Global Hydrogen Market Report 2024-2028, by Production Process, Application and Region: Growing Demand for Hydrochloric Acid and Upsurge in Pharmaceutical Industry [Yahoo! Finance]
MITSUBISHI CH GRP U/ADR (MTLHY)
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Source: Yahoo! Finance
The global hydrogen market is expected to record a value of US$219.23 billion in 2028, progressing at a CAGR of 6.09%, over the period 2024-2028. The market experienced growth accruing to several factors such as rising consumption of agricultural fertilizers, escalating demand in metallurgical industries, mounting concerns regarding carbon emissions worldwide, surging demand for electricity generation and upswing in margarine demand. However, the market growth would be challenged by high cost of hydrogen production & transportation, storage of hydrogen and health effects of hydrogen. A few notable trends may include expanding demand from oil refineries, rapid expansion of aerospace industry, surging production of hydrogen fuel cell electric vehicles, growing demand of hydrochloric acid and upsurge in pharmaceutical industry. The global hydrogen market is categorized on the basis of production process and application. According to production process, the market can be split into
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