ASEAN: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in ASEAN

The ASEAN iron oxide pigment market expanded modestly to $X in 2021, surging by 1.7% against the previous year. The total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.6% against 2013 indices. The level of consumption peaked in 2021 and is likely to continue growth in the immediate term.

Iron Oxide Pigment Production in ASEAN

In value terms, iron oxide pigment production declined slightly to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +85.2% against 2014 indices. The growth pace was the most rapid in 2016 when the production volume increased by 40%. The level of production peaked at $X in 2020, and then reduced slightly in the following year.

Iron Oxide Pigment Exports

Exports in ASEAN

In 2021, shipments abroad of iron oxide pigments increased by 53% to X tons, rising for the second consecutive year after six years of decline. Overall, exports, however, showed a perceptible contraction. The pace of growth appeared the most rapid in 2013 with an increase of 109%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron oxide pigment exports soared to $X in 2021. Over the period under review, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2013 with an increase of 84%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Thailand (X tons), Vietnam (X tons) and Indonesia (X tons), together reaching 93% of total export. Singapore (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +52.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the largest iron oxide pigment supplier in ASEAN, comprising 56% of total exports. The second position in the ranking was held by Singapore ($X), with a 19% share of total exports. It was followed by Thailand, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +35.5%. In the other countries, the average annual rates were as follows: Singapore (-14.4% per year) and Thailand (-6.7% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, declining by -9.3% against the previous year. Over the period under review, the export price showed a slight descent. The most prominent rate of growth was recorded in 2014 an increase of 38% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, 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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+14.1%), while the other leaders experienced mixed trends in the export price figures.

Iron Oxide Pigment Imports

Imports in ASEAN

In 2021, the amount of iron oxide pigments imported in ASEAN rose notably to X tons, surging by 14% against the previous year's figure. Overall, imports, however, saw a slight decline. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a slight setback. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of iron oxide pigment imports in 2021 were Malaysia (X tons), Vietnam (X tons), Thailand (X tons), the Philippines (X tons) and Indonesia (X tons), together finishing at 96% of total import. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +7.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron oxide pigment importing markets in ASEAN were Vietnam ($X), Malaysia ($X) and Thailand ($X), together accounting for 68% of total imports. These countries were followed by the Philippines, Indonesia and Singapore, which together accounted for a further 30%.

The Philippines, with a CAGR of +10.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, growing by 8.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 16%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform