United Kingdom: Borates Market 2024

Borates Market Size in the UK

The UK borates market contracted sharply to $X in 2022, shrinking by -22.3% against the previous year. Over the period under review, consumption continues to indicate a pronounced decrease. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Borates Production in the UK

In value terms, borates production dropped to $X in 2022 estimated in export price. Overall, production continues to indicate a sharp downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 12% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Borates Exports

Exports from the UK

In 2022, borates exports from the UK skyrocketed to X tons, rising by 673% against the previous year. Overall, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, borates exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for borates exports from the UK, accounting for a 88% share of total exports. It was followed by the United States (X tons), with a 2.2% share of total exports. Belgium (X tons) ranked third in terms of total exports with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to +62.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.4% per year) and Belgium (+18.2% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for borates exports from the UK, comprising 72% of total exports. The second position in the ranking was taken by the United States ($X), with a 5.3% share of total exports. It was followed by Belgium, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands totaled +43.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.4% per year) and Belgium (+19.0% per year).

Export Prices by Country

In 2022, the average borates export price amounted to $X per ton, declining by -48.8% against the previous year. Overall, the export price saw a abrupt decrease. The pace of growth appeared the most rapid in 2013 when the average export price increased by 23% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to the Netherlands ($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 Chile (+7.2%), while the prices for the other major destinations experienced mixed trend patterns.

Borates Imports

Imports into the UK

For the third year in a row, the UK recorded decline in purchases abroad of borates, which decreased by -20.2% to X tons in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 56% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, borates imports rose significantly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 53%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X tons) was the main borates supplier to the UK, with a 92% share of total imports. It was followed by the United States (X tons), with a 2.6% share of total imports. The third position in this ranking was taken by Belgium (X tons), with less than 0.1% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+26.2% per year) and Belgium (-38.8% per year).

In value terms, Turkey ($X) constituted the largest supplier of borates to the UK, comprising 67% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by Belgium, with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.4% per year) and Belgium (-38.4% per year).

Import Prices by Country

The average borates import price stood at $X per ton in 2022, growing by 39% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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