Borates Market

The global borates market is projected to see continued growth in consumption with forecasted CAGR increases in both volume and value. China, Turkey, and the United States are the top consumers and producers of borates. Import trends show China as the key importer, while the United States and Turkey dominate as exporters. The average borates export price increased in 2022, with notable price variations by country. Overall, the market is expected to see steady growth in the near future.

Market Forecast

Driven by increasing demand for borates worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 7.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market value to $6.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Borates

Global borates consumption rose significantly to 6.6M tons in 2022, growing by 6.4% on 2021 figures. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume in 2022 and is expected to retain growth in the immediate term.

The global borates market size skyrocketed to $4.4B in 2022, jumping by 18% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.8M tons), Turkey (1.3M tons) and the United States (509K tons), together accounting for 55% of global consumption. Kazakhstan, Brazil, Chile, India, Indonesia, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Kazakhstan (with a CAGR of +5.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest borates markets worldwide were China ($1.1B), Kazakhstan ($1B) and Turkey ($502M), with a combined 59% share of the global market.

Kazakhstan, with a CAGR of +7.3%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of borates per capita consumption in 2022 were Kazakhstan (26 kg per 1000 persons), Turkey (15 kg per 1000 persons) and Chile (12 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +4.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Borates

Global borates production expanded remarkably to 5.3M tons in 2022, surging by 10% compared with the previous year. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 33%. Global production peaked at 5.7M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, borates production rose remarkably to $4B in 2022 estimated in export price. Over the period under review, the total production indicated a temperate expansion from 2012 to 2022: its value 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, production decreased by -6.2% against 2020 indices. The growth pace was the most rapid in 2020 when the production volume increased by 39%. As a result, production reached the peak level of $4.3B. From 2021 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Turkey (2.1M tons), the United States (1.2M tons) and Kazakhstan (500K tons), together comprising 71% of global production. Bolivia, China, Chile, Argentina and Russia lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by China (with a CAGR of +11.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Borates

In 2022, the amount of borates imported worldwide contracted to 4M tons, shrinking by -5.8% compared with 2021. The total import volume increased at an average annual rate of +2.5% 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 27% against the previous year. As a result, imports attained the peak of 4.3M tons, and then dropped in the following year.

In value terms, borates imports soared to $2.5B in 2022. The total import value increased at an average annual rate of +2.6% 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 31%. Over the period under review, global imports reached the maximum in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, China (1.5M tons) was the key importer of borates, generating 37% of total imports. It was distantly followed by Brazil (354K tons), the United States (275K tons) and India (190K tons), together achieving a 20% share of total imports. The following importers - Malaysia (114K tons), Taiwan (Chinese) (108K tons), Indonesia (108K tons), Germany (107K tons), Spain (96K tons), South Korea (93K tons), Japan (92K tons), Canada (80K tons) and France (78K tons) - together made up 22% of total imports.

Imports into China increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Canada (+7.0%), India (+5.3%), Indonesia (+5.0%), Brazil (+4.2%), the United States (+3.6%) and France (+3.5%) 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. Taiwan (Chinese), South Korea and Malaysia experienced a relatively flat trend pattern. By contrast, Germany (-1.8%), Spain (-2.1%) and Japan (-4.3%) illustrated a downward trend over the same period. While the share of China (+3.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Japan (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($922M) constitutes the largest market for imported borates worldwide, comprising 36% of global imports. The second position in the ranking was taken by Brazil ($174M), with a 6.9% share of global imports. It was followed by the United States, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +4.9%. 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 $630 per ton in 2022, jumping by 26% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($811 per ton), while Spain ($457 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Borates

After two years of growth, overseas shipments of borates decreased by -5.8% to 2.7M tons in 2022. The total export volume increased at an average annual rate of +2.3% 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 2018 with an increase of 24% against the previous year. As a result, the exports attained the peak of 3.1M tons. From 2019 to 2022, the growth of the global exports failed to regain momentum.

In value terms, borates exports surged to $1.5B in 2022. The total export value increased at an average annual rate of +2.3% 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 exports increased by 16%. Over the period under review, the global exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, the United States (918K tons) and Turkey (809K tons) represented the main exporters of boratesacross the globe, together finishing at approx. 65% of total exports. It was distantly followed by Bolivia (296K tons), mixing up an 11% share of total exports. Chile (109K tons), Russia (85K tons), Argentina (84K tons) and the Netherlands (58K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +22.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($611M), Turkey ($311M) and Chile ($91M) constituted the countries with the highest levels of exports in 2022, with a combined 66% share of global exports. Bolivia, Russia, Argentina and the Netherlands lagged somewhat behind, together comprising a further 14%.

The Netherlands, with a CAGR of +19.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average borates export price stood at $580 per ton in 2022, increasing by 23% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export 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 suppliers, the country with the highest price was Chile ($836 per ton), while Bolivia ($270 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.

Source: IndexBox Market Intelligence Platform