Philippines: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in the Philippines

The Philippine iron oxide pigment market expanded slightly to $X in 2021, with an increase of 3.4% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 +88.3% against 2013 indices. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Iron Oxide Pigment Production in the Philippines

In value terms, iron oxide pigment production contracted to $X in 2021 estimated in export price. In general, production, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 31%. Iron oxide pigment production peaked at $X in 2020, and then fell in the following year.

Iron Oxide Pigment Exports

Exports from the Philippines

In 2021, shipments abroad of iron oxide pigments was finally on the rise to reach X tons after two years of decline. Overall, exports showed a significant increase. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, iron oxide pigment exports totaled $X in 2021. Over the period under review, exports, however, showed a perceptible decline. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for iron oxide pigment exports from the Philippines, with a 61% share of total exports. Moreover, iron oxide pigment exports to Japan exceeded the volume sent to the second major destination, Qatar (X tons), threefold.

From 2013 to 2021, the average annual rate of growth in terms of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-30.2% per year) and Thailand (-13.6% per year).

In value terms, the largest markets for iron oxide pigment exported from the Philippines were Qatar ($X), Japan ($X) and Thailand ($X), with a combined 99% share of total exports.

Japan, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, declining by -35.5% against the previous year. In general, the export price showed a sharp setback. The growth pace was the most rapid in 2019 an increase of 75% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (-16.6%).

Iron Oxide Pigment Imports

Imports into the Philippines

In 2021, overseas purchases of iron oxide pigments increased by 61% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 88%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron oxide pigment to the Philippines, accounting for a 59% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-0.4% per year) and Germany (+11.9% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to the Philippines, comprising 70% of total imports. The second position in the ranking was held by India ($X), with an 11% share of total imports. It was followed by Germany, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+9.5% per year) and Germany (+12.8% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, surging by 12% against the previous year. In general, import price indicated a buoyant increase from 2012 to 2021: its price 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, iron oxide pigment import price decreased by -9.5% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 53%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($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 (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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