The Global Grey Hydrogen Market is a significant and steadily evolving segment within the broader hydrogen economy. Grey hydrogen, produced primarily through steam methane reforming (SMR) of natural gas and coal gasification, currently accounts for the vast majority of global hydrogen production. While it carries a substantial carbon footprint due to its high CO2 emissions, it remains the most cost-effective and widely deployed form of hydrogen across industrial applications. The market continues to attract investment and operational interest from major industrial gas companies, energy conglomerates, and chemical manufacturers worldwide, even as the industry simultaneously explores pathways toward cleaner alternatives.

The grey hydrogen sector serves critical end-use industries including petrochemicals, steel manufacturing, transportation, and refinery operations. Because of its cost advantage over green and blue hydrogen, it is expected to maintain a dominant share of hydrogen supply through 2030 and beyond, particularly in regions where low-carbon infrastructure is still maturing. In this blog, we profile the Top 10 Companies in the Grey Hydrogen Market—a mix of industrial gas leaders, energy majors, and technology innovators shaping the present and future of global hydrogen supply.

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🔟 1. Linde plc

Headquarters: Guildford, United Kingdom (operational HQ: Dublin, Ireland)
Key Offering: Industrial Hydrogen, Steam Methane Reforming (SMR) Systems, Hydrogen Distribution

Linde plc is the world’s largest industrial gas company by revenue and one of the foremost producers and distributors of grey hydrogen globally. The company operates an extensive network of hydrogen production plants and pipeline infrastructure across North America, Europe, and Asia-Pacific. Linde serves a broad client base in refining, chemicals, electronics, and metals processing, where hydrogen is an indispensable feedstock.

Key Highlights:

• Operates one of the largest hydrogen pipeline networks in the world, spanning hundreds of kilometers across industrial corridors

• Supplies hydrogen to major refineries and petrochemical complexes globally

• Invests in carbon capture integration alongside existing SMR assets to transition toward lower-emission hydrogen production

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9️⃣ 2. Air Liquide S.A.

Headquarters: Paris, France
Key Offering: Hydrogen Production, SMR Technology, Industrial Gas Supply

Air Liquide is a global leader in gases, technologies, and services for industry and health. The company is among the top producers of hydrogen in the world, with operations spanning more than 70 countries. Air Liquide’s hydrogen business encompasses grey hydrogen production through steam methane reforming, as well as growing investments in low-carbon alternatives. Its vast customer base includes oil refineries, chemical plants, and steel manufacturers across all major regions.

Key Highlights:

• Manages over 3,000 km of hydrogen pipelines globally, among the most extensive in the industry

• Operates large-scale hydrogen production units across Europe, the Americas, and Asia

• Actively integrating carbon capture and storage (CCS) projects alongside hydrogen production facilities

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8️⃣ 3. Uniper SE

Headquarters: Düsseldorf, Germany
Key Offering: Hydrogen from Natural Gas, Energy Infrastructure, Industrial Supply

Uniper SE is a major European energy company with a significant presence in hydrogen production tied to its natural gas operations. The company produces grey hydrogen as part of its broader energy supply portfolio, serving industrial customers across Germany and other European markets. Uniper has been actively exploring hydrogen as a strategic pillar of its long-term energy transition plans, positioning its existing gas infrastructure as a foundation for future hydrogen scale-up.

Key Highlights:

• Leverages extensive natural gas supply chain for cost-effective grey hydrogen production

• Involved in hydrogen hub development projects across Northern Europe

• Exploring co-production models that incorporate carbon management alongside conventional SMR operations

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7️⃣ 4. Siemens AG

Headquarters: Munich, Germany
Key Offering: Hydrogen Production Technology, Energy Systems, Industrial Automation

Siemens AG plays a pivotal role in the hydrogen value chain through its advanced industrial technology and energy systems divisions. The company supplies the equipment, automation, and process technology that powers hydrogen production plants globally, including those that produce grey hydrogen via natural gas reforming. Siemens’ deep integration with the energy and chemicals sectors gives it a unique vantage point across the hydrogen production ecosystem.

