Carbonate Market

The article discusses the projected growth of the global market for carbonates and peroxocarbonates from 2022 to 2030. Consumption is expected to increase with an anticipated CAGR of +1.7%, reaching 92M tons by 2030. In value terms, the market is forecasted to grow with an anticipated CAGR of +3.3%, reaching $54.9B by 2030. The report also highlights the top consuming, producing, importing, and exporting countries, as well as trends in import prices and product types. Overall, the global market for carbonates and peroxocarbonates is expected to see significant growth in the coming years.

Market Forecast

Driven by increasing demand for carbonates and peroxocarbonates worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 92M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $54.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Carbonates And Peroxocarbonates

In 2022, consumption of carbonates and peroxocarbonates increased by 3.5% to 81M tons, rising for the second consecutive year after two years of decline. The total consumption volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Global consumption peaked at 81M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global carbonate market value rose notably to $42.5B in 2022, increasing by 13% 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 +3.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $43B. From 2019 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (17M tons) remains the largest carbonate consuming country worldwide, accounting for 21% of total volume. Moreover, carbonate consumption in China exceeded the figures recorded by the second-largest consumer, the United States (7.4M tons), twofold. The third position in this ranking was taken by India (5.1M tons), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +1.8%. In the other countries, the average annual rates were as follows: the United States (-2.6% per year) and India (+0.4% per year).

In value terms, China ($5.8B) led the market, alone. The second position in the ranking was held by India ($1.7B). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in China totaled +2.7%. In the other countries, the average annual rates were as follows: India (+0.9% per year) and the United States (-2.3% per year).

The countries with the highest levels of carbonate per capita consumption in 2022 were Russia (28 kg per person), the United States (22 kg per person) and Germany (20 kg per person).

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +9.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Carbonates And Peroxocarbonates

In 2022, production of carbonates and peroxocarbonates increased by 3.5% to 79M tons, rising for the second year in a row after two years of decline. The total output volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 7.1% against the previous year. Over the period under review, global production reached the maximum volume at 80M tons in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, carbonate production dropped modestly to $32.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 21%. As a result, production reached the peak level of $41.7B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (19M tons), the United States (14M tons) and Turkey (8.9M tons), together accounting for 53% of global production.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +23.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Carbonates And Peroxocarbonates

In 2022, global imports of carbonates and peroxocarbonates rose sharply to 31M tons, surging by 13% against the previous year. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, carbonate imports soared to $21.3B in 2022. Over the period under review, imports saw a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Brazil (2.4M tons), India (1.8M tons), Mexico (1.5M tons), China (1.3M tons), the Netherlands (1.3M tons), Indonesia (1.2M tons), South Korea (1.2M tons), Germany (1.1M tons), Belgium (0.9M tons), Thailand (0.9M tons), Spain (0.8M tons) and Italy (0.7M tons) was the key importer of carbonates and peroxocarbonates in the world, creating 49% of total import. Vietnam (711K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +30.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($6.9B) constitutes the largest market for imported carbonates and peroxocarbonates worldwide, comprising 32% of global imports. The second position in the ranking was held by South Korea ($2.1B), with a 9.9% share of global imports. It was followed by Brazil, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +50.4%. In the other countries, the average annual rates were as follows: South Korea (+22.3% per year) and Brazil (+10.5% per year).

Imports By Type

Sodium carbonate was the largest imported product with an import of around 17M tons, which finished at 61% of total imports. Calcium carbonate (5.7M tons) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by baking soda (9.2%) and lithium carbonate (5.1%). Carbonates; n.e.s. in heading no. 2836 (851K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sodium carbonate imports of stood at +2.8%. At the same time, lithium carbonate (+32.9%), baking soda (+6.6%) and carbonates; n.e.s. in heading no. 2836 (+2.5%) displayed positive paces of growth. Moreover, lithium carbonate emerged as the fastest-growing type imported in the world, with a CAGR of +32.9% from 2012-2022. Calcium carbonate experienced a relatively flat trend pattern. While the share of lithium carbonate (+4.7 p.p.) and baking soda (+2.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of sodium carbonate (-1.6 p.p.) and calcium carbonate (-5.4 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported carbonates and peroxocarbonates were lithium carbonate ($10.6B), sodium carbonate ($5.9B) and baking soda ($1.3B), with a combined 85% share of global imports.

Lithium carbonate, with a CAGR of +38.1%, recorded the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average carbonate import price stood at $693 per ton in 2022, increasing by 107% against the previous year. In general, the import price recorded prominent growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was lithium carbonate ($7,188 per ton), while the price for calcium carbonate ($196 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by carbonates; strontium carbonate (+5.3%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average carbonate import price stood at $693 per ton in 2022, rising by 107% against the previous year. Over the period under review, the import price saw a buoyant increase. As a result, import price reached 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 China ($5,234 per ton), while India ($270 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+15.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Carbonates And Peroxocarbonates

In 2022, global exports of carbonates and peroxocarbonates rose rapidly to 29M tons, with an increase of 14% on 2021 figures. The total export volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carbonate exports skyrocketed to $19.2B in 2022. In general, exports showed a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

Turkey (7.6M tons) and the United States (6.9M tons) represented the key exporters of carbonates and peroxocarbonates in 2022, recording approx. 26% and 24% of total exports, respectively. It was distantly followed by China (3.4M tons), achieving a 12% share of total exports. The following exporters - Bulgaria (1,193K tons), Chile (1,152K tons), Belgium (859K tons), Spain (812K tons), Russia (805K tons), Germany (699K tons), the Netherlands (653K tons), Bosnia and Herzegovina (533K tons) and France (447K tons) - together made up 25% of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +42.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Chile ($7.8B) emerged as the largest carbonate supplier worldwide, comprising 40% of global exports. The second position in the ranking was taken by China ($2.2B), with a 12% share of global exports. It was followed by the United States, with a 10% share.

In Chile, carbonate exports increased at an average annual rate of +41.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: China (+10.6% per year) and the United States (+3.5% per year).

Exports By Type

Sodium carbonate represented the main type of carbonates and peroxocarbonates in the world, with the volume of exports amounting to 18M tons, which was near 67% of total exports in 2022. Calcium carbonate (3.3M tons) ranks second in terms of the total exports with a 13% share, followed by baking soda (9.5%) and lithium carbonate (5%). Carbonates; n.e.s. in heading no. 2836 (951K tons) and carbonates; potassium carbonate (410K tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sodium carbonate exports of stood at +3.6%. At the same time, lithium carbonate (+32.7%), baking soda (+8.2%) and carbonates; potassium carbonate (+6.8%) displayed positive paces of growth. Moreover, lithium carbonate emerged as the fastest-growing type exported in the world, with a CAGR of +32.7% from 2012-2022. By contrast, carbonates; n.e.s. in heading no. 2836 (-1.3%) and calcium carbonate (-3.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of lithium carbonate, sodium carbonate and baking soda increased by +4.6, +4.3 and +3.8 percentage points, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported carbonates and peroxocarbonates were lithium carbonate ($9.6B), sodium carbonate ($5.4B) and carbonates; n.e.s. in heading no. 2836 ($1.1B), with a combined 86% share of global exports.

Lithium carbonate, with a CAGR of +38.6%, saw the highest rates of growth with regard to the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average carbonate export price amounted to $658 per ton, surging by 105% against the previous year. Over the period under review, the export price enjoyed a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was lithium carbonate ($7,225 per ton), while the average price for exports of calcium carbonate ($255 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by carbonates; strontium carbonate (+9.2%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average carbonate export price stood at $658 per ton in 2022, surging by 105% against the previous year. Overall, the export price recorded a resilient expansion. 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 ($6,743 per ton), while Bulgaria ($199 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+16.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform