Dominican Republic: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in the Dominican Republic

In 2021, the Dominican iron oxide pigment market decreased by -2.6% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption, however, recorded a tangible increase. Iron oxide pigment consumption peaked at $X in 2020, and then fell modestly in the following year.

Iron Oxide Pigment Production in the Dominican Republic

In value terms, iron oxide pigment production contracted slightly to $X in 2021 estimated in export price. In general, production, however, saw a noticeable increase. The pace of growth was the most pronounced in 2019 with an increase of 76% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then contracted in the following year.

Iron Oxide Pigment Exports

Exports from the Dominican Republic

Iron oxide pigment exports from the Dominican Republic expanded remarkably to X tons in 2021, surging by 5.3% against the previous year's figure. Overall, exports showed a significant increase. The growth pace was the most rapid in 2014 with an increase of 569%. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, iron oxide pigment exports soared to $X in 2021. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 491%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Haiti (X tons), Jamaica (X tons) and Suriname (X tons) were the main destinations of iron oxide pigment exports from the Dominican Republic, with a combined 66% share of total exports. The United States, Guatemala, Barbados, Costa Rica, Trinidad and Tobago and Grenada lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the biggest increases were recorded for Barbados (with a CAGR of +75.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Haiti ($X) remains the key foreign market for iron oxide pigments exports from the Dominican Republic, comprising 40% of total exports. The second position in the ranking was taken by Jamaica ($X), with an 18% share of total exports. It was followed by Suriname, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Haiti totaled +45.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (+35.6% per year) and Suriname (0.0% per year).

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, jumping by 27% against the previous year. In general, the export price, however, saw a slight setback. The most prominent rate of growth was recorded in 2016 an increase of 52% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Haiti ($X per ton), while the average price for exports to Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Grenada (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into the Dominican Republic

In 2021, the amount of iron oxide pigments imported into the Dominican Republic skyrocketed to X tons, increasing by 59% on the year before. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 99% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, iron oxide pigment imports soared to $X in 2021. Overall, imports posted a measured expansion. The pace of growth was the most pronounced in 2019 with an increase of 140% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Colombia (X tons), Brazil (X tons) and Germany (X tons) were the main suppliers of iron oxide pigment imports to the Dominican Republic, together comprising 72% of total imports. China, the United States and Switzerland lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +32.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Colombia ($X) and Germany ($X) constituted the largest iron oxide pigment suppliers to the Dominican Republic, together accounting for 68% of total imports. China, the United States and Switzerland lagged somewhat behind, together comprising a further 28%.

The United States, with a CAGR of +31.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, which is down by -2.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2016 an increase of 28%. The import price peaked at $X per ton in 2020, and then shrank slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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