China: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in China

In 2021, the Chinese iron oxide pigment market decreased by -0.8% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% 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 decreased by -13.0% against 2016 indices. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Iron Oxide Pigment Production in China

In value terms, iron oxide pigment production contracted modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 decreased by -7.4% against 2016 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 37%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports from China

In 2021, shipments abroad of iron oxide pigments increased by 19% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 34% against the previous year. The exports peaked in 2021 and are expected to retain 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 +2.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor 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

The United States (X tons) was the main destination for iron oxide pigment exports from China, accounting for a 23% share of total exports. Moreover, iron oxide pigment exports to the United States exceeded the volume sent to the second major destination, South Africa (X tons), fivefold. The third position in this ranking was taken by Russia (X tons), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+5.2% per year) and Russia (-0.5% per year).

In value terms, the United States ($X) remains the key foreign market for iron oxide pigments exports from China, comprising 21% of total exports. The second position in the ranking was held by India ($X), with a 4.4% share of total exports. It was followed by South Africa, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+2.0% per year) and South Africa (+6.0% per year).

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, surging by 15% against the previous year. Overall, the export price recorded a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and Vietnam ($X per ton), while the average price for exports to Canada ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into China

In 2021, imports of iron oxide pigments into China skyrocketed to X tons, increasing by 50% compared with 2020. The total import volume increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, iron oxide pigment imports surged to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of iron oxide pigment to China, with a 31% share of total imports. Moreover, iron oxide pigment imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Vietnam (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea totaled +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.9% per year) and Vietnam (+51.9% per year).

In value terms, the largest iron oxide pigment suppliers to China were South Korea ($X), Germany ($X) and Japan ($X), with a combined 70% share of total imports. Taiwan (Chinese), the United States, Vietnam, Austria and India lagged somewhat behind, together accounting for a further 25%.

In terms of the main suppliers, Vietnam, with a CAGR of +47.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, rising by 10% against the previous year. In general, the import price, however, showed a pronounced contraction. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Vietnam ($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 (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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