Asia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Asia

In 2021, after two years of growth, there was significant decline in the Asian iron oxide pigment market, when its value decreased by -7% to $X. The total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +12.6% against 2018 indices. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Iron Oxide Pigment Production in Asia

In value terms, iron oxide pigment production dropped modestly to $X in 2021 estimated in export price. The total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +54.9% against 2013 indices. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then declined slightly in the following year.

Iron Oxide Pigment Exports

Exports in Asia

In 2021, shipments abroad of iron oxide pigments was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat 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.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2021; 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.

Exports by Country

China was the major exporter of iron oxide pigments in Asia, with the volume of exports recording X tons, which was near 62% of total exports in 2021. South Korea (X tons) ranks second in terms of the total exports with a 15% share, followed by Japan (7.4%) and Taiwan (Chinese) (5.2%). India (X tons) and Turkey (X tons) held a little share of total exports.

Exports from China increased at an average annual rate of +2.1% from 2012 to 2021. At the same time, Turkey (+14.5%), Japan (+3.6%), India (+3.3%) and South Korea (+2.5%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +14.5% from 2012-2021. By contrast, Taiwan (Chinese) (-4.1%) illustrated a downward trend over the same period. While the share of China (+4.3 p.p.) and South Korea (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-3.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron oxide pigment supplier in Asia, comprising 76% of total exports. The second position in the ranking was held by South Korea ($X), with a 7.9% share of total exports. It was followed by Japan, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +2.3%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+2.7% per year) and Japan (-0.3% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, growing by 8.2% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 8.7% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2016; however, from 2017 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 China ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+12.1%), while the other leaders experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports in Asia

In 2021, supplies from abroad of iron oxide pigments increased by 30% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron oxide pigment imports surged to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. 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

China dominates imports structure, amounting to X tons, which was approx. 56% of total imports in 2021. It was distantly followed by India (X tons), generating a 6.3% share of total imports. The following importers - South Korea (X tons), Malaysia (X tons), Saudi Arabia (X tons), Japan (X tons), Turkey (X tons), Hong Kong SAR (X tons), Vietnam (X tons), Taiwan (Chinese) (X tons), Thailand (X tons), the United Arab Emirates (X tons) and the Philippines (X tons) - together made up 28% of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron oxide pigment imports into China stood at +1.3%. At the same time, Vietnam (+7.6%), the Philippines (+5.2%), India (+4.1%) and Taiwan (Chinese) (+1.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of +7.6% from 2012-2021. The United Arab Emirates and Malaysia experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-1.1%), Turkey (-1.4%), Japan (-2.1%), South Korea (-3.5%), Thailand (-4.1%) and Saudi Arabia (-4.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and India increased by +4.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron oxide pigments in Asia, comprising 35% of total imports. The second position in the ranking was held by India ($X), with a 9.6% share of total imports. It was followed by South Korea, with a 6.8% share.

In China, iron oxide pigment imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: India (+3.3% per year) and South Korea (-1.0% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, rising by 5.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 5.5% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while China ($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

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