Indonesia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Indonesia

The Indonesian iron oxide pigment market shrank to $X in 2021, falling by -8.3% against the previous year. Over the period under review, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.9% 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 +5.2% against 2019 indices. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Iron Oxide Pigment Production in Indonesia

In value terms, iron oxide pigment production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 64%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports from Indonesia

Iron oxide pigment exports from Indonesia skyrocketed to X tons in 2021, jumping by 43% on the year before. In general, exports posted a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 377% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. Over the period under review, exports saw resilient growth. The most prominent rate of growth was recorded in 2015 when exports increased by 416% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Australia (X tons) was the main destination for iron oxide pigment exports from Indonesia, accounting for a 76% share of total exports. Moreover, iron oxide pigment exports to Australia exceeded the volume sent to the second major destination, China (X tons), fourfold. Malaysia (X tons) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2021, the average annual growth rate of volume to Australia totaled +95.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+29.0% per year) and Malaysia (+7.0% per year).

In value terms, Australia ($X), China ($X) and South Korea ($X) were the largest markets for iron oxide pigment exported from Indonesia worldwide, together comprising 90% of total exports.

Among the main countries of destination, Australia, with a CAGR of +75.7%, recorded 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, shrinking by -13.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2019 when the average export price increased by 37% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Australia ($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 South Korea (+296.0%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Indonesia

In 2021, after two years of decline, there was growth in overseas purchases of iron oxide pigments, when their volume increased by 0.7% to X tons. In general, imports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 5.6% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron oxide pigment imports reached $X in 2021. Over the period under review, imports, however, showed a deep downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest iron oxide pigment supplier to Indonesia, accounting for a 88% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold. The third position in this ranking was held by Japan (X tons), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+11.9% per year) and Japan (-6.9% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Indonesia, comprising 77% of total imports. The second position in the ranking was taken by Japan ($X), with a 7.1% share of total imports. It was followed by Spain, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-7.6% per year) and Spain (+19.8% per year).

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, increasing by 9.1% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 13%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, 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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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