Asia-Pacific: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Asia-Pacific

In 2021, after two years of growth, there was decline in the Asia-Pacific iron oxide pigment market, when its value decreased by -3.8% to $X. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 +11.5% against 2018 indices. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Iron Oxide Pigment Production in Asia-Pacific

In value terms, iron oxide pigment production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 24% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then declined slightly in the following year.

Iron Oxide Pigment Exports

Exports in Asia-Pacific

In 2021, shipments abroad of iron oxide pigments increased by 31% to 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 +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron oxide pigment exports surged to $X in 2021. The total export value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) was the largest exporter of iron oxide pigments, comprising 63% of total exports. South Korea (X tons) took the second position in the ranking, distantly followed by Japan (X tons) and Taiwan (Chinese) (X tons). All these countries together took approx. 28% share of total exports. India (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to iron oxide pigment exports from China stood at +2.1%. At the same time, Japan (+3.6%), India (+3.3%) and South Korea (+2.5%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +3.6% from 2012-2021. By contrast, Taiwan (Chinese) (-4.1%) illustrated a downward trend over the same period. While the share of China (+4.7 p.p.) and South Korea (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-3.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, iron oxide pigment exports expanded at an average annual rate of +2.3% over the period from 2012-2021. 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-Pacific amounted to $X per ton, with an increase of 8.5% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by 8.8% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($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-Pacific

In 2021, purchases abroad of iron oxide pigments was finally on the rise to reach X tons after three years of decline. Over the period under review, imports saw 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 skyrocketed to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China prevails in imports structure, reaching X tons, which was approx. 59% of total imports in 2021. India (X tons) took a 6.7% share (based on physical terms) of total imports, which put it in second place, followed by Australia (6.6%). South Korea (X tons), Malaysia (X tons), Japan (X tons), Hong Kong SAR (X tons), Vietnam (X tons), Taiwan (Chinese) (X tons), Thailand (X tons), the Philippines (X tons) and Pakistan (X tons) followed a long way behind the leaders.

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%), Pakistan (+6.9%), the Philippines (+5.2%), India (+4.1%), Australia (+3.5%) and Taiwan (Chinese) (+1.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +7.6% from 2012-2021. Malaysia experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-1.1%), Japan (-2.1%), South Korea (-3.5%) and Thailand (-4.1%) illustrated a downward trend over the same period. While the share of China (+2.1 p.p.) and India (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron oxide pigments in Asia-Pacific, comprising 38% of total imports. The second position in the ranking was held by India ($X), with an 11% share of total imports. It was followed by Australia, with an 8.3% share.

In China, iron oxide pigment imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: India (+3.3% per year) and Australia (+1.7% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, surging by 3.6% against the previous year. Over the period under review, the import price, however, showed a slight curtailment. The pace of growth was the most pronounced in 2018 an increase of 6.4% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while China ($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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