ASEAN: Hydrogen Market 2024

Hydrogen Market Size in ASEAN

The ASEAN hydrogen market declined to $X in 2022, reducing by -2.2% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Hydrogen Production in ASEAN

In value terms, hydrogen production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 41% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Hydrogen Exports

Exports in ASEAN

Hydrogen exports amounted to X cubic meters in 2022, leveling off at the previous year. Overall, exports enjoyed slight growth. The most prominent rate of growth was recorded in 2020 when exports increased by 266%. As a result, the exports reached the peak of X cubic meters. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, hydrogen exports skyrocketed to $X in 2022. In general, exports posted a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 424%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X cubic meters) represented the major exporter of hydrogen, achieving 65% of total exports. Singapore (X cubic meters) ranks second in terms of the total exports with a 25% share, followed by Thailand (9.9%).

Malaysia was also the fastest-growing in terms of the hydrogen exports, with a CAGR of +62.0% from 2012 to 2022. At the same time, Singapore (+2.6%) displayed positive paces of growth. By contrast, Thailand (-17.3%) illustrated a downward trend over the same period. While the share of Malaysia (+64 p.p.) and Singapore (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-67 p.p.) displayed negative dynamics.

In value terms, the largest hydrogen supplying countries in ASEAN were Malaysia ($X), Singapore ($X) and Thailand ($X), with a combined 100% share of total exports.

Malaysia, with a CAGR of +60.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per cubic meter in 2022, increasing by 28% against the previous year. Export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +10.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hydrogen export price increased by +43.4% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 64%. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per cubic meter), while Thailand (less than $X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+5.5%), while the other leaders experienced a decline in the export price figures.

Hydrogen Imports

Imports in ASEAN

In 2022, the amount of hydrogen imported in ASEAN was estimated at X cubic meters, with an increase of 11% against the year before. Over the period under review, imports saw significant growth. The growth pace was the most rapid in 2020 when imports increased by 293%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, hydrogen imports soared to $X in 2022. Overall, imports showed a significant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 211%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Singapore dominates imports structure, accounting for X cubic meters, which was near 89% of total imports in 2022. It was distantly followed by Indonesia (X cubic meters), constituting a 4.6% share of total imports. Myanmar (X cubic meters) followed a long way behind the leaders.

Singapore was also the fastest-growing in terms of the hydrogen imports, with a CAGR of +46.0% from 2012 to 2022. At the same time, Myanmar (+43.5%) and Indonesia (+8.5%) displayed positive paces of growth. Singapore (+65 p.p.) and Myanmar (+3.9 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia saw its share reduced by -19.1% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported hydrogen in ASEAN, comprising 91% of total imports. The second position in the ranking was held by Indonesia ($X), with a 2.3% share of total imports.

In Singapore, hydrogen imports expanded at an average annual rate of +50.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+2.3% per year) and Myanmar (+19.5% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per cubic meter, surging by 49% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per cubic meter), while Myanmar ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform