Asia-Pacific: Hydrogen Market 2024

Hydrogen Market Size in Asia-Pacific

The Asia-Pacific hydrogen market was estimated at $X in 2022, increasing by 3.6% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 -3.2% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Hydrogen Production in Asia-Pacific

In value terms, hydrogen production amounted to $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 -4.0% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 20%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Hydrogen Exports

Exports in Asia-Pacific

In 2022, overseas shipments of hydrogen decreased by -4.3% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw modest growth. The pace of growth appeared the most rapid in 2020 when exports increased by 190% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2021, and then contracted modestly in the following year.

In value terms, hydrogen exports expanded significantly to $X in 2022. Over the period under review, exports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by 59% against the previous year. As a result, the exports reached 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 largest exporter of hydrogen, mixing up 61% of total exports. Singapore (X cubic meters) ranks second in terms of the total exports with a 23% share, followed by Thailand (9.3%). Hong Kong SAR (X cubic meters) took a minor share of total exports.

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. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Thailand (-17.3%) illustrated a downward trend over the same period. While the share of Malaysia (+60 p.p.) and Singapore (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-61.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X), Singapore ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 81% of total exports.

Among the main exporting countries, Malaysia, with a CAGR of +60.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per cubic meter in 2022, increasing by 14% against the previous year. Over the period under review, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2019 an increase of 199% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2020 to 2022, the export prices failed to regain momentum.

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 mixed trends in the export price figures.

Hydrogen Imports

Imports in Asia-Pacific

For the fourth consecutive year, Asia-Pacific recorded growth in purchases abroad of hydrogen, which increased by 12% to X cubic meters in 2022. Overall, imports recorded significant growth. The pace of growth was the most pronounced in 2021 with an increase of 176% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, hydrogen imports skyrocketed to $X in 2022. In general, imports posted a significant increase. The growth pace was the most rapid in 2021 with an increase of 170% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Singapore dominates imports structure, reaching X cubic meters, which was near 83% of total imports in 2022. The following importers - Indonesia (X cubic meters), Myanmar (X cubic meters), New Zealand (X cubic meters) and South Korea (X cubic meters) - together made up 11% of total imports.

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%), New Zealand (+33.9%), South Korea (+14.2%) and Indonesia (+8.5%) displayed positive paces of growth. From 2012 to 2022, the share of Singapore and Myanmar increased by +67 and +3.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported hydrogen in Asia-Pacific, comprising 87% of total imports. The second position in the ranking was held by Indonesia ($X), with a 2.2% share of total imports. It was followed by South Korea, with a 1.1% share.

In Singapore, hydrogen imports increased at an average annual rate of +50.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+2.3% per year) and South Korea (+9.7% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per cubic meter, picking up by 47% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. 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 New Zealand (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

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