Asia: Hydrogen Market 2024

Hydrogen Market Size in Asia

The Asian hydrogen market amounted to $X in 2022, with an increase of 3.3% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.9% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Hydrogen Production in Asia

In value terms, hydrogen production expanded to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Hydrogen Exports

Exports in Asia

After two years of growth, shipments abroad of hydrogen decreased by -35.2% to X cubic meters in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 58% against the previous year. The volume of export peaked at X cubic meters in 2021, and then dropped rapidly in the following year.

In value terms, hydrogen exports reached $X in 2022. Over the period under review, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 54%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia was the main exporting country with an export of about X cubic meters, which recorded 53% of total exports. Singapore (X cubic meters) took the second position in the ranking, distantly followed by the United Arab Emirates (X cubic meters) and Thailand (X cubic meters). All these countries together held approx. 41% share of total exports. The following exporters - Hong Kong SAR (X cubic meters) and Israel (X cubic meters) - each recorded a 4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to hydrogen exports from Malaysia stood at +62.0%. At the same time, Israel (+72.4%) and Singapore (+2.6%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in Asia, with a CAGR of +72.4% from 2012-2022. The United Arab Emirates and Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Thailand (-17.3%) illustrated a downward trend over the same period. Malaysia (+52 p.p.), Singapore (+3 p.p.) and Israel (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -50.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X), Singapore ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 78% of total exports. Hong Kong SAR, Israel and Thailand lagged somewhat behind, together accounting for a further 5.9%.

Israel, with a CAGR of +75.4%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per cubic meter, with an increase of 65% against the previous year. Overall, the export price continues to indicate a prominent expansion. The growth pace was the most rapid in 2019 an increase of 73%. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the near future.

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 Hong Kong SAR (+8.0%), while the other leaders experienced more modest paces of growth.

Hydrogen Imports

Imports in Asia

For the fourth year in a row, Asia recorded growth in overseas purchases of hydrogen, which increased by 10% to X cubic meters in 2022. Overall, imports posted significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 150% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, hydrogen imports surged to $X in 2022. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2021 with an increase of 140% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Singapore prevails in imports structure, finishing at X cubic meters, which was near 72% of total imports in 2022. Oman (X cubic meters) ranks second in terms of the total imports with a 7.5% share, followed by Israel (5.9%). Indonesia (X cubic meters) and 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%), Oman (+16.6%), Israel (+15.2%) and Indonesia (+8.5%) displayed positive paces of growth. Singapore (+62 p.p.) and Myanmar (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Oman, Israel and Indonesia saw its share reduced by -3.1%, -3.4% and -7.1% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported hydrogen in Asia, comprising 83% of total imports. The second position in the ranking was held by Israel ($X), with a 3% share of total imports. It was followed by Indonesia, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value in Singapore amounted to +50.4%. The remaining importing countries recorded the following average annual rates of imports growth: Israel (+9.7% per year) and Indonesia (+2.3% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per cubic meter, rising by 45% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. 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 Oman (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 (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :