Central Asia: Hydrogen Market 2024

Hydrogen Market Size in Central Asia

The Central Asian hydrogen market fell slightly to $X in 2022, with a decrease of -3.6% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.9% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Hydrogen Production in Central Asia

In value terms, hydrogen production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 84% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Hydrogen Exports

Exports in Central Asia

After two years of growth, overseas shipments of hydrogen decreased by -14.2% to X cubic meters in 2022. Overall, exports showed a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 135%. Over the period under review, the exports hit record highs at X cubic meters in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, hydrogen exports declined to $X in 2022. Over the period under review, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 109%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of hydrogen, namely Kazakhstan, represented more than two-thirds of total export.

Kazakhstan was also the fastest-growing in terms of the hydrogen exports, with a CAGR of -8.3% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest hydrogen supplier in Central Asia.

In Kazakhstan, hydrogen exports plunged by an average annual rate of -12.1% over the period from 2012-2022.

Export Prices by Country

The export price in Central Asia stood at $X per cubic meter in 2022, increasing by 2.6% against the previous year. Over the period under review, the export price, however, recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2014 when the export price increased by 32% against the previous year. Over the period under review, the export prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Kazakhstan amounted to -4.1% per year.

Hydrogen Imports

Imports in Central Asia

In 2022, overseas purchases of hydrogen were finally on the rise to reach X cubic meters for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 106%. Over the period under review, imports hit record highs at X cubic meters in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, hydrogen imports fell to $X in 2022. In general, imports saw a pronounced expansion. The pace of growth was the most pronounced in 2016 when imports increased by 86% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Kazakhstan represented the key importer of hydrogen in Central Asia, with the volume of imports resulting at X cubic meters, which was near 63% of total imports in 2022. Turkmenistan (X cubic meters) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by Uzbekistan (10%).

Imports into Kazakhstan decreased at an average annual rate of -1.3% from 2012 to 2022. At the same time, Turkmenistan (+1.2%) displayed positive paces of growth. Moreover, Turkmenistan emerged as the fastest-growing importer imported in Central Asia, with a CAGR of +1.2% from 2012-2022. By contrast, Uzbekistan (-24.9%) illustrated a downward trend over the same period. While the share of Uzbekistan (+10 p.p.) and Turkmenistan (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kazakhstan (-12.8 p.p.) displayed negative dynamics.

In value terms, Kazakhstan ($X), Turkmenistan ($X) and Uzbekistan ($X) were the countries with the highest levels of imports in 2022, together comprising 99% of total imports.

Turkmenistan, with a CAGR of +3.9%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Central Asia amounted to $X per cubic meter, declining by -40.4% against the previous year. Overall, the import price, however, saw a tangible increase. The most prominent rate of growth was recorded in 2021 an increase of 48%. As a result, import price reached the peak level of $X per cubic meter, and then dropped markedly in the following year.

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 Turkmenistan ($X per cubic meter), while Uzbekistan ($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 Kazakhstan (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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