Finland: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Finland

The Finnish iron oxide pigment market reduced to $X in 2021, which is down by -14.3% against the previous year. In general, consumption, however, recorded prominent growth. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Iron Oxide Pigment Production in Finland

In value terms, iron oxide pigment production contracted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +109.5% against 2012 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 59%. Over the period under review, production reached the peak level at $X in 2020, and then declined in the following year.

Iron Oxide Pigment Exports

Exports from Finland

In 2021, overseas shipments of iron oxide pigments increased by 1.4% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports posted prominent growth. The growth pace was the most rapid in 2013 when exports increased by 201%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports rose remarkably to $X in 2021. In general, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +11.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +55.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 86%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Russia (X tons) was the main destination for iron oxide pigment exports from Finland, with a 47% share of total exports. Moreover, iron oxide pigment exports to Russia exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia stood at +48.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+6.4% per year) and the Netherlands (-2.7% per year).

In value terms, Germany ($X) remains the key foreign market for iron oxide pigments exports from Finland, comprising 47% of total exports. The second position in the ranking was held by the United States ($X), with a 23% share of total exports. It was followed by Russia, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+213.2% per year) and Russia (+7.0% per year).

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, with an increase of 3.5% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average export price increased by 51% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Russia ($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 Germany (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Finland

In 2021, iron oxide pigment imports into Finland rose rapidly to X tons, surging by 5% on the previous year's figure. In general, imports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2019 when imports increased by 42%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a deep contraction. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Germany (X tons) constituted the largest iron oxide pigment supplier to Finland, accounting for a 63% share of total imports. Moreover, iron oxide pigment imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold. The third position in this ranking was taken by Denmark (X tons), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume from Germany amounted to -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+1.0% per year) and Denmark (-19.1% per year).

In value terms, Germany ($X) constituted the largest supplier of iron oxide pigments to Finland, comprising 63% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by Denmark, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+0.4% per year) and Denmark (-17.2% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, growing by 15% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 39%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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