Thailand: Borates Market 2024

Borates Market Size in Thailand

For the third consecutive year, the Thai borates market recorded growth in sales value, which increased by 20% to $X in 2022. The market value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Borates consumption peaked in 2022 and is expected to retain growth in years to come.

Borates Exports

Exports from Thailand

In 2022, overseas shipments of borates increased by 76% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports saw a perceptible increase. The most prominent rate of growth was recorded in 2018 with an increase of 941%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, borates exports soared to $X in 2022. In general, exports showed a perceptible expansion. The growth pace was the most rapid in 2018 with an increase of 323% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for borates exports from Thailand, accounting for a 89% share of total exports. Moreover, borates exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, Myanmar (X tons), more than tenfold. Japan (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2022, the average annual growth rate of volume to Lao People's Democratic Republic totaled +36.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+33.2% per year) and Japan (+6.8% per year).

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for borates exports from Thailand, comprising 79% of total exports. The second position in the ranking was taken by Myanmar ($X), with an 8.6% share of total exports. It was followed by Japan, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value to Lao People's Democratic Republic amounted to +38.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+32.1% per year) and Japan (+12.3% per year).

Export Prices by Country

In 2022, the average borates export price amounted to $X per ton, stabilizing at the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 117% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Vietnam (+22.9%), while the prices for the other major destinations experienced more modest paces of growth.

Borates Imports

Imports into Thailand

In 2022, supplies from abroad of borates decreased by -0.5% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 24%. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, borates imports soared to $X in 2022. Overall, total imports indicated a noticeable increase 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, imports increased by +80.7% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey (X tons), the United States (X tons) and Argentina (X tons) were the main suppliers of borates imports to Thailand, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +17.7%), while purchases for the other leaders experienced a decline.

In value terms, Turkey ($X), the United States ($X) and Argentina ($X) were the largest borates suppliers to Thailand, together comprising 83% of total imports.

In terms of the main suppliers, Turkey, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average borates import price amounted to $X per ton, increasing by 25% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Malaysia ($X per ton), while the price for the United States ($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 (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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