Eastern Asia: Borates Market 2024

Borates Market Size in Eastern Asia

In 2022, the East Asian borates market increased by 25% to $X, rising for the second consecutive year after two years of decline. The market 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 level of consumption peaked in 2022 and is expected to retain growth in the near future.

Borates Production in Eastern Asia

In value terms, borates production rose modestly to $X in 2022 estimated in export price. Overall, production, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 204% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Borates Exports

Exports in Eastern Asia

In 2022, approx. X tons of borates were exported in Eastern Asia; which is down by -2.7% compared with 2021 figures. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 31%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, borates exports expanded notably to $X in 2022. The total export value 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 appeared the most rapid in 2021 with an increase of 31% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

China prevails in exports structure, recording X tons, which was approx. 89% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), making up a 6.8% share of total exports. The following exporters - South Korea (X tons) and Japan (X tons) - each amounted to a 3.8% 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 Japan (+3.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +13.1% from 2012-2022. By contrast, South Korea (-6.6%) illustrated a downward trend over the same period. Taiwan (Chinese) (+4.7 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest borates supplier in Eastern Asia, comprising 85% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 8.7% share of total exports. It was followed by Japan, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +2.2%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+21.9% per year) and Japan (-0.3% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, growing by 17% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($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 Eastern Asia

In 2022, the amount of borates imported in Eastern Asia reduced to X tons, which is down by -1.7% 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 most prominent rate of growth was recorded in 2017 with an increase of 40% 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 +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 34%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

China dominates imports structure, amounting to X tons, which was approx. 86% of total imports in 2022. South Korea (X tons) took a 5.4% share (based on physical terms) of total imports, which put it in second place, followed by Japan (5.3%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the borates imports, with a CAGR of +3.6% from 2012 to 2022. South Korea experienced a relatively flat trend pattern. Japan (-4.3%) and Taiwan (Chinese) (-6.5%) illustrated a downward trend over the same period. While the share of China (+10 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-4.2 p.p.) and Japan (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported borates in Eastern Asia, comprising 84% of total imports. The second position in the ranking was held by Japan ($X), with a 6.8% share of total imports. It was followed by South Korea, with a 6.4% share.

In China, borates imports increased at an average annual rate of +4.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-6.0% per year) and South Korea (-1.0% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, growing by 35% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) and China ($X per ton) were 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 a decline in the import price figures.

Source: IndexBox Platform

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