Hungary: Borates Market 2024

Borates Market Size in Hungary

In 2022, the Hungarian borates market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Borates consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Borates Exports

Exports from Hungary

After two years of growth, overseas shipments of borates decreased by -79.1% to X tons in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 799%. As a result, the exports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, borates exports shrank notably to $X in 2022. In general, exports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2021 when exports increased by 667%. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

Kazakhstan (X tons), Germany (X tons) and Russia (X tons) were the main destinations of borates exports from Hungary, together comprising 78% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +46.8%), while the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X), Germany ($X) and Russia ($X) were the largest markets for borates exported from Hungary worldwide, with a combined 73% share of total exports.

Among the main countries of destination, Germany, with a CAGR of +45.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average borates export price stood at $X per ton in 2022, falling by -4.7% against the previous year. Overall, the export price showed a deep setback. The growth pace was the most rapid in 2014 when the average export price increased by 20% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (+4.8%), while the prices for the other major destinations experienced mixed trend patterns.

Borates Imports

Imports into Hungary

After two years of growth, purchases abroad of borates decreased by -31.1% to X tons in 2022. Over the period under review, imports showed a perceptible contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 28%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, borates imports expanded notably to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.5% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 29% against the previous year. Imports peaked at $X in 2019; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of borates to Hungary, with a 50% share of total imports. Moreover, borates imports from Poland exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was held by Italy (X tons), with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from Poland totaled +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+96.3% per year) and Italy (-14.2% per year).

In value terms, South Korea ($X) constituted the largest supplier of borates to Hungary, comprising 56% of total imports. The second position in the ranking was held by Poland ($X), with a 17% share of total imports. It was followed by China, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea totaled +128.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+3.9% per year) and China (+59.4% per year).

Import Prices by Country

The average borates import price stood at $X per ton in 2022, picking up by 62% against the previous year. Over the period under review, the import price recorded a resilient expansion. As a result, import 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 importers, the country with the highest price was Argentina ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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