Asia: Borates Market 2024

Borates Market Size in Asia

The Asian borates market soared to $X in 2022, with an increase of 32% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +89.3% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Borates Production in Asia

In value terms, borates production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 38%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Borates Exports

Exports in Asia

In 2022, the amount of borates exported in Asia dropped slightly to X tons, waning by -1.7% on 2021 figures. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 49%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, borates exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 43% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Turkey dominates exports structure, amounting to X tons, which was approx. 94% of total exports in 2022. China (X tons) held a minor share of total exports.

Turkey was also the fastest-growing in terms of the borates exports, with a CAGR of +3.1% from 2012 to 2022. China experienced a relatively flat trend pattern. Turkey (+6 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, Turkey ($X) remains the largest borates supplier in Asia, comprising 79% of total exports. The second position in the ranking was taken by China ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +4.7%.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, jumping by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Turkey amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.8%).

Borates Imports

Imports in Asia

In 2022, the amount of borates imported in Asia dropped to X tons, reducing by -6.2% on 2021. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 37% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, borates imports surged to $X in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China prevails in imports structure, recording X tons, which was approx. 69% of total imports in 2022. It was distantly followed by India (X tons) and Malaysia (X tons), together creating a 13% share of total imports. South Korea (X tons), Japan (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) took a little share of total imports.

Imports into China increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, India (+5.3%) and Indonesia (+1.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia, with a CAGR of +5.3% from 2012-2022. South Korea and Malaysia experienced a relatively flat trend pattern. By contrast, Japan (-4.3%) and Taiwan (Chinese) (-6.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and India increased by +8 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported borates in Asia, comprising 67% of total imports. The second position in the ranking was held by India ($X), with an 8.6% share of total imports. It was followed by Japan, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +4.9%. In the other countries, the average annual rates were as follows: India (+5.5% per year) and Japan (-6.0% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, growing by 31% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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