Iraq: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Iraq

The Iraqi iron oxide pigment market stood at $X in 2021, flattening at the previous year. Overall, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -0.5% against 2019 indices. Iron oxide pigment consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Iron Oxide Pigment Production in Iraq

In value terms, iron oxide pigment production stood at $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The growth pace was the most rapid in 2016 when the production volume increased by 51%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Iron Oxide Pigment Exports

Exports from Iraq

In 2021, shipments abroad of iron oxide pigments decreased by 0% to X kg for the first time since 2017, thus ending a three-year declining trend. Overall, exports saw a precipitous contraction. The smallest decline of -68.1% was in 2018. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports amounted to $X in 2021. In general, exports showed a sharp decline. The smallest decline of -73.7% was in 2018. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X kg) was the main destination for iron oxide pigment exports from Iraq, accounting for a approx. 100% share of total exports.

From 2017 to 2021, the average annual growth rate of volume to Canada was relatively modest.

From 2017 to 2021, the average annual growth rate of value to Canada was relatively modest.

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price showed buoyant growth. The pace of growth appeared the most rapid in 2018 when the average export price decreased by -17.5%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Canada.

From 2017 to 2021, the rate of growth in terms of prices for Austria amounted to 0.0% per year.

Iron Oxide Pigment Imports

Imports into Iraq

In 2021, after two years of growth, there was significant decline in supplies from abroad of iron oxide pigments, when their volume decreased by -14.7% to X tons. In general, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2014 when imports increased by 65%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, iron oxide pigment imports expanded modestly to $X in 2021. Over the period under review, total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.8% 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 +99.6% against 2018 indices. The growth pace was the most rapid in 2019 when imports increased by 95%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest iron oxide pigment supplier to Iraq, accounting for a 80% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. Italy (X tons) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-3.4% per year) and Italy (0.0% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Iraq, comprising 82% of total imports. The second position in the ranking was held by South Korea ($X), with a 4.5% share of total imports. It was followed by Italy, with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-10.1% per year) and Italy (0.0% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, increasing by 20% against the previous year. Over the period under review, the import price continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 73% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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 China ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+27.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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