Romania: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Romania

In 2021, after two years of growth, there was significant decline in the Romanian iron oxide pigment market, when its value decreased by -9.9% to $X. Over the period under review, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +27.8% against 2015 indices. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Iron Oxide Pigment Production in Romania

In value terms, iron oxide pigment production fell to $X in 2021 estimated in export price. In general, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +29.5% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 30%. As a result, production attained the peak level of $X, and then declined in the following year.

Iron Oxide Pigment Exports

Exports from Romania

After two years of decline, shipments abroad of iron oxide pigments increased by 31% to X tons in 2021. Overall, exports, however, showed a deep setback. The exports peaked at X tons in 2012; however, from 2013 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, however, showed a mild contraction. The pace of growth was the most pronounced in 2014 when exports increased by 78% 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

Serbia (X tons) was the main destination for iron oxide pigment exports from Romania, accounting for a 62% share of total exports. Moreover, iron oxide pigment exports to Serbia exceeded the volume sent to the second major destination, Moldova (X tons), fourfold. Ukraine (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Serbia stood at +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (-7.4% per year) and Ukraine (+11.3% per year).

In value terms, the largest markets for iron oxide pigment exported from Romania were Moldova ($X), Serbia ($X) and Ukraine ($X), with a combined 57% share of total exports. These countries were followed by Bulgaria, Spain, Italy and Greece, which together accounted for a further 38%.

Among the main countries of destination, Italy, with a CAGR of +60.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, approximately reflecting the previous year. In general, the export price, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 410% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Serbia ($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 (+56.9%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Romania

In 2021, iron oxide pigment imports into Romania rose sharply to X tons, growing by 10% compared with 2020. The total import volume increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 27% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, iron oxide pigment imports soared to $X in 2021. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 31%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of iron oxide pigment to Romania, accounting for a 44% share of total imports. Moreover, iron oxide pigment imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Spain (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.1% per year) and Spain (+14.7% per year).

In value terms, Germany ($X) constituted the largest supplier of iron oxide pigments to Romania, comprising 43% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Spain, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.7% per year) and Spain (+18.8% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, picking up by 9.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2020 when the average import price increased by 13% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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