Pakistan: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Pakistan

After two years of growth, the Pakistani iron oxide pigment market decreased by -6% to $X in 2021. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +50.0% against 2018 indices. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Iron Oxide Pigment Production in Pakistan

In value terms, iron oxide pigment production reduced to $X in 2021 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 increased by +54.0% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 44%. Over the period under review, production hit record highs at $X in 2020, and then fell in the following year.

Iron Oxide Pigment Exports

Exports from Pakistan

In 2021, overseas shipments of iron oxide pigments decreased by -37.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a sharp downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 91%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports fell markedly to $X in 2021. In general, exports faced a significant decline. The pace of growth appeared the most rapid in 2013 when exports increased by 174%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Yemen (X tons), Saudi Arabia (X tons) and Oman (X tons) were the main destinations of iron oxide pigment exports from Pakistan, together comprising 99.9% 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 Yemen (with a CAGR of -0.1%), while the other leaders experienced a decline.

In value terms, the largest markets for iron oxide pigment exported from Pakistan were Yemen ($X), Saudi Arabia ($X) and Oman ($X), together comprising 99.9% of total exports.

Among the main countries of destination, Yemen, with a CAGR of -13.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, stabilizing at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 115%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Oman ($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 the United Arab Emirates (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Iron Oxide Pigment Imports

Imports into Pakistan

In 2021, purchases abroad of iron oxide pigments increased by 18% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports saw strong growth. The growth pace was the most rapid in 2015 with an increase of 57%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Overall, imports posted buoyant growth. The pace of growth appeared the most rapid in 2017 with an increase of 23%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron oxide pigment to Pakistan, with a 78% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), eightfold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.7% per year) and the United Arab Emirates (+33.9% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Pakistan, comprising 77% of total imports. The second position in the ranking was held by Germany ($X), with a 9.1% share of total imports. It was followed by India, with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.0% per year) and India (+25.9% per year).

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, remaining stable against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2019 when the average import price increased by 23% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+8.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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