Eastern Asia: Hydrogen Market 2024

Hydrogen Market Size in Eastern Asia

The East Asian hydrogen market expanded to $X in 2022, increasing by 3.7% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 -3.5% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Hydrogen Production in Eastern Asia

In value terms, hydrogen production amounted to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 -4.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 21%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Hydrogen Exports

Exports in Eastern Asia

In 2022, exports of hydrogen in Eastern Asia fell remarkably to X cubic meters, waning by -57.6% compared with the year before. Overall, exports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 103%. Over the period under review, the exports hit record highs at X cubic meters in 2021, and then declined remarkably in the following year.

In value terms, hydrogen exports declined remarkably to $X in 2022. In general, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 864%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Hong Kong SAR was the key exporting country with an export of about X cubic meters, which recorded 63% of total exports. It was distantly followed by Taiwan (Chinese) (X cubic meters) and China (X cubic meters), together creating a 35% share of total exports. South Korea (X cubic meters) followed a long way behind the leaders.

Hong Kong SAR experienced a relatively flat trend pattern with regard to volume of exports of hydrogen. At the same time, China (+15.6%) and Taiwan (Chinese) (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +15.6% from 2012-2022. By contrast, South Korea (-23.6%) illustrated a downward trend over the same period. Taiwan (Chinese) (+9.3 p.p.), China (+6.6 p.p.) and Hong Kong SAR (+6.4 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -19.2% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest hydrogen supplier in Eastern Asia, comprising 59% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 24% share of total exports. It was followed by Hong Kong SAR, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +34.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+7.1% per year) and Hong Kong SAR (+7.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per cubic meter in 2022, jumping by 49% against the previous year. Over the period under review, the export price posted buoyant growth. The growth pace was the most rapid in 2019 when the export price increased by 410% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2020 to 2022, the export prices remained at a lower figure.

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 China ($X per cubic meter), while Hong Kong SAR ($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 China (+16.0%), while the other leaders experienced more modest paces of growth.

Hydrogen Imports

Imports in Eastern Asia

In 2022, the amount of hydrogen imported in Eastern Asia declined significantly to X cubic meters, shrinking by -18% on the year before. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 69% against the previous year. Over the period under review, imports reached the peak figure at X cubic meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, hydrogen imports soared to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 42%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, South Korea (X cubic meters) represented the major importer of hydrogen, constituting 59% of total imports. It was distantly followed by Hong Kong SAR (X cubic meters) and China (X cubic meters), together mixing up a 37% share of total imports. Japan (X cubic meters) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hydrogen imports into South Korea stood at +14.2%. At the same time, Hong Kong SAR (+23.0%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +23.0% from 2012-2022. By contrast, China (-17.3%) and Japan (-20.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea and Hong Kong SAR increased by +45 and +23 percentage points, respectively.

In value terms, South Korea ($X), China ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of imports in 2022, together comprising 78% of total imports.

In terms of the main importing countries, Hong Kong SAR, with a CAGR of +19.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per cubic meter, with an increase of 43% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per cubic meter), while South Korea ($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 Japan (+32.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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