Portugal: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Portugal

In 2021, the Portuguese iron oxide pigment market decreased by -3.1% to $X for the first time since 2016, thus ending a four-year rising trend. In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% 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 +64.8% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then fell modestly in the following year.

Iron Oxide Pigment Production in Portugal

In value terms, iron oxide pigment production fell to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 37%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Iron Oxide Pigment Exports

Exports from Portugal

In 2021, exports of iron oxide pigments from Portugal soared to X tons, rising by 17% against 2020. Over the period under review, exports showed a tangible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 43% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron oxide pigment exports soared to $X in 2021. In general, exports showed a buoyant increase. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Angola (X tons), Cabo Verde (X tons) and Ghana (X tons) were the main destinations of iron oxide pigment exports from Portugal, with a combined 69% 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 Ghana (with a CAGR of +69.5%), while the other leaders experienced more modest paces of growth.

In value terms, Angola ($X) remains the key foreign market for iron oxide pigments exports from Portugal, comprising 46% of total exports. The second position in the ranking was taken by Spain ($X), with a 7% share of total exports. It was followed by Ghana, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Angola totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+4.5% per year) and Ghana (+57.7% per year).

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, picking up by 46% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.2% 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 export price increased by +72.0% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Spain ($X per ton), while the average price for exports to Cabo Verde ($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 Spain (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Portugal

In 2021, approx. X tons of iron oxide pigments were imported into Portugal; increasing by 42% against the year before. Over the period under review, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2012; afterwards, it flattened through to 2021.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Overall, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Spain (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of iron oxide pigment imports to Portugal, together comprising 75% of total imports. China, the Netherlands, Belgium and France lagged somewhat behind, together comprising a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +50.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron oxide pigment suppliers to Portugal were Spain ($X), Germany ($X) and China ($X), with a combined 81% share of total imports. These countries were followed by Italy, the Netherlands, Belgium and France, which together accounted for a further 15%.

The Netherlands, with a CAGR of +55.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, picking up by 7.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2017 an increase of 31%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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