Thailand: Market for Oxides Of Boron and Boric Acids 2024

Market Size for Oxides Of Boron and Boric Acids in Thailand

In 2021, the Thai market for oxides of boron and boric acids was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Boron oxide and boric acid consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Oxides Of Boron and Boric Acids

Exports from Thailand

In 2021, overseas shipments of oxides of boron and boric acids increased by 426% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2014 with an increase of 437% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, boron oxide and boric acid exports surged to $X in 2021. In general, exports, however, continue to indicate a mild shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 771% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for boron oxide and boric acid exports from Thailand, with a 91% share of total exports. Moreover, boron oxide and boric acid exports to South Korea exceeded the volume sent to the second major destination, the Philippines (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to South Korea totaled +89.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-34.8% per year) and Vietnam (+21.4% per year).

In value terms, South Korea ($X) emerged as the key foreign market for oxides of boron and boric acids exports from Thailand, comprising 66% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at +97.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+28.7% per year) and the Philippines (-18.4% per year).

Export Prices by Country

In 2021, the average export price for oxides of boron and boric acids amounted to $X per ton, waning by -46.5% against the previous year. Overall, the export price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2016 an increase of 159%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then declined sharply in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+25.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oxides Of Boron and Boric Acids

Imports into Thailand

In 2021, supplies from abroad of oxides of boron and boric acids increased by 47% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +11.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 99% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, boron oxide and boric acid imports surged to $X in 2021. In general, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 127%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of boron oxide and boric acid to Thailand, accounting for a 67% share of total imports. Moreover, boron oxide and boric acid imports from Turkey exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was held by Russia (X tons), with a 3.4% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey amounted to +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.3% per year) and Russia (+29.2% per year).

In value terms, Turkey ($X) constituted the largest supplier of oxides of boron and boric acids to Thailand, comprising 62% of total imports. The second position in the ranking was held by the United States ($X), with a 29% share of total imports. It was followed by Russia, with a 3% share.

From 2012 to 2021, the average annual growth rate of value from Turkey stood at +25.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.6% per year) and Russia (+25.8% per year).

Import Prices by Country

In 2021, the average import price for oxides of boron and boric acids amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2013 when the average import price increased by 14% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from the United States ($X per ton) and Bolivia ($X per ton), while the price for Russia ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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