Colombia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Colombia

In 2021, after two years of growth, there was significant decline in the Colombian iron oxide pigment market, when its value decreased by -6% to $X. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% 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 +23.2% against 2018 indices. Over the period under review, the market attained the peak level at $X in 2020, and then shrank in the following year.

Iron Oxide Pigment Production in Colombia

In value terms, iron oxide pigment production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 13% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank modestly in the following year.

Iron Oxide Pigment Exports

Exports from Colombia

Iron oxide pigment exports from Colombia surged to X tons in 2021, increasing by 23% compared with 2020 figures. Overall, exports, however, continue to indicate a noticeable curtailment. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a pronounced descent. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Spain (X tons) and Brazil (X tons) were the main destinations of iron oxide pigment exports from Colombia, with a combined 39% share of total exports. Mexico, Chile, Argentina, Morocco, Uruguay, Ecuador, the Dominican Republic, Costa Rica, Bolivia and Guatemala lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were recorded for the Dominican Republic (with a CAGR of +21.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron oxide pigment exported from Colombia were the United States ($X), Spain ($X) and Brazil ($X), with a combined 37% share of total exports. Mexico, Chile, Argentina, Ecuador, Uruguay, the Dominican Republic, Morocco, Costa Rica, Bolivia and Guatemala lagged somewhat behind, together comprising a further 32%.

Among the main countries of destination, the Dominican Republic, with a CAGR of +21.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, with an increase of 5% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 6.5%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Ecuador ($X per ton) and Costa Rica ($X per ton), while the average price for exports to Morocco ($X per ton) and Argentina ($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 Ecuador (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Colombia

In 2021, imports of iron oxide pigments into Colombia surged to X tons, growing by 30% against 2020. Over the period under review, imports, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2019 when imports increased by 53% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, iron oxide pigment imports soared to $X in 2021. Overall, imports, however, recorded a mild setback. The pace of growth appeared the most rapid in 2019 with an increase of 60%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron oxide pigment to Colombia, with a 81% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold. Spain (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-9.1% per year) and Spain (+30.9% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Colombia, comprising 68% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Germany, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.1% per year) and Germany (-8.4% per year).

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, growing by 11% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2018 an increase of 52%. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain ($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 (+44.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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