Oxides Of Boron Market

The article provides a comprehensive analysis of the oxides of boron market, highlighting anticipated trends in consumption, production, imports, exports, and pricing. Key findings include expected growth in market volume and value, with insights on top consuming and producing countries, as well as price trends. The data spans from 2012 to 2022, offering valuable insights into the market dynamics and future outlook up to 2030.

Market Forecast

Driven by rising demand for oxides of boron worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 2.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $2.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Oxides Of Boron, Boric Acids And Inorganic Acids

In 2022, consumption of oxides of boron, boric acids and inorganic acids increased by 4.9% to 1.9M tons, rising for the second year in a row after two years of decline. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 2M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global oxides of boron market value skyrocketed to $2.3B in 2022, increasing by 19% 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% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (411K tons), the United States (266K tons) and India (149K tons), with a combined 43% share of global consumption. Russia, Germany, Brazil, Japan, South Korea, Sweden, Indonesia, Turkey and France lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Brazil (with a CAGR of +4.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($509M), India ($259M) and the United States ($201M) constituted the countries with the highest levels of market value in 2022, with a combined 42% share of the global market. Japan, Germany, Brazil, South Korea, Turkey, France, Indonesia, Russia and Sweden lagged somewhat behind, together comprising a further 28%.

In terms of the main consuming countries, Brazil, with a CAGR of +6.2%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of oxides of boron per capita consumption was registered in Sweden (5,797 kg per 1000 persons), followed by South Korea (1,175 kg per 1000 persons), Germany (981 kg per 1000 persons) and the United States (792 kg per 1000 persons), while the world average per capita consumption of oxides of boron was estimated at 245 kg per 1000 persons.

In Sweden, oxides of boron per capita consumption declined by an average annual rate of -4.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-1.3% per year) and Germany (-5.5% per year).

Production

World Production of Oxides Of Boron, Boric Acids And Inorganic Acids

In 2022, production of oxides of boron, boric acids and inorganic acids increased by 3.7% to 1.6M tons for the first time since 2018, thus ending a three-year declining trend. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 27% against the previous year. As a result, production attained the peak volume of 2.2M tons. From 2019 to 2022, global production growth remained at a lower figure.

In value terms, oxides of boron production reduced to $1.9B in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 12%. Global production peaked at $2B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The United States (424K tons) remains the largest oxides of boron producing country worldwide, comprising approx. 26% of total volume. Moreover, oxides of boron production in the United States exceeded the figures recorded by the second-largest producer, Russia (145K tons), threefold. India (142K tons) ranked third in terms of total production with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States totaled +1.2%. In the other countries, the average annual rates were as follows: Russia (-0.5% per year) and India (+3.3% per year).

Imports

World Imports of Oxides Of Boron, Boric Acids And Inorganic Acids

After two years of growth, purchases abroad of oxides of boron, boric acids and inorganic acids decreased by -6.6% to 1.2M tons in 2022. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 17%. Over the period under review, global imports attained the maximum at 1.3M tons in 2021, and then shrank in the following year.

In value terms, oxides of boron imports surged to $1.7B in 2022. In general, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.2% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

China represented the major importing country with an import of around 375K tons, which resulted at 30% of total imports. The United States (92K tons) took the second position in the ranking, followed by Brazil (81K tons), Sweden (66K tons) and South Korea (62K tons). All these countries together took approx. 24% share of total imports. Germany (52K tons), Taiwan (Chinese) (51K tons), Japan (37K tons), France (34K tons), Belgium (31K tons), Spain (26K tons), Malaysia (26K tons) and Canada (22K tons) took a little share of total imports.

China was also the fastest-growing in terms of the oxides of boron, boric acids and inorganic acids imports, with a CAGR of +7.9% from 2012 to 2022. At the same time, Spain (+6.3%), Canada (+5.9%), Malaysia (+5.4%), Brazil (+4.3%), France (+3.1%) and Taiwan (Chinese) (+2.5%) displayed positive paces of growth. The United States experienced a relatively flat trend pattern. By contrast, South Korea (-1.0%), Belgium (-1.4%), Germany (-2.3%), Sweden (-2.7%) and Japan (-8.4%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of South Korea (-1.6 p.p.), the United States (-2 p.p.), Germany (-2.1 p.p.), Sweden (-3 p.p.) and Japan (-5.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($527M) constitutes the largest market for imported oxides of boron, boric acids and inorganic acids worldwide, comprising 32% of global imports. The second position in the ranking was taken by the United States ($166M), with a 10% share of global imports. It was followed by Brazil, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +11.4%. In the other countries, the average annual rates were as follows: the United States (+5.6% per year) and Brazil (+6.7% per year).

Import Prices By Country

In 2022, the average oxides of boron import price amounted to $1,347 per ton, picking up by 45% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oxides of boron import price increased by +53.2% against 2017 indices. 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 the United States ($1,798 per ton), while Sweden ($210 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+16.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Oxides Of Boron, Boric Acids And Inorganic Acids

After two years of growth, overseas shipments of oxides of boron, boric acids and inorganic acids decreased by -11.6% to 912K tons in 2022. In general, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 71%. As a result, the exports attained the peak of 1.4M tons. From 2019 to 2022, the growth of the global exports failed to regain momentum.

In value terms, oxides of boron exports soared to $1.3B in 2022. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +104.7% against 2015 indices. The growth pace was the most rapid in 2021 when exports increased by 29% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports By Country

The United States represented the main exporting country with an export of around 251K tons, which finished at 27% of total exports. China (90K tons) took the second position in the ranking, followed by Chile (86K tons), Russia (64K tons), Jordan (50K tons) and Israel (44K tons). All these countries together held approx. 37% share of total exports. Finland (40K tons), Poland (30K tons), the Netherlands (29K tons), Peru (29K tons), Taiwan (Chinese) (25K tons), Germany (21K tons) and Malaysia (18K tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to oxides of boron exports from the United States stood at +2.1%. At the same time, Jordan (+20.2%), Poland (+19.9%), Malaysia (+11.6%), the Netherlands (+11.6%), Germany (+6.4%), Israel (+5.7%) and China (+2.2%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.2% from 2012-2022. Peru, Chile and Russia experienced a relatively flat trend pattern. By contrast, Finland (-4.2%) and Taiwan (Chinese) (-8.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Jordan, Poland, the Netherlands and Israel increased by +4.5, +2.7, +2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest oxides of boron supplying countries worldwide were China ($243M), the United States ($240M) and Jordan ($127M), with a combined 45% share of global exports.

Jordan, with a CAGR of +26.1%, 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

In 2022, the average oxides of boron export price amounted to $1,470 per ton, picking up by 42% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oxides of boron export price increased by +174.9% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the average export price increased by 47%. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($2,850 per ton), while Finland ($119 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+8.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform