Western Africa: Lithium Battery Market 2023

Lithium Battery Market Size in Western Africa

In 2021, the West African lithium battery market increased by 15% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption enjoyed significant growth. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Lithium Battery Production in Western Africa

In value terms, lithium battery production soared to $X in 2021 estimated in export price. Overall, production recorded significant growth. The pace of growth was the most pronounced in 2014 with an increase of 678%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Lithium Battery Exports

Exports in Western Africa

In 2021, overseas shipments of lithium cells ans batteries decreased by -26.7% to X tons, falling for the third year in a row after three years of growth. Over the period under review, exports, however, recorded a moderate expansion. The growth pace was the most rapid in 2013 with an increase of 456% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lithium battery exports reduced sharply to $X in 2021. Overall, exports, however, recorded strong growth. The pace of growth was the most pronounced in 2013 when exports increased by 547%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire was the main exporting country with an export of around X tons, which amounted to 70% of total exports. It was distantly followed by Togo (X tons), comprising a 27% share of total exports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of lithium cells ans batteries. At the same time, Togo (+78.0%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +78.0% from 2012-2021. From 2012 to 2021, the share of Togo increased by +27 percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest lithium battery supplier in Western Africa, comprising 66% of total exports. The second position in the ranking was taken by Togo ($X), with a 31% share of total exports.

In Cote d'Ivoire, lithium battery exports expanded at an average annual rate of +11.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, surging by 3.4% against the previous year. In general, the export price posted a strong expansion. The pace of growth was the most pronounced in 2017 when the export price increased by 78% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Togo ($X per ton), while Cote d'Ivoire amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+10.6%).

Lithium Battery Imports

Imports in Western Africa

In 2021, overseas purchases of lithium cells ans batteries increased by 24% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 181% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, lithium battery imports expanded rapidly to $X in 2021. Overall, imports saw pronounced growth. The pace of growth appeared the most rapid in 2019 with an increase of 154%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was near 74% of total imports in 2021. Gambia (X tons) held a 9.9% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (4.6%). Senegal (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to lithium battery imports into Nigeria stood at +30.8%. At the same time, Gambia (+57.5%), Cabo Verde (+32.1%) and Senegal (+28.3%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +57.5% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Ghana (-5.0%) illustrated a downward trend over the same period. While the share of Nigeria (+39 p.p.), Gambia (+9 p.p.) and Senegal (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-12.7 p.p.) and Ghana (-34.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported lithium cells ans batteries in Western Africa, comprising 59% of total imports. The second position in the ranking was held by Senegal ($X), with a 12% share of total imports. It was followed by Gambia, with a 7.7% share.

In Nigeria, lithium battery imports increased at an average annual rate of +7.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+54.5% per year) and Gambia (+62.4% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, reducing by -7.6% against the previous year. In general, the import price faced a drastic downturn. The pace of growth was the most pronounced in 2014 when the import price increased by 28% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+20.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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