Report Update Nov 1, 2024

Republic of Korea - Borates - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Borates Market 2024

Borates Market Size in Republic of Korea

In 2022, the South Korean borates market increased by 13% to $X, rising for the second consecutive year after two years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Borates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Borates Exports

Exports from Republic of Korea

In 2022, shipments abroad of borates decreased by -37.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 221% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, borates exports reduced slightly to $X in 2022. Over the period under review, exports showed a drastic downturn. The pace of growth was the most pronounced in 2020 when exports increased by 105%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for borates exports from South Korea, with a 71% share of total exports. Moreover, borates exports to Japan exceeded the volume sent to the second major destination, China (X tons), fivefold. Malaysia (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at +76.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-21.6% per year) and Malaysia (+1.1% per year).

In value terms, the largest markets for borates exported from South Korea were China ($X), Japan ($X) and Slovenia ($X), with a combined 85% share of total exports. Malaysia, the Philippines, Fiji and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 6.6%.

In terms of the main countries of destination, Fiji, with a CAGR of +138.1%, recorded 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

In 2022, the average borates export price amounted to $X per ton, growing by 54% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 China (+19.1%), while the prices for the other major destinations experienced mixed trend patterns.

Borates Imports

Imports into Republic of Korea

Borates imports into South Korea fell to X tons in 2022, approximately mirroring the year before. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 21%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, borates imports expanded rapidly to $X in 2022. Over the period under review, imports showed a slight slump. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey (X tons), the United States (X tons) and Russia (X tons) were the main suppliers of borates imports to South Korea, with a combined 95% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +25.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest borates suppliers to South Korea were the United States ($X), Turkey ($X) and China ($X), with a combined 91% share of total imports. Russia and Chile lagged somewhat behind, together comprising a further 4.8%.

Russia, with a CAGR of +24.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average borates import price stood at $X per ton in 2022, jumping by 15% against the previous year. Overall, the import price, however, showed a slight downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Turkey ($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 (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for borates in the world?

The countries with the highest volumes of in 2021 were China, Turkey and the United States, with a combined 55% share of global consumption. Kazakhstan, India, Brazil, Chile, Germany, Taiwan Chinese) and Malaysia lagged somewhat behind, together accounting for a further 26%.

What are the largest producers of borates in the world?

The countries with the highest volumes of in 2021 were Turkey, the United States and Kazakhstan, with a combined 72% share of global production. These countries were followed by China, Bolivia, Chile and Argentina, which together accounted for a further 24%.

What are the leading suppliers of borates to Republic of Korea?

In value terms, the United States constituted the largest supplier of borates to South Korea, comprising 67% of total imports. The second position in the ranking was occupied by Turkey, with a 17% share of total imports. It was followed by China, with a 5% share.

What are the leading importers of borates from Republic of Korea?

In value terms, Hungary, Brazil and the Netherlands were the largest markets for borates exported from South Korea worldwide, together accounting for 67% of total exports.

What is the average export price for borates in Republic of Korea?

In 2021, the average borates export price amounted to $1,653 per ton, dropping by -7.7% against the previous year.

What is the average import price for borates in Republic of Korea?

The average borates import price stood at $609 per ton in 2021, shrinking by -11.6% against the previous year.

This report provides an in-depth analysis of the borates market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20136230 - Borates, peroxoborates (perborates)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023