Key Highlights:

• Provides process automation and digital solutions for large-scale hydrogen production facilities

• Collaborates with industrial clients on efficiency optimization of existing SMR-based hydrogen plants

• Developing next-generation electrolysis and hybrid production technologies alongside conventional hydrogen supply chains

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6️⃣ 5. ThyssenKrupp

Headquarters: Essen, Germany
Key Offering: Hydrogen for Steel Manufacturing, Industrial Gas, SMR Engineering

ThyssenKrupp is one of Europe’s largest steel producers and a significant consumer and producer of grey hydrogen. The company uses hydrogen extensively in its direct reduction steelmaking processes, and it operates hydrogen production capabilities tied to its industrial operations. ThyssenKrupp has also developed proprietary electrolysis technology through its subsidiary, while its existing steel operations continue to rely on conventionally produced hydrogen as a core process input.

Key Highlights:

• One of the largest industrial consumers of hydrogen in the European steel sector

• Supplies engineering solutions for hydrogen production plants including SMR-based units

• Piloting hydrogen-based direct reduced iron (DRI) production to evaluate transition pathways from grey to green hydrogen

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5️⃣ 6. Messer Group

Headquarters: Bad Soden am Taunus, Germany
Key Offering: Industrial Hydrogen, Gas Supply, SMR-based Production

Messer Group is one of the world’s largest privately owned industrial gas companies, with a strong presence across Europe, Asia, and the Americas. The company produces and distributes grey hydrogen to a diverse range of industrial customers, including those in the chemicals, metals, and food processing sectors. Messer operates a network of production facilities and distribution infrastructure that enables reliable, large-volume hydrogen supply to end-users across multiple regions.

Key Highlights:

• Operates hydrogen production plants across Central and Eastern Europe, China, and the Americas

• Serves industrial clients with consistent, high-purity hydrogen supply tailored to application requirements

• Expanding its hydrogen portfolio through strategic partnerships and facility investments in growth markets

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4️⃣ 7. Iwatani Corporation

Headquarters: Osaka, Japan
Key Offering: Hydrogen Production, Distribution & Retail, Industrial Gas

Iwatani Corporation is Japan’s largest hydrogen supplier and one of the most prominent hydrogen companies in the Asia-Pacific region. The company has been involved in hydrogen production and distribution for decades, supplying both grey hydrogen derived from natural gas and liquefied hydrogen for industrial and emerging mobility applications. Iwatani operates a comprehensive hydrogen supply chain, from production through to end-user delivery, including a growing retail hydrogen station network in Japan.

Key Highlights:

• Operates over 160 hydrogen refueling stations across Japan, supported in part by conventionally produced hydrogen

• Manages liquefied hydrogen supply chains for industrial and transportation customers

• Partnered with government and private sector entities to develop Japan’s national hydrogen supply infrastructure

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3️⃣ 8. Cummins Inc.

Headquarters: Columbus, Indiana, USA
Key Offering: Hydrogen Production Systems, Electrolyzers, Fuel Cell Technology

Cummins Inc. is a globally recognized power technology company that has made hydrogen a central pillar of its clean energy strategy. Through its Accelera division (formerly Cummins New Power), the company develops and manufactures electrolyzer systems and hydrogen fuel cell engines. However, Cummins also maintains deep involvement in the conventional hydrogen production space, supplying systems and components that support SMR-based operations. Its hydrogen expertise spans across production, storage, and end-use applications in transportation and stationary power.

