South Korea Hydrogen Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Foreign Trade, Regional Demand, Company Share, Manufacturing Process, 2015-2034

The South Korea Hydrogen market demand stood at 740 thousand tonnes in 2023 and is expected to grow at a CAGR of 3.45% during the forecast period until 2034. 

 

Hydrogen plays a crucial role as a raw material in the production of ammonia, particularly in industries like fertilizer manufacturing. Rather than serving as a direct energy source, hydrogen functions as an energy carrier with the capacity to store and transport substantial energy. Its diverse applications include powering fuel cells for electricity, power, and heat generation. Currently utilized in petroleum refining and fertilizer production, hydrogen is increasingly finding applications in transportation and utilities. When used in a fuel cell, hydrogen serves as a clean fuel, producing water, electricity, and heat. The future holds immense potential for hydrogen and fuel cells, with versatile applications across transportation, commercial, and industrial sectors. These potential applications encompass distributed or combined heat and power systems, backup power systems, storage and utilization of renewable energy, portable power solutions, and auxiliary power for a variety of vehicles such as trucks, aircraft, rail, ships, passenger and freight vehicles like cars, trucks, and buses.

 

The primary use revolves around employing hydrogen for the production of ammonia, which, in turn, finds applications in diverse industries, including Agriculture & Fertilizers, Explosives, Refrigeration, and other sectors. South Korea is poised for a significant increase in the embrace of hydrogen, propelled by its strategic dedication to advancing hydrogen technologies and attaining carbon neutrality. The expansion of the hydrogen market in South Korea is driven by a combination of robust government initiatives, ambitious green energy goals, technological advancements, international collaborations, infrastructure development, and increasing demand in sectors like transportation and industry. The South Korean government's proactive policies, incentives, and regulations create a supportive framework for hydrogen development, aligning with global trends towards cleaner and more sustainable energy sources. Investments in hydrogen infrastructure, coupled with advancements in production and utilization technologies, contribute to the economic viability of hydrogen solutions. Additionally, collaborations with international partners and a focus on research and development foster innovation in the sector. As South Korea aims to reduce carbon emissions and embrace cleaner energy alternatives, hydrogen emerges as a key player, positioning the country at the forefront of the global hydrogen economy. Expanding upon this, the Korean government unveiled its Hydrogen Economy Roadmap in 2019, with the objective of implementing 15 gigawatts (GW) of utility-scale and 2.1 GW of commercial and residential fuel cells by 2040. The roadmap also outlines plans for the mobility sector, targeting the deployment of 5.9 million fuel cell cars and 60,000 fuel cell buses on the roads by 2040, facilitated by the presence of 1,200 hydrogen refueling stations. Due to these reasons, the South Korea Hydrogen market size is estimated to reach roughly 1080 thousand tonnes in 2034. 

 

Based on the end-user industry, the South Korea Hydrogen market is segregated into Ammonia, Refining, Methanol, Fuel, and Others. The largest chunk of Hydrogen goes towards Ammonia segment. In 2023, this industry consumed about 38 percent of the total South Korea Hydrogen market.

 

Major players in the South Korea Hydrogen market are Deokyang, SPG Hydrogen, Air Liquide, SDG, Changshin, and Daesung. Other players in the Global Hydrogen market are LG Chem, Sinopec, Iwatani, Air Products, Praxair, Linde plc, Shanghai HuaLin Industrial Gases, Martinez Refining Co Llc, Phillips 66 Company, Flint Hills Resources Lp, Cenex Harvest States Coop, and Others. 

 

Years considered for this report:

 

Historical Period: 2015- 2022

Base Year: 2023

Estimated Year: 2024

Forecast Period: 2025-2034

 

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Objective of the Study: 

 

• To assess the demand-supply scenario of Hydrogen which covers production, demand and supply of Hydrogen   market in South Korea.

• To analyse and forecast the market size of Hydrogen   

• To classify and forecast South Korea Hydrogen market based on end-use and regional distribution.

• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Hydrogen market in South Korea.

 

To extract data for South Korea Hydrogen market, primary research surveys were conducted with Hydrogen manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for South Korea Hydrogen market over the coming years. 

 

ChemAnalyst calculated Hydrogen demand across the South Korea region by analysing the volume of Hydrogen consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst. 

 

 

Key Target Audience:

 

• Hydrogen manufacturers and other stakeholders

• Organizations, forums and alliances related to Hydrogen distribution

• Government bodies such as regulating authorities and policy makers

• Market research organizations and consulting companies

 

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.

 

Report Scope:

 

In this report, South Korea Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below: 

 

Attribute	Details
Market size Volume in 2023	740 thousand tonnes
Market size Volume by 2034	1080 thousand tonnes
Growth Rate	CAGR of 3.45% from 2024 to 2034
Base year	2023
Estimated Year	2024
Historical Data	2015 – 2022
Forecast period	2025 – 2034
Quantitative units	Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage	Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered	By End-Use: (Ammonia, Refining, Methanol, Fuel, and Others) By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope	Northern South Korea, Central South Korea, and Southern South Korea
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Available Customizations:

 

With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.

 

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