Latin America and the Caribbean: Lithium Battery Market 2024

Lithium Battery Market Size in Latin America and the Caribbean

After two years of decline, the Latin American lithium battery market increased by 5.9% to $X in 2021. The total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -13.1% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Lithium Battery Production in Latin America and the Caribbean

In value terms, lithium battery production rose to $X in 2021 estimated in export price. Over the period under review, production recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume increased by 35% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Lithium Battery Exports

Exports in Latin America and the Caribbean

In 2021, after three years of decline, there was significant growth in shipments abroad of lithium cells ans batteries, when their volume increased by 71% to X tons. Total exports indicated a slight increase from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, lithium battery exports soared to $X in 2021. In general, exports showed a measured expansion. The growth pace was the most rapid in 2016 with an increase of 49% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico dominates exports structure, resulting at X tons, which was near 96% of total exports in 2021. Brazil (X tons) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +2.2% from 2012 to 2021. At the same time, Brazil (+5.4%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +5.4% from 2012-2021. Mexico (+7.4 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest lithium battery supplier in Latin America and the Caribbean, comprising 97% of total exports. The second position in the ranking was taken by Brazil ($X), with a 0.6% share of total exports.

In Mexico, lithium battery exports increased at an average annual rate of +5.3% over the period from 2012-2021.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, falling by -27% against the previous year. In general, the export price, however, saw a tangible expansion. The pace of growth appeared the most rapid in 2016 when the export price increased by 59%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Mexico ($X per ton), while Brazil amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+3.0%).

Lithium Battery Imports

Imports in Latin America and the Caribbean

In 2021, imports of lithium cells ans batteries in Latin America and the Caribbean soared to X tons, surging by 22% compared with the previous year. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -1.1% against 2019 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 34% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, lithium battery imports expanded notably to $X in 2021. Total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -11.6% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by 29%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Mexico represented the main importer of lithium cells ans batteries in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 67% of total imports in 2021. Brazil (X tons) held the second position in the ranking, followed by Argentina (X tons). All these countries together took approx. 15% share of total imports. Colombia (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +8.2% from 2012 to 2021. At the same time, Argentina (+12.1%), Colombia (+9.4%) and Brazil (+2.1%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +12.1% from 2012-2021. Mexico (+9.2 p.p.) and Argentina (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by -4.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported lithium cells ans batteries in Latin America and the Caribbean, comprising 74% of total imports. The second position in the ranking was taken by Brazil ($X), with a 12% share of total imports. It was followed by Argentina, with a 2.6% share.

In Mexico, lithium battery imports increased at an average annual rate of +4.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (+0.5% per year) and Argentina (+5.1% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, dropping by -14% against the previous year. In general, the import price recorded a noticeable reduction. The pace of growth was the most pronounced in 2019 when the import price increased by 4.4% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform