Greece: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Greece

After three years of growth, the Greek iron oxide pigment market decreased by -7.5% to $X in 2021. In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.0% against 2017 indices. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Iron Oxide Pigment Production in Greece

In value terms, iron oxide pigment production reduced to $X in 2021 estimated in export price. Overall, production, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 29%. Iron oxide pigment production peaked at $X in 2020, and then declined in the following year.

Iron Oxide Pigment Exports

Exports from Greece

For the third consecutive year, Greece recorded growth in shipments abroad of iron oxide pigments, which increased by 4.6% to X tons in 2021. Overall, exports showed a prominent expansion. The growth pace was the most rapid in 2013 when exports increased by 250%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, iron oxide pigment exports expanded significantly to $X in 2021. Over the period under review, exports recorded a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 75% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

North Macedonia (X tons), Serbia (X tons) and Kosovo (X tons) were the main destinations of iron oxide pigment exports from Greece, with a combined 77% share of total exports. These countries were followed by Cyprus, Albania, Romania, Bulgaria and the United Arab Emirates, which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +129.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron oxide pigment exported from Greece were North Macedonia ($X), Cyprus ($X) and Romania ($X), together comprising 59% of total exports.

In terms of the main countries of destination, Romania, with a CAGR of +130.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, picking up by 7.9% against the previous year. In general, the export price, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2018 an increase of 64%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Kosovo ($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 Bulgaria (+19.0%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Greece

After three years of growth, supplies from abroad of iron oxide pigments decreased by less than 0.1% to X tons in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +85.1% against 2015 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 32% against the previous year. Imports peaked at X tons in 2020, and then declined in the following year.

In value terms, iron oxide pigment imports reduced to $X in 2021. Over the period under review, imports, however, posted a strong expansion. The growth pace was the most rapid in 2019 when imports increased by 48% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then reduced in the following year.

Imports by Country

Germany (X tons), China (X tons) and Belgium (X tons) were the main suppliers of iron oxide pigment imports to Greece, with a combined 84% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +20.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of iron oxide pigments to Greece, comprising 50% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Italy, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.5% per year) and Italy (+19.5% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, declining by -14.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2019 when the average import price increased by 21%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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