Asia's Growing Hydrogen Market Projections
Key Ideas
- Asia's hydrogen market is projected to grow steadily over the next decade, with a forecasted CAGR of +0.9% in volume and +1.3% in value from 2024 to 2035.
- China leads both in hydrogen consumption and production in Asia, with a significant market share, followed by countries like Thailand and Malaysia.
- The per capita consumption of hydrogen is notably high in Singapore, showcasing a positive growth trend in hydrogen usage in the region.
- Despite previous declines, Asia saw an increase in hydrogen imports by 5.5% in 2024, indicating a potential shift in the market dynamics.
IndexBox's recent report on Asia's hydrogen market indicates a positive outlook for the industry with projected growth in both volume and value over the next decade. By 2035, the market volume is expected to reach 6.5B cubic meters, with a corresponding value of $3.2B. This growth is forecasted to have a continuous yet moderate increase, reflecting the rising demand for hydrogen in the region.
China stands out as the dominant player in both hydrogen consumption and production, holding a significant market share. Other key consumers like Thailand and Malaysia also contribute to the market's growth. Singapore leads in per capita hydrogen consumption, showing a substantial increase in usage over the years.
Despite a recent decline in imports, Asia experienced a 5.5% increase in hydrogen imports in 2024, signaling potential shifts in market dynamics. The overall trend indicates a positive sentiment towards hydrogen utilization and market expansion in the region, driven by increasing demand and consumption patterns.