Grey hydrogen market seen reaching $557.7B by 2033

The global grey hydrogen market is projected to nearly double to $557.7 billion by 2033, led by demand from refining, fertilizers and chemicals. The forecast underscores how industrial users are still leaning on low-cost hydrogen production even as cleaner alternatives scale up. Why it matters: - Grey hydrogen remains a core industrial input for refining, fertilizers and chemicals, so market growth tracks broad manufacturing demand. - The forecast points to continued reliance on natural-gas-based hydrogen production despite pressure to decarbonize. - Large-scale demand could shape investment in hydrogen infrastructure, feedstock supply and production capacity through 2033. What happened: - Persistence Market Research projected the global grey hydrogen market will rise from US$ 280.8 billion in 2026 to US$ 557.7 billion by 2033. - The study forecasts a 10.3% compound annual growth rate from 2026 to 2033. - The report was released in London on June 18, 2026. - The company offered a free sample report , a customized market view and a competitive analysis purchase option . The details: - Petroleum refining is one of the largest users of grey hydrogen because hydrogen is needed for hydrocracking and desulfurization. - Rising fuel demand, especially in developing economies, is expected to support refining-related hydrogen use. - Fertilizer makers use grey hydrogen to produce ammonia, which is then used in nitrogen-based fertilizers. - Higher agricultural activity and food demand are pushing fertilizer producers to expand capacity. - Chemical and petrochemical producers use grey hydrogen in methanol, synthetic fuels and industrial chemical production. - Steam Methane Reforming, or SMR, is the dominant production technology because it can deliver large-scale hydrogen at competitive cost. - Natural gas is the most widely used feedstock because it is available and economical. - Coal, oil and petroleum coke also remain part of the feedstock mix. - The market spans North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Between the lines: - The forecast reflects a cost-first market, where industrial buyers continue to prioritize dependable and inexpensive supply. - Expansion in Asia Pacific, the Middle East and Latin America suggests industrial growth is still creating more demand for conventional hydrogen than low-carbon replacements can immediately displace. - Production efficiency upgrades and infrastructure modernization indicate suppliers are trying to defend margins while serving more volume. - The competitive field includes major energy, industrial gas and chemical companies that are investing in capacity, partnerships and long-term supply deals. What’s next: - Grey hydrogen demand is expected to stay strong through 2033 if refining, fertilizer and chemical output keep expanding. - Producers are likely to keep investing in reforming improvements, process optimization and new capacity. - Emerging economies should remain a key growth target as industrial buildout continues. The bottom line: - Grey hydrogen is still set to grow fast because industrial users want scale, reliability and lower cost more than cleaner alternatives can currently match.