CIS: Borates Market 2024

Borates Market Size in CIS

The CIS borates market stood at $X in 2022, growing by 7.4% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.0% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Borates Production in CIS

In value terms, borates production expanded sharply to $X in 2022 estimated in export price. In general, production enjoyed a prominent increase. The growth pace was the most rapid in 2020 with an increase of 65%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Borates Exports

Exports in CIS

In 2022, the amount of borates exported in the CIS rose slightly to X tons, surging by 3.5% compared with 2021 figures. The total export volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when exports increased by 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, borates exports reduced modestly to $X in 2022. Overall, exports, however, showed a mild contraction. The growth pace was the most rapid in 2016 when exports increased by 15% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) represented roughly 100% of total exports in 2022.

Russia was also the fastest-growing in terms of the borates exports, with a CAGR of +3.9% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest borates supplier in the CIS.

From 2012 to 2022, the average annual growth rate of value in Russia stood at -1.7%.

Export Prices by Country

In 2022, the export price in the CIS amounted to $X per ton, reducing by -5.3% against the previous year. Overall, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2021 when the export price increased by 8.8%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Russia.

From 2012 to 2022, the rate of growth in terms of prices for Russia amounted to -5.4% per year.

Borates Imports

Imports in CIS

In 2022, purchases abroad of borates was finally on the rise to reach X tons after two years of decline. Total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 20%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, borates imports stood at $X in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 17% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Russia represented the major importer of borates in the CIS, with the volume of imports resulting at X tons, which was near 78% of total imports in 2022. It was distantly followed by Belarus (X tons) and Kazakhstan (X tons), together generating an 18% share of total imports. Uzbekistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to borates imports into Russia stood at +4.1%. At the same time, Uzbekistan (+21.4%), Kazakhstan (+14.8%) and Belarus (+1.7%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +21.4% from 2012-2022. Uzbekistan (+3.4 p.p.) and Kazakhstan (+3 p.p.) significantly strengthened its position in terms of the total imports, while Russia and Belarus saw its share reduced by -2.7% and -3.9% from 2012 to 2022, respectively.

In value terms, Russia ($X) constitutes the largest market for imported borates in the CIS, comprising 70% of total imports. The second position in the ranking was taken by Belarus ($X), with a 15% share of total imports. It was followed by Kazakhstan, with a 7.4% share.

In Russia, borates imports expanded at an average annual rate of +1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belarus (-1.1% per year) and Kazakhstan (+8.8% per year).

Import Prices by Country

The import price in the CIS stood at $X per ton in 2022, picking up by 3.2% against the previous year. In general, the import price, however, showed a pronounced decrease. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Uzbekistan ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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