting green hydrogen projects and growing corporate sustainability initiatives will further enhance market growth.
   
• The transition toward low emission energy sources is accelerating the adoption of liquid hydrogen as a clean and sustainable fuel alternative. Increased government support in terms of subsidies and policy mandates is creating a favorable environment for market growth. Furthermore, increasing industrial decarbonization targets are incentivizing chemical manufacturers to adopt hydrogen-based solutions to secure long-term operational viability.
   
• Technological advancements in cryogenic insulation and storage are making liquid hydrogen more economical for the chemical sector. In February 2025, Taylor-Wharton and GenH2 launched a zero-loss liquid hydrogen storage system, aiming to reduce 20%–40% product loss during transfer and storage. Rising demand for large-scale hydrogen applications and increasing investments in cryogenic R&D will accelerate the development of efficient, reliable storage solutions, supporting broader market growth.
   
• The growth of hydrogen infrastructure, such as storage terminals, pipelines, and distribution networks, is enhancing the availability and convenience of liquid hydrogen, fueling market growth. At the same time, the transition to carbon neutrality and increased use of renewable energy are fueling investments in electrolysis technologies, further speeding up the generation of clean alternative energy.
   

Chemical Liquid Hydrogen Market Analysis

• The chemical liquid hydrogen industry was valued at USD 15.9 billion, USD 16.7 billion, and USD 17.6 billion in 2022, 2023, and 2024, respectively. Based on production, the market is segmented into coal gasification, SMR, and electrolysis.
   
• The SMR segment had an 88.5% market share in 2024 owing to its cost competitiveness and widespread application in chemical processes. Rising demand to decarbonize industrial heat and energy is supporting the development of advanced SMRs. In March 2024, Wood unveiled a new-generation SMR technology with 95% CO₂ capture and coupled pre-combustion carbon capture. Additionally, increased investments in clean hydrogen technologies will continue to drive SMR market growth.
   
• The coal gasification segment was valued at 1.1 billion in 2024 and is expected to enhance further by 2034, supported by its ability to effectively convert huge coal reserves into hydrogen. Increased focus on energy security and changing sources of hydrogen production will supplement market demand. Apart from that, ongoing innovation in cleaner coal technologies and pairing with carbon capture technologies will drive segment growth.
   
• Electrolysis segment is expected to grow at a CAGR of over 5.5% between 2025 and 2034, led by the move towards green hydrogen production through renewable energy. Developments in PEM technologies and coupling with renewables are driving liquid hydrogen production. Linde commissioned a 24 MW PEM electrolyzer in 2022 at its Leuna site, which produces 3,200 metric tons per year for liquid hydrogen use and reduces 40,000 tons of CO₂ emissions per annum. Additionally, rising investments in PEM electrolyzers are making liquid hydrogen production more resilient for clean energy sectors, driving the business outlook.
   

• Based on distribution, the chemical liquid hydrogen market is segmented into pipelines and cryogenic tanks. The cryogenic tanks segment held 86% of the market share in 2024, driven by rising demand for safe, high-capacity hydrogen storage in chemical plants. Technological innovations in insulated tank designs to minimize boil-off losses, increasing volumes of hydrogen trade, and the need for long-distance transportation will continue to fuel segment growth.
   
• The pipeline segment is forecasted to exceed more than USD 4 billion by 2034, due to its efficiency in transporting high volumes of hydrogen over long distances with lower operating costs. The segment will facilitate liquid hydrogen distribution via the use of available oil and gas infrastructures. In November 2024, Exolum initiated a pilot program in Britain for transporting 20 metric tons of liquid hydrogen through a 1.5 km pipeline. Ongoing investments in the repurposing of existing pipeline infrastructure will enhance market scalability and efficiency.
   

• The U.S. chemical liquid hydrogen market was valued at USD 3.8 billion, USD 4 billion, and USD 4.1 billion in 2022, 2023, and 2024, respectively. As of 2024, North America holds a market share of approximately 25.8% which is expected to improve further by 2034.
   
