Latin America and the Caribbean: Hydrogen Market 2024

Hydrogen Market Size in Latin America and the Caribbean

The Latin American hydrogen market fell to $X in 2022, shrinking by -5% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Hydrogen Production in Latin America and the Caribbean

In value terms, hydrogen production fell to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 43%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Hydrogen Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of hydrogen increased by 92% to X cubic meters, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 276% against the previous year. The volume of export peaked at X cubic meters in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, hydrogen exports surged to $X in 2022. In general, exports, however, continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 98% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Paraguay dominates exports structure, amounting to X cubic meters, which was approx. 81% of total exports in 2022. It was distantly followed by Guatemala (X cubic meters), committing a 5% share of total exports. The Dominican Republic (X cubic meters), Chile (X cubic meters) and Argentina (X cubic meters) followed a long way behind the leaders.

Paraguay experienced a relatively flat trend pattern with regard to volume of exports of hydrogen. At the same time, the Dominican Republic (+47.5%), Argentina (+29.3%) and Chile (+7.1%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +47.5% from 2012-2022. By contrast, Guatemala (-19.8%) illustrated a downward trend over the same period. Paraguay (+81 p.p.), the Dominican Republic (+3.9 p.p.), Chile (+1.5 p.p.) and Argentina (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Guatemala saw its share reduced by -38.5% from 2012 to 2022, respectively.

In value terms, the largest hydrogen supplying countries in Latin America and the Caribbean were Guatemala ($X), Paraguay ($X) and Chile ($X), together comprising 65% of total exports. Argentina and the Dominican Republic lagged somewhat behind, together comprising a further 8.7%.

In terms of the main exporting countries, the Dominican Republic, with a CAGR of +69.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per cubic meter, which is down by -22.2% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the export price increased by 79% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2021 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guatemala ($X per cubic meter), while Paraguay ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+26.4%), while the other leaders experienced more modest paces of growth.

Hydrogen Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of hydrogen increased by 3.6% to X cubic meters, rising for the second consecutive year after two years of decline. In general, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 1,287% against the previous year. Over the period under review, imports hit record highs at X cubic meters in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, hydrogen imports dropped slightly to $X in 2022. Over the period under review, imports posted a noticeable increase. The pace of growth was the most pronounced in 2021 with an increase of 469% against the previous year. As a result, imports reached the peak of $X, and then contracted slightly in the following year.

Imports by Country

Mexico dominates imports structure, recording X cubic meters, which was near 93% of total imports in 2022. Trinidad and Tobago (X cubic meters) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hydrogen imports into Mexico stood at +9.7%. At the same time, Trinidad and Tobago (+31.3%) displayed positive paces of growth. Moreover, Trinidad and Tobago emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +31.3% from 2012-2022. From 2012 to 2022, the share of Mexico and Trinidad and Tobago increased by +13 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported hydrogen in Latin America and the Caribbean, comprising 81% of total imports. The second position in the ranking was taken by Trinidad and Tobago ($X), with a 2.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to +4.8%.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per cubic meter, declining by -6% against the previous year. Overall, the import price saw a noticeable decrease. The most prominent rate of growth was recorded in 2020 an increase of 378% against the previous year. As a result, import price attained the peak level of $X per cubic meter. From 2021 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Trinidad and Tobago ($X per cubic meter), while Mexico stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (-1.9%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :