MERCOSUR: Hydrogen Market 2024

Hydrogen Market Size in MERCOSUR

The MERCOSUR hydrogen market shrank to $X in 2022, reducing by -5.4% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Hydrogen Production in MERCOSUR

In value terms, hydrogen production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 54%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Hydrogen Exports

Exports in MERCOSUR

Hydrogen exports skyrocketed to X cubic meters in 2022, increasing by 2,118% compared with 2021 figures. Over the period under review, exports posted a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hydrogen exports surged to $X in 2022. In general, exports saw a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Paraguay prevails in exports structure, finishing at X cubic meters, which was approx. 92% of total exports in 2022. Chile (X cubic meters) and Argentina (X cubic meters) followed a long way behind the leaders.

Paraguay experienced a relatively flat trend pattern with regard to volume of exports of hydrogen. At the same time, Argentina (+29.3%) and Chile (+7.1%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +29.3% from 2012-2022. While the share of Paraguay (+92 p.p.) and Argentina (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Paraguay ($X) emerged as the largest hydrogen supplier in MERCOSUR, comprising 37% of total exports. The second position in the ranking was taken by Chile ($X), with a 14% share of total exports.

In Paraguay, hydrogen exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (+10.2% per year) and Argentina (+26.3% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per cubic meter in 2022, shrinking by -80.9% against the previous year. Overall, the export price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2016 when the export price increased by 82% against the previous year. Over the period under review, the export prices hit record highs at $X per cubic meter in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per cubic meter), while Paraguay ($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 Chile (+2.8%).

Hydrogen Imports

Imports in MERCOSUR

Hydrogen imports was estimated at X cubic meters in 2022, almost unchanged from 2021. Over the period under review, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 81%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, hydrogen imports contracted slightly to $X in 2022. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 154% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Colombia (X cubic meters) was the key importer of hydrogen, mixing up 62% of total imports. Chile (X cubic meters) took the second position in the ranking, followed by Venezuela (X cubic meters) and Ecuador (X cubic meters). All these countries together took near 26% share of total imports. The following importers - Uruguay (X cubic meters), Suriname (X cubic meters) and Peru (X cubic meters) - together made up 11% of total imports.

Colombia was also the fastest-growing in terms of the hydrogen imports, with a CAGR of +50.3% from 2012 to 2022. At the same time, Venezuela (+19.3%) and Uruguay (+5.0%) displayed positive paces of growth. By contrast, Suriname (-1.4%), Ecuador (-2.9%), Chile (-4.5%) and Peru (-12.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Colombia and Venezuela increased by +60 and +6.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X) constitutes the largest market for imported hydrogen in MERCOSUR, comprising 81% of total imports. The second position in the ranking was taken by Uruguay ($X), with a 4.8% share of total imports. It was followed by Peru, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Colombia amounted to +47.5%. The remaining importing countries recorded the following average annual rates of imports growth: Uruguay (+6.2% per year) and Peru (-6.1% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per cubic meter in 2022, waning by -2.4% against the previous year. Overall, the import price, however, posted strong growth. The most prominent rate of growth was recorded in 2020 when the import price increased by 101%. As a result, import price attained the peak level of $X per cubic meter. From 2021 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Colombia ($X per cubic meter), while Venezuela ($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 Peru (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform