China: Hydrogen Market 2024

Hydrogen Market Size in China

The Chinese hydrogen market rose modestly to $X in 2022, surging by 4% against the previous year. In general, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 -3.7% against 2020 indices. Hydrogen consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Hydrogen Production in China

In value terms, hydrogen production amounted to $X in 2022 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 -4.5% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 22% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Hydrogen Exports

Exports from China

In 2022, the amount of hydrogen exported from China dropped notably to X cubic meters, which is down by -15.6% on the year before. Overall, exports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2019 with an increase of 2,863%. As a result, the exports attained the peak of X cubic meters. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, hydrogen exports surged to $X in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 3,764% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Myanmar (X cubic meters) was the main destination for hydrogen exports from China, accounting for a 47% share of total exports. Moreover, hydrogen exports to Myanmar exceeded the volume sent to the second major destination, Nigeria (X cubic meters), fourfold. Singapore (X cubic meters) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar stood at +99.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+784.7% per year) and Singapore (+3,658.5% per year).

In value terms, Myanmar ($X) remains the key foreign market for hydrogen exports from China, comprising 81% of total exports. The second position in the ranking was held by Nigeria ($X), with a 2.6% share of total exports. It was followed by Angola, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value to Myanmar totaled +326.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+1,312.3% per year) and Angola (+5.4% per year).

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2022, jumping by 68% against the previous year. Overall, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 333% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cameroon ($X per cubic meter), while the average price for exports to Bangladesh ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+399.2%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into China

In 2022, purchases abroad of hydrogen was finally on the rise to reach X cubic meters after four years of decline. Overall, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 26% against the previous year. As a result, imports reached the peak of X cubic meters. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, hydrogen imports declined to $X in 2022. In general, imports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X cubic meters) was the main supplier of hydrogen to China, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled -12.8%.

In value terms, the United States ($X) constituted the largest supplier of hydrogen to China.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to -14.5%.

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, falling by -26.7% against the previous year. Overall, the import price, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2020 when the average import price increased by 234%. The import price peaked at $X per cubic meter in 2021, and then reduced dramatically in the following year.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Singapore amounted to -1.0% per year.

Source: IndexBox Platform

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