Slovakia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Slovakia

In 2021, after four years of growth, there was significant decline in the Slovak iron oxide pigment market, when its value decreased by -22.6% to $X. Over the period under review, consumption, however, showed prominent growth. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Iron Oxide Pigment Production in Slovakia

In value terms, iron oxide pigment production fell remarkably to $X in 2021 estimated in export price. In general, production, however, showed mild growth. The most prominent rate of growth was recorded in 2020 with an increase of 90% against the previous year. As a result, production reached the peak level of $X, and then declined remarkably in the following year.

Iron Oxide Pigment Exports

Exports from Slovakia

In 2021, overseas shipments of iron oxide pigments were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, recorded a dramatic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 347% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron oxide pigment exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 221% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The Czech Republic (X tons), the UK (X tons) and Serbia (X tons) were the main destinations of iron oxide pigment exports from Slovakia, with a combined 73% share of total exports. These countries were followed by Hungary, Switzerland, Poland and Italy, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +1,435.0%), while the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X) emerged as the key foreign market for iron oxide pigments exports from Slovakia, comprising 44% of total exports. The second position in the ranking was taken by Hungary ($X), with an 18% share of total exports. It was followed by Serbia, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to the Czech Republic amounted to +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+22.2% per year) and Serbia (+86.9% per year).

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, with an increase of 25% against the previous year. Overall, the export price posted significant growth. The pace of growth was the most pronounced in 2019 when the average export price increased by 262%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Poland ($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 Poland (+31.2%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Slovakia

In 2021, overseas purchases of iron oxide pigments decreased by -9.9% to X tons, falling for the second year in a row after four years of growth. In general, total imports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -17.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 33% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, iron oxide pigment imports surged to $X in 2021. The total import value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), the Czech Republic (X tons) and Spain (X tons) were the main suppliers of iron oxide pigment imports to Slovakia, together comprising 96% of total imports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +626.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X), the Czech Republic ($X) and Hungary ($X) appeared to be the largest iron oxide pigment suppliers to Slovakia, with a combined 91% share of total imports. These countries were followed by Spain, which accounted for a further 3.9%.

Among the main suppliers, Spain, with a CAGR of +721.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, picking up by 32% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hungary ($X per ton), while the price for the Czech Republic ($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 (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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