South-Eastern Asia: Borates Market 2024

Borates Market Size in South-Eastern Asia

The Southeast Asian borates market dropped slightly to $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, leveling off in the following year.

Borates Production in South-Eastern Asia

In value terms, borates production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The level of production peaked at $X in 2014; afterwards, it flattened through to 2022.

Borates Exports

Exports in South-Eastern Asia

In 2022, exports of borates in South-Eastern Asia declined significantly to X tons, waning by -84.8% against the previous year's figure. Overall, exports recorded a significant decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 79% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, borates exports contracted sharply to $X in 2022. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 82% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia represented the key exporter of borates in South-Eastern Asia, with the volume of exports finishing at X tons, which was approx. 71% of total exports in 2022. Thailand (X tons) ranks second in terms of the total exports with a 15% share, followed by Indonesia (5.5%) and Singapore (4.9%). Vietnam (X tons) took a minor share of total exports.

Exports from Malaysia decreased at an average annual rate of -24.2% from 2012 to 2022. At the same time, Thailand (+3.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +3.4% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (-1.6%) and Vietnam (-6.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Indonesia, Singapore and Vietnam increased by +14, +5.1, +4.4 and +2.8 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest borates supplier in South-Eastern Asia, comprising 57% of total exports. The second position in the ranking was held by Singapore ($X), with an 18% share of total exports. It was followed by Thailand, with a 16% share.

In Malaysia, borates exports shrank by an average annual rate of -22.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-4.3% per year) and Thailand (+2.6% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, with an increase of 68% against the previous year. Export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, borates export price increased by +87.8% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Borates Imports

Imports in South-Eastern Asia

In 2022, borates imports in South-Eastern Asia reduced to X tons, with a decrease of -14.3% on the previous year's figure. Overall, imports, however, recorded a slight increase. The growth pace was the most rapid in 2021 with an increase of 62% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, borates imports dropped to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 62%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons) and Indonesia (X tons) represented roughly 78% of total imports in 2022. Thailand (X tons) held the next position in the ranking, distantly followed by Vietnam (X tons). All these countries together held approx. 18% share of total imports. The Philippines (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 the Philippines (with a CAGR of +6.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest borates importing markets in South-Eastern Asia were Malaysia ($X), Indonesia ($X) and Thailand ($X), with a combined 88% share of total imports. Vietnam and the Philippines lagged somewhat behind, together accounting for a further 8.4%.

The Philippines, with a CAGR of +8.5%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, rising by 11% against the previous year. In general, the import price, however, continues to indicate a slight downturn. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($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 Philippines (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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