Iran: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Iran

In 2021, after two years of growth, there was significant decline in the Iranian iron oxide pigment market, when its value decreased by -11.9% to $X. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then fell in the following year.

Iron Oxide Pigment Production in Iran

In value terms, iron oxide pigment production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 32%. As a result, production attained the peak level of $X, and then dropped in the following year.

Iron Oxide Pigment Exports

Exports from Iran

In 2021, exports of iron oxide pigments from Iran reduced modestly to X tons, approximately mirroring 2020 figures. Over the period under review, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 156% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. Overall, exports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of 123%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons), Spain (X tons) and Azerbaijan (X tons) were the main destinations of iron oxide pigment exports from Iran, with a combined 81% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +122.8%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X) remains the key foreign market for iron oxide pigments exports from Iran, comprising 39% of total exports. The second position in the ranking was taken by Azerbaijan ($X), with a 15% share of total exports. It was followed by Spain, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Romania totaled -7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (-7.9% per year) and Spain (+125.7% per year).

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, rising by 17% against the previous year. Over the period under review, the export price, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 31% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Georgia ($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 Jordan (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Iran

In 2021, the amount of iron oxide pigments imported into Iran reduced sharply to X tons, waning by -29% against the previous year. Overall, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2019 when imports increased by 94%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, iron oxide pigment imports dropped markedly to $X in 2021. In general, imports recorded a deep slump. The pace of growth was the most pronounced in 2019 when imports increased by 103% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main supplier of iron oxide pigment to Iran, with a 90% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. Turkey (X tons) ranked third in terms of total imports with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+221.8% per year) and Turkey (+5.8% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Iran, comprising 81% of total imports. The second position in the ranking was held by Turkey ($X), with a 3.2% share of total imports. It was followed by Malaysia, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+5.6% per year) and Malaysia (+63.7% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, with an increase of 5.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 12%. The import price peaked at $X per ton in 2016; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+35.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :