Global Borates Market 2024

Borates Market Size

The global borates market skyrocketed to $X in 2022, growing by 25% against the previous year. The market value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Borates Production

In value terms, borates production expanded notably to $X in 2022 estimated in export price. In general, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 27%. As a result, production reached the peak level of $X. From 2021 to 2022, global production growth failed to regain momentum.

Borates Exports

Exports

In 2022, global borates exports reduced to X tons, which is down by -6.9% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when exports increased by 23% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the global exports remained at a lower figure.

In value terms, borates exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 19%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) and Turkey (X tons) were the major exporters of borates in 2022, recording near 35% and 31% of total exports, respectively. It was distantly followed by Bolivia (X tons), constituting an 11% share of total exports. Chile (X tons), Russia (X tons) and Argentina (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Bolivia (with a CAGR of +7.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest borates supplying countries worldwide were the United States ($X), Turkey ($X) and Chile ($X), with a combined 68% share of global exports. Bolivia, Argentina and Russia lagged somewhat behind, together comprising a further 11%.

In terms of the main exporting countries, Bolivia, with a CAGR of +7.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average borates export price amounted to $X per ton, jumping by 21% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2.3%), while the other global leaders experienced more modest paces of growth.

Borates Imports

Imports

Global borates imports shrank to X tons in 2022, declining by -9.7% on the previous year. The total import volume increased at an average annual rate of +2.1% 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 29%. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, borates imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 31% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

China represented the key importer of borates in the world, with the volume of imports reaching X tons, which was near 38% of total imports in 2022. Brazil (X tons) took the second position in the ranking, followed by the United States (X tons) and India (X tons). All these countries together held near 21% share of total imports. The following importers - Germany (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), Japan (X tons), Canada (X tons), Indonesia (X tons), France (X tons) and Russia (X tons) - together made up 21% of total imports.

From 2012 to 2022, average annual rates of growth with regard to borates imports into China stood at +3.6%. At the same time, Canada (+7.0%), India (+5.3%), Brazil (+4.2%), Russia (+4.1%), the United States (+3.6%), France (+3.5%) and Indonesia (+1.8%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in the world, with a CAGR of +7.0% from 2012-2022. South Korea and Malaysia experienced a relatively flat trend pattern. By contrast, Germany (-1.7%), Spain (-2.1%) and Japan (-4.3%) illustrated a downward trend over the same period. China (+5.3 p.p.) and Brazil (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while Japan saw its share reduced by -2.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported borates worldwide, comprising 39% of global imports. The second position in the ranking was held by Brazil ($X), with a 7.3% share of global imports. It was followed by the United States, with a 6.6% share.

In China, borates imports expanded at an average annual rate of +4.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+5.2% per year) and the United States (+2.8% per year).

Import Prices by Country

The average borates import price stood at $X per ton in 2022, with an increase of 25% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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