In a recent report, SRI Consulting highlighted that rising heavy oil refining activities and stricter regulations on diesel sulfur content are expected to drive hydrogen consumption growth by over 40% in the next five years. This trend is set to create significant opportunities for major hydrogen producers like Air Products & Chemicals, Praxair, and Air Liquide.
As the global energy sector shifts toward lighter oil production, reliance on heavy crude and unconventional sources such as oil sands is increasing. These resources are more complex to refine compared to traditional crude. To convert them into valuable products, advanced chemical processes are required to remove sulfur and other impurities, while also boosting hydrogen content through hydrogenation. The heavier the oil, the more hydrogen is needed to meet quality standards.
According to SRI Consulting, the more heavy crude refineries operate, the higher the hydrogen demand. Additionally, projects involving tar sand processing, natural gas synthesis, and coal gasification also require substantial amounts of hydrogen. In early 2007, Wood McKenzie Consulting forecasted that unconventional oil and gas resources, including tar sands, would rise from 10% to 20% of global crude production by 2020.
Beyond refining, new environmental regulations are pushing for deeper desulfurization of diesel fuel, further increasing the need for hydrogen. As countries tighten emissions standards, the role of hydrogen in achieving cleaner fuels will become even more critical. This growing demand is reshaping the hydrogen market and creating long-term investment potential for industry leaders.
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