Mexico: Hydrogen Market 2025

Hydrogen Market Size in Mexico

The Mexican hydrogen market totaled less than $X in 2022, standing approx. at the previous year. Over the period under review, consumption, however, enjoyed a significant increase. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Hydrogen Production in Mexico

In value terms, hydrogen production dropped remarkably to $X in 2022 estimated in export price. In general, production faced a abrupt curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 16% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Hydrogen Exports

Exports from Mexico

For the third consecutive year, Mexico recorded growth in overseas shipments of hydrogen, which increased by 4.4% to X cubic meters in 2014. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 119% against the previous year. The exports peaked in 2014 and are expected to retain growth in the near future.

In value terms, hydrogen exports skyrocketed to $X in 2014. In general, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 119%. Over the period under review, the exports hit record highs in 2014 and are expected to retain growth in years to come.

Exports by Country

The United States (X cubic meters) was the main destination for hydrogen exports from Mexico, accounting for a 78% share of total exports. Moreover, hydrogen exports to the United States exceeded the volume sent to the second major destination, Costa Rica (X cubic meters), sevenfold. The third position in this ranking was taken by Peru (X cubic meters), with a 7.4% share.

From 2012 to 2014, the average annual growth rate of volume to the United States amounted to +22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+293.9% per year) and Peru (-47.6% per year).

In value terms, the United States ($X) remains the key foreign market for hydrogen exports from Mexico, comprising 78% of total exports. The second position in the ranking was held by Costa Rica ($X), with an 11% share of total exports. It was followed by Peru, with a 7.4% share.

From 2012 to 2014, the average annual growth rate of value to the United States amounted to +62.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+424.7% per year) and Peru (-39.6% per year).

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2014, rising by 33% against the previous year. Over the last two-year period, it increased at an average annual rate of +15.3%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2014, amid the top suppliers, the highest price was recorded for prices to the United States ($X per cubic meter) and Peru ($X per cubic meter), while the average price for exports to Honduras ($X per cubic meter) and Costa Rica ($X per cubic meter) were amongst the lowest.

From 2012 to 2014, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+33.3%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into Mexico

In 2022, overseas purchases of hydrogen increased by 2.9% to X cubic meters, rising for the second consecutive year after two years of decline. Over the period under review, imports saw a buoyant increase. The growth pace was the most rapid in 2015 with an increase of 37%. Over the period under review, imports reached the peak figure at X cubic meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, hydrogen imports reduced to $X in 2022. In general, imports saw a pronounced increase. The pace of growth appeared the most rapid in 2013 with an increase of 11%. Over the period under review, imports reached the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, the United States (X cubic meters) was the main supplier of hydrogen to Mexico, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +9.7%.

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

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +4.8%.

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, which is down by -7.9% against the previous year. Overall, the import price saw a noticeable curtailment. The pace of growth appeared the most rapid in 2019 an increase of 33%. Over the period under review, average import prices reached the maximum at $X per cubic meter in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 the United States amounted to -4.5% per year.

Source: IndexBox Platform

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