ReportLinker have released a report on the global hydrogen purification market in the petroleum refining industry. Estimated to be worth nearly US$7.1 billion in 2014, the market is expected to reach nearly US$9.9 billion by 2020 from nearly US$7.5 billion in 2015, increasing at a compound annual growth rate (CAGR) of 5.7% from 2015 - 2020.
The North American market is expected to grow from nearly US$1.9 billion in 2015 to US$2.1 billion in 2020 at a CAGR of 3% for the period 2015 - 2020. The Asia Pacific market will grow from US$2.1 billion in 2015 to US$3 billion in 2020 at a CAGR of 7.4% for the period 2015 - 2020.
Hydrogen is used extensively in the various processes within a refinery, and thus, it is among one of the major costs for a refinery. Hydrogen is also a major component in the off gases generated from refinery processes. Historically, these off gases were flared or used as energy sources by burning, but with tight refining margins and improvements in the technology for purification, these off gases are being purified to obtain hydrogen that can be reused in the processes.
In this scenario, hydrogen purification and the technologies that combine hydrogen purification and compression to obtain purified hydrogen are gaining increased importance.
Hydrogen is a byproduct from the industrial processes of other industry segments, including the metal, petrochemical and semiconductors. This report focuses exclusively on the hydrogen purification market in the refining industry. The refining industry is among the major consumers of hydrogen. The off gases with high presence of hydrogen from the various processes in the refinery represent major sources for purification. In this scenario, the market for the providers of hydrogen purification equipment and technology to purify the off gases to obtain high purity hydrogen is expected to continue to grow in the future.
This new report from ReportLinker focuses on the market for hydrogen purification in the petroleum refining industry. The market being considered is not for hydrogen production or supply (i.e., the electrolysis market, the merchant market), but for hydrogen purification (recovery), as applicable to the refining industry to obtain purified hydrogen from the various processes in a refinery that can be reused within the refinery, or elsewhere.
The analysis includes data on the market size estimates for 2014 and market forecast to 2020, along with the growth trend. The report also includes market size by region and technology. An overview of the hydrogen purification technologies, key market players in hydrogen purification, the factors driving or restraining the growth of the market, and the major refining plants are also discussed. Governmental regulations and their impact on the market, as well as the key patent activity on the technology, are also provided.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/08042016/global-report-hydrogen-purification-petroleum-refining-market-2987/