U.S.: Borates Market 2024

Borates Market Size in the U.S.

The U.S. borates market rose notably to $X in 2022, with an increase of 7.3% against the previous year. In general, consumption showed a pronounced slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Borates Production in the U.S.

In value terms, borates production stood at $X in 2022. Over the period under review, production continues to indicate a slight decrease. The growth pace was the most rapid in 2019 with an increase of 42%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Borates Exports

Exports from the U.S.

In 2022, the amount of borates exported from the United States dropped slightly to X tons, therefore, remained relatively stable against the year before. Overall, total exports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.7% 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 +4.3% against 2020 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 70%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, borates exports surged to $X in 2022. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 when exports increased by 19%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for borates exports from the United States, accounting for a 48% share of total exports. Moreover, borates exports to China exceeded the volume sent to the second major destination, the Netherlands (X tons), sevenfold. The third position in this ranking was taken by Indonesia (X tons), with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-5.0% per year) and Indonesia (+21.0% per year).

In value terms, China ($X) remains the key foreign market for borates exports from the United States, comprising 46% of total exports. The second position in the ranking was taken by South Korea ($X), with a 6.5% share of total exports. It was followed by Canada, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-1.3% per year) and Canada (+3.7% per year).

Export Prices by Country

In 2022, the average borates export price amounted to $X per ton, surging by 19% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 34%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 India (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Borates Imports

Imports into the U.S.

Borates imports into the United States declined markedly to X tons in 2022, reducing by -22.7% on 2021 figures. The total import volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 26%. Over the period under review, imports hit record highs at X tons in 2021, and then fell sharply in the following year.

In value terms, borates imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 31% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of borates to the United States, with a 83% share of total imports. Moreover, borates imports from Turkey exceeded the figures recorded by the second-largest supplier, Bolivia (X tons), more than tenfold. The third position in this ranking was held by Slovenia (X tons), with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+9.2% per year) and Slovenia (+25.3% per year).

In value terms, Turkey ($X) constituted the largest supplier of borates to the United States, comprising 69% of total imports. The second position in the ranking was held by Bolivia ($X), with a 7.1% share of total imports. It was followed by Italy, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value from Turkey totaled +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+6.1% per year) and Italy (+7.6% per year).

Import Prices by Country

In 2022, the average borates import price amounted to $X per ton, picking up by 32% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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