Saudi Arabia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Saudi Arabia

After five years of growth, the Saudi iron oxide pigment market decreased by -4% to $X in 2021. Overall, consumption, however, showed prominent growth. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped modestly in the following year.

Iron Oxide Pigment Production in Saudi Arabia

In value terms, iron oxide pigment production declined dramatically to $X in 2021 estimated in export price. Overall, production, however, showed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 4,748% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then reduced notably in the following year.

Iron Oxide Pigment Exports

Exports from Saudi Arabia

Iron oxide pigment exports from Saudi Arabia soared to X tons in 2021, picking up by 225% against the year before. Overall, exports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 290%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. In general, exports, however, recorded a pronounced reduction. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for iron oxide pigment exports from Saudi Arabia, accounting for a 66% share of total exports. Moreover, iron oxide pigment exports to China exceeded the volume sent to the second major destination, Turkey (X tons), tenfold. South Africa (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at -3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+7.9% per year) and South Africa (+492.3% per year).

In value terms, South Africa ($X) remains the key foreign market for iron oxide pigments exports from Saudi Arabia, comprising 41% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by the United Arab Emirates, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Africa stood at +406.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.9% per year) and the United Arab Emirates (-0.6% per year).

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, surging by 35% against the previous year. In general, the export price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2019 an increase of 64%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to Spain ($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 Iraq (+107.2%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Saudi Arabia

In 2021, iron oxide pigment imports into Saudi Arabia skyrocketed to X tons, rising by 84% on 2020. Overall, imports, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2019 when imports increased by 113%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, iron oxide pigment imports surged to $X in 2021. In general, imports, however, continue to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2019 with an increase of 205% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Germany (X tons) and India (X tons) were the main suppliers of iron oxide pigment imports to Saudi Arabia, with a combined 47% share of total imports. South Korea and the UK lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +16.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Saudi Arabia, comprising 49% of total imports. The second position in the ranking was taken by Germany ($X), with a 22% share of total imports. It was followed by the UK, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.3% per year) and the UK (+31.7% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, growing by 40% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2021: its price 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. Based on 2021 figures, iron oxide pigment import price increased by +58.7% against 2018 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 43%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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