Hungary: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Hungary

In 2021, the Hungarian iron oxide pigment market decreased by -2.6% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption, however, showed a significant expansion. Iron oxide pigment consumption peaked at $X in 2020, and then shrank slightly in the following year.

Iron Oxide Pigment Production in Hungary

In value terms, iron oxide pigment production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a significant expansion. The growth pace was the most rapid in 2017 with an increase of 907% against the previous year. Iron oxide pigment production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Iron Oxide Pigment Exports

Exports from Hungary

In 2021, iron oxide pigment exports from Hungary surged to X tons, growing by 44% on the year before. Overall, exports recorded noticeable growth. The pace of growth appeared the most rapid in 2016 when exports increased by 181%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, iron oxide pigment exports surged to $X in 2021. In general, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 236% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Romania (X tons), Germany (X tons) and the Czech Republic (X tons) were the main destinations of iron oxide pigment exports from Hungary, together accounting for 91% of total exports. These countries were followed by Italy, Poland and Slovenia, which together accounted for a further 4.7%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +426.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron oxide pigment exported from Hungary were Romania ($X), Germany ($X) and the Czech Republic ($X), together accounting for 89% of total exports. These countries were followed by Poland, Italy and Slovenia, which together accounted for a further 5%.

Among the main countries of destination, Italy, with a CAGR of +112.2%, saw the highest growth rate of 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

In 2021, the average iron oxide pigment export price amounted to $X per ton, rising by 2.5% against the previous year. Overall, the export price enjoyed a strong expansion. The pace of growth was the most pronounced in 2013 when the average export price increased by 155% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

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 Poland ($X per ton), while the average price for exports to Slovenia ($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 (+13.5%), while the prices for the other major destinations experienced mixed trend patterns.

Iron Oxide Pigment Imports

Imports into Hungary

In 2021, purchases abroad of iron oxide pigments increased by 16% to X tons, rising for the fourth year in a row after three years of decline. Overall, imports, however, recorded a slight downturn. The most prominent rate of growth was recorded in 2020 with an increase of 99% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, iron oxide pigment imports surged to $X in 2021. The total import value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), the Czech Republic (X tons) and Italy (X tons) were the main suppliers of iron oxide pigment imports to Hungary, with a combined 82% share of total imports. These countries were followed by China, France, Denmark, Austria, Belgium and Slovakia, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +340.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of iron oxide pigments to Hungary, comprising 52% of total imports. The second position in the ranking was taken by the Czech Republic ($X), with a 17% share of total imports. It was followed by Italy, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+31.0% per year) and Italy (+13.0% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, increasing by 4.1% against the previous year. Over the period under review, the import price saw a strong expansion. The pace of growth appeared the most rapid in 2017 an increase of 288%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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