Eastern Asia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Eastern Asia

After two years of growth, the East Asian iron oxide pigment market decreased by -10.2% to $X in 2021. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Iron Oxide Pigment Production in Eastern Asia

In value terms, iron oxide pigment production fell modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 25%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports in Eastern Asia

After three years of decline, overseas shipments of iron oxide pigments increased by 29% to X tons in 2021. The total export volume increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 32% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, iron oxide pigment exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the key exporter of iron oxide pigments in Eastern Asia, with the volume of exports accounting for X tons, which was approx. 68% of total exports in 2021. It was distantly followed by South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons), together comprising a 31% share of total exports.

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%) and South Korea (+2.5%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +3.6% from 2012-2021. By contrast, Taiwan (Chinese) (-4.1%) illustrated a downward trend over the same period. China (+4.4 p.p.) and South Korea (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -3.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron oxide pigment supplier in Eastern Asia, comprising 80% of total exports. The second position in the ranking was taken by South Korea ($X), with an 8.4% share of total exports. It was followed by Japan, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +2.3%. In the other countries, the average annual rates were as follows: South Korea (+2.7% per year) and Japan (-0.3% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 10% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 11%. As a result, the export price attained the peak level of $X per ton. 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 ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+0.2%), while the other leaders experienced mixed trends in the export price figures.

Iron Oxide Pigment Imports

Imports in Eastern Asia

In 2021, after three years of decline, there was significant growth in supplies from abroad of iron oxide pigments, when their volume increased by 40% to X tons. In general, imports saw a relatively flat trend pattern. 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. Over the period under review, imports, however, showed a slight setback. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

China prevails in imports structure, amounting to X tons, which was near 83% of total imports in 2021. It was distantly followed by South Korea (X tons), constituting a 6.2% share of total imports. Japan (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) held a minor share of total imports.

China was also the fastest-growing in terms of the iron oxide pigments imports, with a CAGR of +1.3% from 2012 to 2021. At the same time, Taiwan (Chinese) (+1.1%) displayed positive paces of growth. By contrast, Hong Kong SAR (-1.1%), Japan (-2.1%) and South Korea (-3.5%) illustrated a downward trend over the same period. While the share of China (+4.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-2.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron oxide pigments in Eastern Asia, comprising 70% of total imports. The second position in the ranking was held by South Korea ($X), with a 14% share of total imports. It was followed by Japan, with a 7.9% 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: South Korea (-1.0% per year) and Japan (-6.6% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, picking up by 4.5% against the previous year. In general, the import price, however, continues to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2018 when the import price increased by 10%. The level of import peaked 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 South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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