Key Highlights:

• Provides hydrogen production systems serving industrial and commercial customers globally

• Acquired Hydrogenics in 2019, significantly expanding its hydrogen technology portfolio

• Works with energy companies and governments to supply hydrogen infrastructure solutions across North America, Europe, and Asia

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2️⃣ 9. Iberdrola

Headquarters: Bilbao, Spain
Key Offering: Hydrogen Production, Energy Infrastructure, Industrial Gas Partnerships

Iberdrola is one of Europe’s largest energy utilities, with a substantial and growing presence in the hydrogen economy. While the company is primarily known for its leadership in renewable energy, it is also engaged in conventional hydrogen production as part of its energy supply mix. Iberdrola’s large-scale industrial partnerships and utility infrastructure position it as a key player in hydrogen supply for industrial customers across Spain and international markets. The company is simultaneously investing in green hydrogen to transition its portfolio over time.

Key Highlights:

• Partners with major industrial clients including fertilizer and chemical manufacturers for hydrogen supply

• Developing large-scale hydrogen production hubs integrated with energy infrastructure in Spain and the UK

• Committed to leveraging existing energy networks as a bridge toward lower-emission hydrogen supply chains

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1️⃣ 10. Orsted A/S

Headquarters: Fredericia, Denmark
Key Offering: Hydrogen from Energy Systems, Power-to-X Technology, Industrial Hydrogen Supply

Orsted A/S, widely recognized as a global offshore wind energy leader, is an increasingly influential participant in the hydrogen economy. The company is engaged in hydrogen production projects that span both conventional and emerging production pathways. Orsted’s hydrogen initiatives are closely tied to its broader energy transition agenda, with projects underway that leverage its energy infrastructure to produce hydrogen for industrial clients in Europe and beyond. Its strategic positioning bridges the current grey hydrogen reality with the green hydrogen future.

Key Highlights:

• Developing large-scale Power-to-X (PtX) hydrogen projects across Denmark, Germany, and the United Kingdom

• Collaborating with industrial partners in steel, shipping, and chemicals to develop hydrogen supply agreements

• Positions existing energy infrastructure as a foundation for scalable hydrogen production and delivery

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🌍 Outlook: The Future of the Grey Hydrogen Market Is Evolving Rapidly

The grey hydrogen market is at an important crossroads. While it currently dominates global hydrogen production due to its cost efficiency and established infrastructure, the industry is facing growing pressure from environmental regulations, carbon pricing mechanisms, and the accelerating commercialization of green and blue hydrogen alternatives. However, the transition will not happen overnight. Grey hydrogen—produced through natural gas steam methane reforming and coal gasification—will continue to serve as the backbone of industrial hydrogen supply through the 2030s, particularly in regions where renewable energy infrastructure remains underdeveloped.

The market is also witnessing an important intermediate step: several producers are retrofitting existing SMR plants with carbon capture and storage (CCS) technology to produce what is commonly referred to as blue hydrogen, effectively reducing the carbon intensity of conventional production without requiring entirely new infrastructure. This trend is particularly pronounced in North America and Europe, where regulatory frameworks increasingly incentivize emission reductions across the hydrogen value chain.

📈 Key Trends Shaping the Grey Hydrogen Market:

• Growing industrial demand for hydrogen in petrochemical refining, ammonia production, and direct reduced iron steelmaking continues to support grey hydrogen volumes

• Rising integration of CCS technology with SMR-based hydrogen plants, blurring the boundary between grey and blue hydrogen production

• Regulatory pressure in the EU, US, and Asia-Pacific driving investment in carbon accounting and emissions reporting for hydrogen supply chains

• Asia-Pacific, particularly China and India, representing the fastest-growing demand centers for grey hydrogen due to expanding industrial output and refinery capacity

• Strategic mergers, acquisitions, and joint ventures among industrial gas companies to consolidate hydrogen production assets and distribution networks globally

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The companies profiled above are not only sustaining global hydrogen supply—they are navigating a complex energy transition, balancing the immediate industrial demands of today with the low-carbon imperatives of tomorrow. As the hydrogen economy matures, these market leaders will play a defining role in shaping how the world produces, distributes, and consumes one of its most essential industrial gases.