Eastern Europe: Borates Market 2024

Borates Market Size in Eastern Europe

The East European borates market rose modestly to $X in 2022, surging by 3.8% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 9.8% against the previous year. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Borates Production in Eastern Europe

In value terms, borates production reduced modestly to $X in 2022 estimated in export price. In general, production saw a pronounced contraction. The most prominent rate of growth was recorded in 2021 with an increase of 4.6%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Borates Exports

Exports in Eastern Europe

In 2022, approx. X tons of borates were exported in Eastern Europe; growing by 18% against the previous year's figure. Over the period under review, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, borates exports skyrocketed to $X in 2022. Total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 32%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

In 2022, Russia (X tons) was the key exporter of borates, comprising 72% of total exports. It was distantly followed by Poland (X tons) and Latvia (X tons), together comprising a 27% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to borates exports from Russia stood at +3.9%. At the same time, Latvia (+120.4%) and Poland (+26.0%) displayed positive paces of growth. Moreover, Latvia emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +120.4% from 2012-2022. From 2012 to 2022, the share of Poland and Latvia increased by +15 and +8 percentage points, respectively.

In value terms, Russia ($X) remains the largest borates supplier in Eastern Europe, comprising 58% of total exports. The second position in the ranking was taken by Poland ($X), with a 29% share of total exports.

In Russia, borates exports decreased by an average annual rate of -1.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (+25.3% per year) and Latvia (+115.6% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, growing by 7% against the previous year. Overall, the export price, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2017 an increase of 8.1% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (-0.6%), while the other leaders experienced a decline in the export price figures.

Borates Imports

Imports in Eastern Europe

In 2022, overseas purchases of borates increased by 11% to X tons for the first time since 2019, thus ending a two-year declining trend. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, borates imports rose notably to $X in 2022. The total import value increased at an average annual rate of +3.3% 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 2017 with an increase of 15% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

Russia (X tons) and Poland (X tons) represented roughly 59% of total imports in 2022. The Czech Republic (X tons) held the next position in the ranking, followed by Latvia (X tons), Belarus (X tons) and Slovakia (X tons). All these countries together took approx. 35% share of total imports. Romania (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Romania (with a CAGR of +11.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Russia ($X) and the Czech Republic ($X) constituted the countries with the highest levels of imports in 2022, together comprising 69% of total imports. Latvia, Belarus, Slovakia and Romania lagged somewhat behind, together comprising a further 22%.

In terms of the main importing countries, Latvia, with a CAGR of +10.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, rising by 2.4% against the previous year. Overall, the import price, however, showed a slight decline. The pace of growth was the most pronounced in 2021 when the import price increased by 12%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Latvia ($X per ton), while Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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