Malaysia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Malaysia

The Malaysian iron oxide pigment market surged to $X in 2021, with an increase of 20% against the previous year. Overall, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +91.4% against 2017 indices. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in years to come.

Iron Oxide Pigment Production in Malaysia

In value terms, iron oxide pigment production fell to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 362% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Iron Oxide Pigment Exports

Exports from Malaysia

After three years of decline, overseas shipments of iron oxide pigments increased by 32% to X tons in 2021. Overall, exports, however, showed a precipitous setback. The pace of growth was the most pronounced in 2013 with an increase of 151%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. In general, exports, however, faced a significant decline. The growth pace was the most rapid in 2013 with an increase of 176% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for iron oxide pigment exports from Malaysia, accounting for a 41% share of total exports. Moreover, iron oxide pigment exports to China exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The third position in this ranking was taken by Sri Lanka (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -31.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+25.8% per year) and Sri Lanka (+58.9% per year).

In value terms, the largest markets for iron oxide pigment exported from Malaysia were Sri Lanka ($X), Singapore ($X) and Australia ($X), together accounting for 47% of total exports. China, Iran, Japan and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 19%.

Among the main countries of destination, Iran, with a CAGR of +74.2%, saw the highest growth rate of 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, rising by 56% against the previous year. Over the period under review, the export price showed a strong expansion. The most prominent rate of growth was recorded in 2016 when the average export price increased by 130% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a 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 Sri Lanka ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Hong Kong SAR (+46.9%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Malaysia

Iron oxide pigment imports into Malaysia soared to X tons in 2021, with an increase of 42% against 2020. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, iron oxide pigment imports soared to $X in 2021. Over the period under review, imports, however, showed a slight curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 59%. Over the period under review, imports hit record highs 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 Malaysia, accounting for a 54% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+6.3% per year) and Germany (-0.4% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Malaysia, comprising 55% of total imports. The second position in the ranking was taken by Germany ($X), with a 17% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.1% per year) and Taiwan (Chinese) (+12.7% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, waning by -1.5% against the previous year. Over the period under review, the import price showed a mild slump. The most prominent rate of growth was recorded in 2019 when the average import price increased by 23% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Germany ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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