Borates And Perborates Market

The global borates and peroxoborates market is expected to show significant growth from 2022 to 2030, with consumption volumes projected to reach 2.2M tons and market value to reach $1.7B by the end of 2030. China leads in both consumption and production of borates, accounting for 42% of global volume. The United States remains the largest producer and exporter of borates and peroxoborates. Import prices and export prices are also analyzed, revealing significant fluctuations and trends in the global market.

Market Forecast

Driven by increasing demand for borates, peroxoborates (perborates) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 2.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $1.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Borates, Peroxoborates (Perborates)

In 2022, global borates and perborates consumption reduced to 1.8M tons, shrinking by -7.2% on 2021. The total consumption volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak volume of 2M tons, and then contracted in the following year.

The global borates and perborates market size rose sharply to $1.1B in 2022, picking up by 9% 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 +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

China (767K tons) remains the largest borates and perborates consuming country worldwide, accounting for 42% of total volume. Moreover, borates and perborates consumption in China exceeded the figures recorded by the second-largest consumer, the United States (129K tons), sixfold. The third position in this ranking was taken by India (109K tons), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.7%. In the other countries, the average annual rates were as follows: the United States (-2.9% per year) and India (+4.1% per year).

In value terms, China ($440M) led the market, alone. The second position in the ranking was taken by India ($71M). It was followed by the United States.

In China, the borates and perborates market increased at an average annual rate of +3.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: India (+4.7% per year) and the United States (-3.2% per year).

In 2022, the highest levels of borates and perborates per capita consumption was registered in the Netherlands (2,915 kg per 1000 persons), followed by Canada (1,451 kg per 1000 persons), Malaysia (1,424 kg per 1000 persons) and Germany (932 kg per 1000 persons), while the world average per capita consumption of borates and perborates was estimated at 234 kg per 1000 persons.

In the Netherlands, borates and perborates per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+5.8% per year) and Malaysia (-0.2% per year).

Production

World Production of Borates, Peroxoborates (Perborates)

In 2022, global borates and perborates production stood at 815K tons, therefore, remained relatively stable against 2021. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 7% against the previous year. Global production peaked in 2022 and is expected to retain growth in years to come.

In value terms, borates and perborates production contracted to $451M in 2022 estimated in export price. In general, production, however, saw a mild setback. The growth pace was the most rapid in 2018 when the production volume increased by 15%. Over the period under review, global production attained the peak level at $525M in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The United States (621K tons) remains the largest borates and perborates producing country worldwide, comprising approx. 76% of total volume. Moreover, borates and perborates production in the United States exceeded the figures recorded by the second-largest producer, Luxembourg (57K tons), more than tenfold. Turkey (47K tons) ranked third in terms of total production with a 5.8% share.

In the United States, borates and perborates production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Luxembourg (+1.8% per year) and Turkey (+1.3% per year).

Imports

World Imports of Borates, Peroxoborates (Perborates)

In 2022, the amount of borates, peroxoborates (perborates) imported worldwide fell to 2M tons, waning by -8% against 2021. The total import volume increased at an average annual rate of +2.1% 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 with an increase of 37%. As a result, imports attained the peak of 2.2M tons, and then declined in the following year.

In value terms, borates and perborates imports skyrocketed to $1.2B in 2022. The total import value increased at an average annual rate of +2.6% 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 with an increase of 35%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports By Country

China represented the major importer of borates, peroxoborates (perborates) in the world, with the volume of imports accounting for 787K tons, which was near 40% of total imports in 2022. The United States (182K tons) ranks second in terms of the total imports with a 9.1% share, followed by India (5.7%). Germany (85K tons), Indonesia (80K tons), Canada (62K tons), Malaysia (54K tons), Poland (51K tons), France (48K tons), Brazil (40K tons), Spain (37K tons), Japan (37K tons) and South Korea (35K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to borates and perborates imports into China stood at +2.6%. At the same time, Brazil (+10.3%), Poland (+9.4%), Canada (+7.4%), the United States (+6.6%), South Korea (+6.1%), France (+5.1%), India (+4.4%), Indonesia (+3.0%) and Japan (+1.3%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in the world, with a CAGR of +10.3% from 2012-2022. By contrast, Germany (-1.3%), Malaysia (-4.0%) and Spain (-4.3%) illustrated a downward trend over the same period. The United States (+3.2 p.p.) and China (+2 p.p.) significantly strengthened its position in terms of the global imports, while Germany, Spain and Malaysia saw its share reduced by -1.7%, -1.7% and -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($473M) constitutes the largest market for imported borates, peroxoborates (perborates) worldwide, comprising 38% of global imports. The second position in the ranking was held by the United States ($97M), with a 7.7% share of global imports. It was followed by India, with a 6.1% share.

In China, borates and perborates imports expanded at an average annual rate of +4.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+6.1% per year) and India (+5.0% per year).

Import Prices By Country

The average borates and perborates import price stood at $626 per ton in 2022, increasing by 26% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($925 per ton), while France ($514 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Borates, Peroxoborates (Perborates)

In 2022, overseas shipments of borates, peroxoborates (perborates) decreased by -2.7% to 969K tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 10% against the previous year. Over the period under review, the global exports reached the peak figure at 996K tons in 2021, and then dropped modestly in the following year.

In value terms, borates and perborates exports expanded markedly to $680M in 2022. The total export value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

The United States prevails in exports structure, resulting at 674K tons, which was near 70% of total exports in 2022. It was distantly followed by Luxembourg (46K tons) and Turkey (46K tons), together committing a 9.4% share of total exports. The following exporters - Poland (30K tons), the Netherlands (24K tons), China (20K tons) and Guatemala (18K tons) - together made up 9.4% of total exports.

From 2012 to 2022, average annual rates of growth with regard to borates and perborates exports from the United States stood at +2.8%. At the same time, Guatemala (+98.4%), Poland (+41.8%), Turkey (+19.3%), the Netherlands (+15.1%) and Luxembourg (+9.1%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in the world, with a CAGR of +98.4% from 2012-2022. China experienced a relatively flat trend pattern. While the share of Turkey (+3.6 p.p.), Poland (+3 p.p.), Luxembourg (+2.1 p.p.), Guatemala (+1.9 p.p.) and the Netherlands (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($407M) remains the largest borates and perborates supplier worldwide, comprising 60% of global exports. The second position in the ranking was taken by Turkey ($50M), with a 7.3% share of global exports. It was followed by China, with a 5.6% share.

In the United States, borates and perborates exports expanded at an average annual rate of +3.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+22.9% per year) and China (+2.3% per year).

Export Prices By Country

The average borates and perborates export price stood at $702 per ton in 2022, picking up by 17% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $715 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($1,945 per ton), while Luxembourg ($473 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform