Latin America and the Caribbean: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Latin America and the Caribbean

The Latin American iron oxide pigment market was finally on the rise to reach $X in 2021, after four years of decline. In general, consumption saw a pronounced slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Iron Oxide Pigment Production in Latin America and the Caribbean

In value terms, iron oxide pigment production dropped slightly to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by +0.7% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 60%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports in Latin America and the Caribbean

In 2021, after two years of growth, there was decline in overseas shipments of iron oxide pigments, when their volume decreased by -3.6% to X tons. Overall, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2016 when exports increased by 7%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports rose remarkably to $X in 2021. In general, exports showed a noticeable decline. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil represented the key exporter of iron oxide pigments in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was approx. 79% of total exports in 2021. It was distantly followed by Colombia (X tons), making up an 18% share of total exports.

Exports from Brazil decreased at an average annual rate of -19.2% from 2012 to 2021. Colombia (-2.5%) illustrated a downward trend over the same period. Colombia (+14 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -15% from 2012 to 2021, respectively.

In value terms, Brazil ($X) remains the largest iron oxide pigment supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was taken by Colombia ($X), with a 24% share of total exports.

In Brazil, iron oxide pigment exports plunged by an average annual rate of -2.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 11% against the previous year. In general, the export price posted a strong increase. The pace of growth was the most pronounced in 2013 when the export price increased by 364%. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while Brazil totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+20.8%).

Iron Oxide Pigment Imports

Imports in Latin America and the Caribbean

Iron oxide pigment imports soared to X tons in 2021, picking up by 25% on the year before. Overall, imports, however, saw a relatively flat trend pattern. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the major importing country with an import of around X tons, which finished at 52% of total imports. Brazil (X tons) ranks second in terms of the total imports with a 13% share, followed by Chile (5.6%), Argentina (5.3%), Peru (5%) and Colombia (4.8%). Guatemala (X tons) followed a long way behind the leaders.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of iron oxide pigments. At the same time, Argentina (+8.7%), Guatemala (+7.2%) and Chile (+2.4%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +8.7% from 2012-2021. By contrast, Peru (-2.0%), Colombia (-3.1%) and Brazil (-3.1%) illustrated a downward trend over the same period. Mexico (+5.6 p.p.) and Argentina (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by -3.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported iron oxide pigments in Latin America and the Caribbean, comprising 41% of total imports. The second position in the ranking was taken by Brazil ($X), with a 17% share of total imports. It was followed by Chile, with a 7.6% share.

In Mexico, iron oxide pigment imports increased at an average annual rate of +3.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-3.9% per year) and Chile (+3.7% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 7.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2013 when the import price increased by 14% against the previous year. The level of import 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 importing countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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