Peru: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Peru

After two years of growth, the Peruvian iron oxide pigment market decreased by -0.3% to $X in 2021. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +103.1% against 2012 indices. Iron oxide pigment consumption peaked at $X in 2020, and then contracted in the following year.

Iron Oxide Pigment Production in Peru

In value terms, iron oxide pigment production fell to $X in 2021 estimated in export price. Over the period under review, production, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 47% against the previous year. Iron oxide pigment production peaked at $X in 2020, and then dropped in the following year.

Iron Oxide Pigment Exports

Exports from Peru

In 2021, the amount of iron oxide pigments exported from Peru shrank notably to X tons, with a decrease of -66.1% compared with 2020. In general, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 360%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, iron oxide pigment exports declined notably to $X in 2021. Overall, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 354% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), Bolivia (X tons) and Chile (X tons) were the main destinations of iron oxide pigment exports from Peru, with a combined 89% share 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 Ecuador (with a CAGR of +13.2%), while the other leaders experienced more modest paces of growth.

In value terms, Bolivia ($X), Ecuador ($X) and the United States ($X) appeared to be the largest markets for iron oxide pigment exported from Peru worldwide, together accounting for 82% of total exports.

Bolivia, with a CAGR of +13.9%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, reducing by -5.4% against the previous year. In general, the export price, however, continues to indicate mild growth. The pace of growth was the most pronounced in 2014 when the average export price increased by 120%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Chile ($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 Germany (+4.8%), while the prices for the other major destinations experienced mixed trend patterns.

Iron Oxide Pigment Imports

Imports into Peru

In 2021, approx. X tons of iron oxide pigments were imported into Peru; increasing by 37% against the previous year. Over the period under review, imports, however, showed a pronounced decrease. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron oxide pigment to Peru, with a 48% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.3% per year) and the United States (+9.0% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Peru, comprising 44% of total imports. The second position in the ranking was taken by Germany ($X), with a 16% share of total imports. It was followed by Italy, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.2% per year) and Italy (+66.5% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, increasing by 47% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Italy ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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