Republic of Korea: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Republic of Korea

After two years of growth, the South Korean iron oxide pigment market decreased by -86.4% to $X in 2021. Over the period under review, consumption showed a deep reduction. Over the period under review, the market hit record highs at $X in 2020, and then reduced dramatically in the following year.

Iron Oxide Pigment Production in Republic of Korea

In value terms, iron oxide pigment production contracted to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 22%. Iron oxide pigment production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Iron Oxide Pigment Exports

Exports from Republic of Korea

In 2021, shipments abroad of iron oxide pigments was finally on the rise to reach X tons after three years of decline. Overall, total exports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine-year period. 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. In general, exports recorded a moderate expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for iron oxide pigment exports from South Korea, accounting for a 93% share of total exports. It was followed by Vietnam (X tons), with a 1.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+42.0% per year) and Saudi Arabia (-2.0% per year).

In value terms, China ($X) remains the key foreign market for iron oxide pigments exports from South Korea, comprising 85% of total exports. The second position in the ranking was held by Vietnam ($X), with a 2.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China amounted to +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+33.6% per year) and Saudi Arabia (-5.0% per year).

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, rising by 30% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($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 China (+1.5%), while the prices for the other major destinations experienced a decline.

Iron Oxide Pigment Imports

Imports into Republic of Korea

After three years of decline, purchases abroad of iron oxide pigments increased by 9.2% to X tons in 2021. Overall, imports, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 26% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a mild descent. 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 iron oxide pigment supplier to South Korea, with a 52% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was taken by Vietnam (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.8% per year) and Vietnam (-11.3% per year).

In value terms, the largest iron oxide pigment suppliers to South Korea were China ($X), Germany ($X) and Japan ($X), with a combined 86% share of total imports. Brazil, Vietnam, Spain and India lagged somewhat behind, together accounting for a further 6%.

Brazil, with a CAGR of +8.4%, saw 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 mixed trend patterns.

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, rising by 9.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2020 an increase of 20% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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