Middle East: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in the Middle East

In 2021, after two years of growth, there was significant decline in the Middle Eastern iron oxide pigment market, when its value decreased by -7.2% to $X. Overall, consumption, however, continues to indicate a resilient increase. Over the period under review, the market attained the maximum level at $X in 2020, and then reduced in the following year.

Iron Oxide Pigment Production in the Middle East

In value terms, iron oxide pigment production fell to $X in 2021 estimated in export price. In general, production, however, showed buoyant growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 63%. The level of production peaked at $X in 2020, and then declined in the following year.

Iron Oxide Pigment Exports

Exports in the Middle East

In 2021, approx. X tons of iron oxide pigments were exported in the Middle East; rising by 138% compared with 2020. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron oxide pigment exports soared to $X in 2021. Total exports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the largest exporting country with an export of around X tons, which amounted to 76% of total exports. It was distantly followed by the United Arab Emirates (X tons), achieving a 19% share of total exports. Iran (X tons) took a minor share of total exports.

Turkey was also the fastest-growing in terms of the iron oxide pigments exports, with a CAGR of +14.5% from 2012 to 2021. At the same time, the United Arab Emirates (+2.8%) displayed positive paces of growth. By contrast, Iran (-5.3%) illustrated a downward trend over the same period. Turkey (+40 p.p.) significantly strengthened its position in terms of the total exports, while Iran and the United Arab Emirates saw its share reduced by -3.4% and -5.3% from 2012 to 2021, respectively.

In value terms, Turkey ($X) remains the largest iron oxide pigment supplier in the Middle East, comprising 64% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 23% share of total exports.

In Turkey, iron oxide pigment exports increased at an average annual rate of +13.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.4% per year) and Iran (-9.2% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, with a decrease of -6.2% against the previous year. In general, the export price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2020 when the export price increased by 54%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey ($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 (-0.4%), while the other leaders experienced a decline in the export price figures.

Iron Oxide Pigment Imports

Imports in the Middle East

Iron oxide pigment imports surged to X tons in 2021, growing by 16% on the previous year's figure. Over the period under review, imports, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2016 with an increase of 22%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron oxide pigment imports soared to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons), Turkey (X tons) and the United Arab Emirates (X tons) was the main importer of iron oxide pigments in the Middle East, making up 70% of total import. Kuwait (X tons) took a 6.6% share (based on physical terms) of total imports, which put it in second place, followed by Israel (5.3%). Iraq (X tons) and Oman (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Kuwait (with a CAGR of +3.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron oxide pigment importing markets in the Middle East were Turkey ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), with a combined 71% share of total imports. Israel, Kuwait, Iraq and Oman lagged somewhat behind, together comprising a further 19%.

In terms of the main importing countries, Kuwait, with a CAGR of +4.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, increasing by 21% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (+9.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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