Eastern Europe: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Eastern Europe

For the sixth year in a row, the East European iron oxide pigment market recorded growth in sales value, which increased by 8.1% to $X in 2021. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 +89.3% against 2015 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in the near future.

Iron Oxide Pigment Production in Eastern Europe

In value terms, iron oxide pigment production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate buoyant growth. The growth pace was the most rapid in 2018 when the production volume increased by 378%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports in Eastern Europe

After five years of decline, overseas shipments of iron oxide pigments increased by 8.7% to X tons in 2021. Over the period under review, exports, however, continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 11% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, iron oxide pigment exports rose remarkably to $X in 2021. In general, exports continue to indicate 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

The Czech Republic represented the main exporter of iron oxide pigments in Eastern Europe, with the volume of exports accounting for X tons, which was near 56% of total exports in 2021. Poland (X tons) held the second position in the ranking, distantly followed by Russia (X tons). All these countries together took approx. 35% share of total exports. Belarus (X tons) and Romania (X tons) took a minor share of total exports.

The Czech Republic experienced a relatively flat trend pattern with regard to volume of exports of iron oxide pigments. At the same time, Russia (+7.3%) and Poland (+4.7%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +7.3% from 2012-2021. Belarus experienced a relatively flat trend pattern. By contrast, Romania (-16.7%) illustrated a downward trend over the same period. Poland (+11 p.p.), the Czech Republic (+10 p.p.) and Russia (+4.5 p.p.) significantly strengthened its position in terms of the total exports, while Romania saw its share reduced by -8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Czech Republic ($X), Poland ($X) and Russia ($X) were the countries with the highest levels of exports in 2021, together comprising 93% of total exports.

Among the main exporting countries, Poland, with a CAGR of +5.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2021, rising by 5.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2017 when the export price increased by 13% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+17.8%), while the other leaders experienced mixed trends in the export price figures.

Iron Oxide Pigment Imports

Imports in Eastern Europe

In 2021, approx. X tons of iron oxide pigments were imported in Eastern Europe; increasing by 12% on the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

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

Imports by Country

In 2021, Russia (X tons) and Poland (X tons) represented the main importers of iron oxide pigments in Eastern Europe, together accounting for approx. 71% of total imports. The Czech Republic (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Ukraine (5.4%). Romania (X tons), Belarus (X tons) and Hungary (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Ukraine (with a CAGR of +4.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron oxide pigment importing markets in Eastern Europe were Russia ($X), Poland ($X) and the Czech Republic ($X), together accounting for 79% of total imports. Ukraine, Romania, Belarus and Hungary lagged somewhat behind, together accounting for a further 16%.

Among the main importing countries, Hungary, with a CAGR of +4.3%, recorded 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

In 2021, the import price in Eastern Europe amounted to $X per ton, jumping by 20% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

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 Romania ($X per ton), while Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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