GCC: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in GCC

In 2021, the GCC iron oxide pigment market decreased by -3.4% to $X for the first time since 2015, thus ending a five-year rising trend. In general, consumption, however, showed a strong expansion. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Iron Oxide Pigment Production in GCC

In value terms, iron oxide pigment production contracted rapidly to $X in 2021 estimated in export price. In general, production, however, posted significant growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 2,742% against the previous year. The level of production peaked at $X in 2020, and then fell remarkably in the following year.

Iron Oxide Pigment Exports

Exports in GCC

Iron oxide pigment exports skyrocketed to X tons in 2021, with an increase of 35% on 2020. In general, exports, however, continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 92%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports soared to $X in 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 67%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was approx. 96% of total exports in 2021. The following exporters - Saudi Arabia (X tons) and Oman (X tons) - each recorded a 4% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the iron oxide pigments exports, with a CAGR of +2.8% from 2012 to 2021. Oman (-7.6%) and Saudi Arabia (-14.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+30 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-5.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest iron oxide pigment supplier in GCC, comprising 81% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +2.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-2.7% per year) and Oman (-1.3% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, rising by 12% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 44%. 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.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+13.2%), while the other leaders experienced mixed trends in the export price figures.

Iron Oxide Pigment Imports

Imports in GCC

Iron oxide pigment imports skyrocketed to X tons in 2021, with an increase of 37% on 2020 figures. Overall, imports, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2016 with an increase of 43%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, iron oxide pigment imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Saudi Arabia was the main importer of iron oxide pigments in GCC, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2021. The United Arab Emirates (X tons) took a 31% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (11%) and Oman (5%). Qatar (X tons) and Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +3.1%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) were the countries with the highest levels of imports in 2021, together accounting for 90% of total imports.

Kuwait, with a CAGR of +4.6%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 26% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.9%. The level of import peaked at $X per ton in 2013; afterwards, it flattened through to 2021.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Kuwait ($X per ton), while Oman ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform