Malaysia: Hydrogen Market 2024

Hydrogen Market Size in Malaysia

The Malaysian hydrogen market reduced modestly to $X in 2022, which is down by -2.3% against the previous year. Overall, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +2.4% against 2020 indices. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Hydrogen Production in Malaysia

In value terms, hydrogen production declined to $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.6% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 43%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Hydrogen Exports

Exports from Malaysia

In 2022, after two years of growth, there was significant decline in shipments abroad of hydrogen, when their volume decreased by -8.3% to X cubic meters. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 2,240%. Over the period under review, the exports reached the peak figure at X cubic meters in 2021, and then fell in the following year.

In value terms, hydrogen exports totaled $X in 2022. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 2,573%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X cubic meters) was the main destination for hydrogen exports from Malaysia, with a 96% share of total exports. Moreover, hydrogen exports to Singapore exceeded the volume sent to the second major destination, Thailand (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Singapore amounted to +63.0%.

In value terms, Singapore ($X) remains the key foreign market for hydrogen exports from Malaysia, comprising 95% of total exports. The second position in the ranking was taken by Thailand ($X), with a 3.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at +71.6%.

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2022, surging by 22% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per cubic meter in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per cubic meter), while the average price for exports to Singapore totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+5.2%).

Hydrogen Imports

Imports into Malaysia

In 2022, supplies from abroad of hydrogen was finally on the rise to reach X cubic meters after four years of decline. Overall, imports, however, showed a significant decrease. The pace of growth was the most pronounced in 2014 when imports increased by 205% against the previous year. Imports peaked at X cubic meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, hydrogen imports skyrocketed to $X in 2022. Over the period under review, imports, however, faced a sharp curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 198%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X cubic meters) constituted the largest hydrogen supplier to Malaysia, accounting for a 57% share of total imports. Moreover, hydrogen imports from the United States exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X cubic meters), twofold. Japan (X cubic meters) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+15.5% per year) and Japan (-11.1% per year).

In value terms, the largest hydrogen suppliers to Malaysia were the United States ($X), Taiwan (Chinese) ($X) and Japan ($X), with a combined 93% share of total imports.

Taiwan (Chinese), with a CAGR of +21.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, with a decrease of -15.7% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average import price increased by 58% against the previous year. Over the period under review, average import prices hit record highs at $X per cubic meter in 2021, and then contracted remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per cubic meter), while the price for Belgium ($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 (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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