Republic of Korea: Hydrogen Market 2024

Hydrogen Market Size in Republic of Korea

In 2022, the South Korean hydrogen market increased by X% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, recorded a significant expansion. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Hydrogen Production in Republic of Korea

In value terms, hydrogen production reduced sharply to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt descent. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

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Hydrogen Exports

Exports from Republic of Korea

Hydrogen exports from South Korea fell sharply to X cubic meters in 2022, declining by X% on 2021 figures. Overall, exports faced a dramatic curtailment. The growth pace was the most rapid in 2016 when exports increased by X%. The exports peaked at X cubic meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, hydrogen exports shrank sharply to $X in 2022. Over the period under review, exports recorded a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X cubic meters) was the main destination for hydrogen exports from South Korea, with a X% share of total exports. Moreover, hydrogen exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X cubic meters), sevenfold. Malaysia (X cubic meters) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Malaysia (X% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for hydrogen exports from South Korea, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

In 2022, the average hydrogen export price amounted to $X per cubic meter, jumping by X% against the previous year. Overall, the export price continues to indicate a significant increase. As a result, the export 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 suppliers, the country with the highest price was Malaysia ($X per cubic meter), while the average price for exports to Oman ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into Republic of Korea

Hydrogen imports into South Korea skyrocketed to X cubic meters in 2022, growing by X% on the previous year's figure. In general, imports enjoyed a measured expansion. The growth pace was the most rapid in 2015 with an increase of X%. As a result, imports attained the peak of X cubic meters. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, hydrogen imports surged to $X in 2022. Overall, imports continue to indicate strong growth. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Canada (X cubic meters) was the main supplier of hydrogen to South Korea, accounting for a X% share of total imports. Moreover, hydrogen imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Canada totaled X%.

In value terms, Canada ($X) constituted the largest supplier of hydrogen to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada stood at X%.

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, rising by X% against the previous year. In general, the import price continues to indicate resilient growth. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for Canada totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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