• Rising investments in liquid hydrogen infrastructure to meet growing industrial and mobility demand will drive U.S. market growth. Linde, serving a variety of end markets including chemicals, refining, and others, in 2021 started up a new liquid hydrogen plant in La Porte, Texas. The facility produces approximately 30 tons of high-purity liquid hydrogen per day. Additionally, expanding focus on strengthening domestic hydrogen supply chains will further boost regional market expansion.
   
• The Asia Pacific liquid hydrogen market will reach more than USD 12.5 billion by 2034 driven by industrialization, sustainability, and government support. Industrial growth and economic development in China, India, Japan, and South Korea will drive product demand. Japan and South Korea's ambitious hydrogen roadmaps, with substantial incentives and subsidies, will also promote clean technology adoption and support market growth.
   
• The European liquid hydrogen market will grow at a CAGR of over 5.5% annually from 2025 to 2034 due to increasing renewable-powered hydrogen initiatives, driven by companies support. Plug Power revealed its 100 MW green hydrogen facility in the Port of Antwerp, producing 35 tons/day of liquid and gaseous hydrogen based on wind and solar power, in February 2024. The project entails an open-access hydrogen pipeline for supply augmentation. Additionally, increasing focus on liquefaction and pipeline integration in the region will further augment market growth.
   

Chemical Liquid Hydrogen Market Share

• The top 3 players, Air Products and Chemicals, Linde, and Air Liquide, hold a 37.3% share in the market. These firms are increasing production capacity, building large-scale hydrogen projects, and making strategic alliances with energy companies. Green hydrogen investment and the development of liquefaction technologies are still a priority, enhancing their competitive advantage and driving the world toward cleaner energy solutions.
   
• Major players are investing significantly in R&D to create hydrogen production technologies, enhance efficiency, and lower costs. Players are expanding production capacity by building new plants and upgrading old plants. Sustainability is also being aggressively sought by adopting green hydrogen technologies to optimize energy efficiency and minimize carbon emissions to the lowest level.
   
• Large corporations increasingly rely on strategic partnerships, mergers, and acquisitions to develop global presence and penetration in rising markets. They also place more value on long-term supply agreements and joint ventures between transport, industrial, and energy operators to assist in securing liquid hydrogen demand. Additionally, initiatives such as digital smart monitoring and factory automation are being introduced in a bid to increase operational efficiency as well as product quality.
   

Chemical Liquid Hydrogen Market Companies

• Air Liquide has accrued approximately USD 29.3 billion in revenues and USD 5.8 billion in operating income recurring (OIR) in FY 2024. Air Liquide is active in liquid hydrogen for the chemical industry through the growth of its hydrogen production and distribution capabilities, with a focus on green hydrogen solutions to support industrial decarbonization.
   
• Linde announced FY 2023 a revenue of USD 35.4 billion and adjusted EBITDA of USD 6.9 billion. The firm is a market leader in the industry, investing significantly in low-carbon hydrogen initiatives, including its joint venture with OCI for an industrial scale blue ammonia plant to facilitate sustainable hydrogen supply chains for chemical uses.
   

Eminent players operating in the chemical liquid hydrogen market are:

• Air Liquide
• Air Products and Chemicals
• Ballard Power Systems
• Chart Industries
• ENGIE
• ENEOS Corporation
• Iwatani Corporation
• Linde
• Messer Group
• Nel ASA
• Plug Power
• TotalEnergies
• Taiyo Nippon Sanso Corporation
   

Chemical Liquid Hydrogen Industry News:

• In March 2025, Plug Power announced that its St. Gabriel, Louisiana plant is in the last stages of commissioning to produce 15 tons/day of liquid hydrogen. The joint venture plant with Olin Corporation is processing by-product hydrogen from chlor-alkali manufacturing. It will facilitate green hydrogen supply for chemical and industrial uses.
   
• In April 2024, Mexico's government seized Air Liquide's hydrogen plant in a Pemex refinery in Tula, the city of Hidalgo. It provides hydrogen utilized in the production of cleaner fuel through sulfur reduction. Air Liquide will be paid by Pemex, whereby payment terms have not been revealed.
   

The chemical liquid hydrogen market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue and volume in “USD Billion & MT” from 2021 to 2034, for the following segments:

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Market, By Production

• Coal gasification 
• SMR
• Electrolysis

Market, By Distribution

• Pipelines
• Cryogenic tanks

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Rest of World