Scandinavia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Scandinavia

The Scandinavia iron oxide pigment market totaled $X in 2021, rising by 13% against the previous year. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +12.1% 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 +64.0% against 2018 indices. The level of consumption peaked in 2021 and is likely to see steady growth in years to come.

Iron Oxide Pigment Production in Scandinavia

In value terms, iron oxide pigment production declined significantly to $X in 2021 estimated in export price. Overall, production, however, saw a slight slump. The growth pace was the most rapid in 2016 with an increase of 118% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Iron Oxide Pigment Exports

Exports in Scandinavia

In 2021, after three years of decline, there was significant growth in overseas shipments of iron oxide pigments, when their volume increased by 15% to X tons. Over the period under review, exports, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2017 with an increase of 48%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron oxide pigment exports expanded markedly to $X in 2021. In general, exports, however, recorded a mild slump. The growth pace was the most rapid in 2013 when exports increased by 15% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Sweden dominates exports structure, recording X tons, which was approx. 82% of total exports in 2021. Norway (X tons) held the second position in the ranking, followed by Finland (X tons). All these countries together held near 14% share of total exports. Denmark (X tons) held a little share of total exports.

Exports from Sweden decreased at an average annual rate of -2.3% from 2012 to 2021. At the same time, Finland (+11.9%) and Norway (+2.6%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +11.9% from 2012-2021. By contrast, Denmark (-4.9%) illustrated a downward trend over the same period. Finland (+4.7 p.p.) and Norway (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -5.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron oxide pigment supplying countries in Scandinavia were Norway ($X), Denmark ($X) and Sweden ($X), together accounting for 95% of total exports. Finland lagged somewhat behind, accounting for a further 4.6%.

Finland, with a CAGR of +11.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, leveling off at the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 42% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+3.3%), while the other leaders experienced mixed trends in the export price figures.

Iron Oxide Pigment Imports

Imports in Scandinavia

Iron oxide pigment imports contracted to X tons in 2021, declining by -5.9% compared with 2020. Overall, imports showed a mild reduction. The growth pace was the most rapid in 2014 with an increase of 43% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Sweden (X tons) and Denmark (X tons) were the main importers of iron oxide pigments in Scandinavia, together amounting to near 74% of total imports. Norway (X tons) ranks next in terms of the total imports with an 18% share, followed by Finland (7.3%).

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +0.1%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest iron oxide pigment importing markets in Scandinavia were Denmark ($X), Sweden ($X) and Finland ($X), with a combined 86% share of total imports.

Among the main importing countries, Sweden, with a CAGR of +2.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2021, rising by 33% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform