Middle East: Borates Market 2024

Borates Market Size in the Middle East

The Middle Eastern borates market skyrocketed to $X in 2022, increasing by 142% against the previous year. Overall, consumption saw a notable expansion. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Borates Production in the Middle East

In value terms, borates production rose modestly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 106% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Borates Exports

Exports in the Middle East

In 2022, shipments abroad of borates increased by 0.4% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 49% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, borates exports surged to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +84.5% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 45% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

In 2022, Turkey (X tons) was the major exporter of borates in the Middle East, comprising 100% of total export.

Turkey was also the fastest-growing in terms of the borates exports, with a CAGR of +3.1% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest borates supplier in the Middle East.

In Turkey, borates exports increased at an average annual rate of +4.7% over the period from 2012-2022.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, jumping by 27% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to +1.6% per year.

Borates Imports

Imports in the Middle East

In 2022, the amount of borates imported in the Middle East expanded markedly to X tons, with an increase of 8.9% compared with the year before. Overall, imports, however, recorded a noticeable decrease. The pace of growth was the most pronounced in 2017 when imports increased by 24% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, borates imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2013 with an increase of 28% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Iran (X tons) represented the largest importer of borates, creating 42% of total imports. It was distantly followed by the United Arab Emirates (X tons), Kuwait (X tons), Israel (X tons) and Palestine (X tons), together creating a 44% share of total imports. The following importers - Jordan (X tons) and Turkey (X tons) - together made up 7.3% of total imports.

Imports into Iran decreased at an average annual rate of -2.6% from 2012 to 2022. At the same time, Turkey (+15.1%), Palestine (+10.6%), Israel (+2.9%) and the United Arab Emirates (+1.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +15.1% from 2012-2022. By contrast, Kuwait (-1.7%) and Jordan (-4.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iran, the United Arab Emirates, Israel, Palestine, Kuwait and Turkey increased by +8.9, +7.4, +4.8, +4.2, +4 and +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X), the United Arab Emirates ($X) and Turkey ($X) were the countries with the highest levels of imports in 2022, together comprising 69% of total imports. Israel, Kuwait, Jordan and Palestine lagged somewhat behind, together comprising a further 21%.

In terms of the main importing countries, Palestine, with a CAGR of +11.1%, 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 the Middle East amounted to $X per ton, with an increase of 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2013 when the import price increased by 14% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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