As China’s hydrogen business grows quickly with coverage assist, commerce quantity with Korea can also be increasing, resulting in evaluation that cooperation alternatives between the 2 nations will enhance sooner or later.
KOTRA printed the “China’s Hydrogen Business Ecosystem and Cooperation Plans for Korean Corporations” report on Jan. 13, presenting China’s hydrogen business coverage traits and market outlook, promising cooperation fields, and concerns for market entry. As of the tip of 2024, China’s hydrogen manufacturing and consumption scale is roughly 36.5 million tons, the world’s largest. The Chinese language authorities plans to regularly foster hydrogen gasoline cell automobile distribution and hydrogen utilization industries by 2030.
In accordance with China’s Normal Administration of Customs, China’s imports of eight main hydrogen business parts and gear from Korea (high-pressure compressors, high-pressure sealing valves, high-pressure storage tanks, and so forth.) in 2024 reached $550 million (roughly 808.4 billion gained), a ten% enhance from the earlier yr. Import volumes of membrane electrode assemblies and circulation pumps from Korea have elevated for 2 consecutive years, and import scale is predicted to broaden additional. China is evaluated as having a large-scale hydrogen business ecosystem and demonstration infrastructure throughout your entire worth chain of hydrogen manufacturing, storage, transportation, and utilization.
The report projected that cooperation alternatives between hydrogen firms of each nations will broaden as a construction the place Korean firms with world-class expertise in gasoline cells, hydrogen automobiles, and core supplies can create mutual synergy. KOTRA acknowledged, “The hydrogen business is a area that may contribute to industrial construction development and carbon neutrality achievement for each Korea and China, and might turn into a brand new commerce and funding cooperation goal for each nations,” including, “We plan to contribute to Korean firms’ entry into China and industrial cooperation via hydrogen business data provision, promising challenge improvement, linkage with authorities cooperation initiatives, and company enterprise matching.”
In the meantime, the report additionally introduced issues that firms coming into the Chinese language hydrogen market ought to think about from institutional and technical facets. It defined that firms must be conscious of China’s electrolyzer and hydrogen system security and commonplace programs, qualification necessities for native challenge bidding, and dangers which will come up throughout collaboration with Chinese language firms. It additionally proposed the need of getting ready multi-layered protecting measures in opposition to such dangers.
Hwang Jae-won, KOTRA China regional director, emphasised, “China’s hydrogen business is a development market that concurrently meets coverage basis and market scale,” including, “If our firms’ technological competitiveness combines with China’s large-scale demonstration atmosphere, we will create enlargement cooperation fashions for the worldwide hydrogen market.”
