Asia-Pacific: Borates Market 2024

Borates Market Size in Asia-Pacific

In 2022, the Asia-Pacific borates market increased by 18% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Borates Production in Asia-Pacific

In value terms, borates production stood at $X in 2022 estimated in export price. Overall, production, however, posted resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 204%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Borates Exports

Exports in Asia-Pacific

Borates exports reduced remarkably to X tons in 2022, waning by -27.4% on the previous year. Overall, exports saw a perceptible decrease. The growth pace was the most rapid in 2021 when exports increased by 41% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, borates exports reached $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 36% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) represented the main exporter of borates, comprising 66% of total exports. India (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons) and Taiwan (Chinese) (X tons). All these countries together took near 28% share of total exports. South Korea (X tons) held a relatively small share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of borates. At the same time, Taiwan (Chinese) (+13.1%) and India (+10.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +13.1% from 2012-2022. By contrast, South Korea (-6.6%) and Malaysia (-24.2%) illustrated a downward trend over the same period. China (+28 p.p.), India (+13 p.p.) and Taiwan (Chinese) (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -46.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest borates supplier in Asia-Pacific, comprising 60% of total exports. The second position in the ranking was held by India ($X), with a 19% share of total exports. It was followed by Taiwan (Chinese), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +2.2%. The remaining exporting countries recorded the following average annual rates of exports growth: India (+16.7% per year) and Taiwan (Chinese) (+21.9% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, growing by 44% against the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, borates export price increased by +114.7% against 2017 indices. 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 Taiwan (Chinese) ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.8%), while the other leaders experienced more modest paces of growth.

Borates Imports

Imports in Asia-Pacific

Borates imports dropped to X tons in 2022, which is down by -6.3% compared with the year before. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 38% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

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 in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 39%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

China dominates imports structure, accounting for X tons, which was near 68% of total imports in 2022. India (X tons) took an 8.7% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (4.6%). South Korea (X tons), Japan (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) held a minor 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-Pacific, 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 +7.9 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, borates imports increased at an average annual rate of +4.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+5.5% per year) and Japan (-6.0% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, rising by 31% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached 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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