Iran: Baryte Market 2024

Baryte Market Size in Iran

In 2021, the Iranian baryte market decreased by -10.9% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, recorded a slight expansion. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Baryte Production in Iran

In value terms, baryte production fell to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 72% against the previous year. Baryte production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Baryte Exports

Exports from Iran

In 2021, shipments abroad of barytes increased by 205% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports posted buoyant growth. The pace of growth was the most pronounced in 2015 when exports increased by 721%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, baryte exports soared to $X in 2021. In general, exports posted a prominent increase. The pace of growth appeared the most rapid in 2015 when exports increased by 513% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Kuwait (X tons) was the main destination for baryte exports from Iran, with a 66% share of total exports. Moreover, baryte exports to Kuwait exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fourfold. Azerbaijan (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume to Kuwait amounted to +56.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+14.0% per year) and Azerbaijan (-0.3% per year).

In value terms, Kuwait ($X) emerged as the key foreign market for barytes exports from Iran, comprising 52% of total exports. The second position in the ranking was held by Azerbaijan ($X), with a 22% share of total exports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Kuwait stood at +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+1.6% per year) and the United Arab Emirates (+0.2% per year).

Export Prices by Country

The average baryte export price stood at $X per ton in 2021, reducing by -15.9% against the previous year. Over the period under review, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2013 an increase of 24%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Georgia (+25.4%), while the prices for the other major destinations experienced more modest paces of growth.

Baryte Imports

Imports into Iran

In 2021, overseas purchases of barytes were finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Over the period under review, imports, however, showed a sharp descent. The most prominent rate of growth was recorded in 2015 with an increase of 787% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, baryte imports rose markedly to $X in 2021. Overall, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 733%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Turkey (X tons) and China (X tons) were the main suppliers of baryte imports to Iran.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +45.1%).

In value terms, China ($X) and Turkey ($X) appeared to be the largest baryte suppliers to Iran.

Turkey, with a CAGR of +39.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

In 2021, the average baryte import price amounted to $X per ton, waning by -12% against the previous year. Overall, the import price, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 63% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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