Latin America and the Caribbean: Borates Market 2024

Borates Market Size in Latin America and the Caribbean

The Latin American borates market soared to $X in 2022, surging by 20% against the previous year. In general, consumption, however, continues to indicate a perceptible curtailment. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Borates Production in Latin America and the Caribbean

In value terms, borates production totaled $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of 19%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Borates Exports

Exports in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in overseas shipments of borates, when their volume decreased by -7.3% to X tons. The total export volume increased at an average annual rate of +2.1% 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 2021 when exports increased by 16%. As a result, the exports reached the peak of X tons, and then fell in the following year.

In value terms, borates exports surged to $X in 2022. Total exports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +78.0% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bolivia represented the major exporting country with an export of around X tons, which accounted for 54% of total exports. Chile (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by Argentina (15%) and Peru (6.2%). Guatemala (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to borates exports from Bolivia stood at +7.3%. At the same time, Guatemala (+71.8%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +71.8% from 2012-2022. By contrast, Chile (-1.9%), Argentina (-2.9%) and Peru (-3.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Bolivia and Guatemala increased by +21 and +4 percentage points, respectively.

In value terms, the largest borates supplying countries in Latin America and the Caribbean were Chile ($X), Bolivia ($X) and Argentina ($X), together accounting for 80% of total exports. Peru and Guatemala lagged somewhat behind, together accounting for a further 20%.

In terms of the main exporting countries, Guatemala, with a CAGR of +64.5%, saw the highest growth rate of 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 export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 40% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Peru ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+3.2%), while the other leaders experienced mixed trends in the export price figures.

Borates Imports

Imports in Latin America and the Caribbean

In 2022, after three years of growth, there was decline in overseas purchases of borates, when their volume decreased by -2.8% to X tons. Total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 +47.7% against 2017 indices. The growth pace was the most rapid in 2017 with an increase of 28% against the previous year. The volume of import peaked at X tons in 2021, and then fell slightly in the following year.

In value terms, borates imports soared to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +71.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 32% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Brazil dominates imports structure, amounting to X tons, which was near 78% of total imports in 2022. Mexico (X tons) took the second position in the ranking, followed by Guatemala (X tons). All these countries together took approx. 13% share of total imports. Colombia (X tons) and Chile (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to borates imports into Brazil stood at +4.2%. At the same time, Guatemala (+19.8%) and Chile (+1.2%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +19.8% from 2012-2022. Mexico experienced a relatively flat trend pattern. By contrast, Colombia (-4.9%) illustrated a downward trend over the same period. Brazil (+5.8 p.p.) and Guatemala (+3.5 p.p.) significantly strengthened its position in terms of the total imports, while Colombia and Mexico saw its share reduced by -3.3% and -4.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported borates in Latin America and the Caribbean, comprising 69% of total imports. The second position in the ranking was held by Mexico ($X), with a 12% share of total imports. It was followed by Guatemala, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at +5.2%. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (-0.3% per year) and Guatemala (+21.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 25% against the previous year. Overall, the import price showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2015; however, from 2016 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 Chile ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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