South-Eastern Asia: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in South-Eastern Asia

The Southeast Asian iron oxide pigment market rose modestly to $X in 2021, increasing by 1.7% against the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.6% against 2013 indices. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the near future.

Iron Oxide Pigment Production in South-Eastern Asia

In value terms, iron oxide pigment production contracted to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +85.2% against 2014 indices. The growth pace was the most rapid in 2016 when the production volume increased by 40%. The level of production peaked at $X in 2020, and then dropped slightly in the following year.

Iron Oxide Pigment Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of iron oxide pigments increased by 53% to X tons, rising for the second consecutive year after six years of decline. Overall, exports, however, saw a pronounced curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 109% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron oxide pigment exports surged to $X in 2021. Over the period under review, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2013 with an increase of 84%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Thailand (X tons), Vietnam (X tons) and Indonesia (X tons), together resulting at 93% of total export. The following exporters - Singapore (X tons) and Malaysia (X tons) - together made up 7.3% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of +52.0%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the largest iron oxide pigment supplier in South-Eastern Asia, comprising 56% of total exports. The second position in the ranking was taken by Singapore ($X), with a 19% share of total exports. It was followed by Thailand, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam stood at +35.5%. In the other countries, the average annual rates were as follows: Singapore (-14.4% per year) and Thailand (-6.7% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, falling by -9.3% against the previous year. Overall, the export price saw a slight contraction. The most prominent rate of growth was recorded in 2014 when the export price increased by 38%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+14.1%), while the other leaders experienced mixed trends in the export price figures.

Iron Oxide Pigment Imports

Imports in South-Eastern Asia

In 2021, approx. X tons of iron oxide pigments were imported in South-Eastern Asia; with an increase of 14% compared with the year before. Overall, imports, however, recorded a mild curtailment. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, iron oxide pigment imports soared to $X in 2021. In general, imports, however, continue to indicate a slight reduction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the five major importers of iron oxide pigments, namely Malaysia, Vietnam, Thailand, the Philippines and Indonesia, represented more than two-thirds of total import. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +7.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Malaysia ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2021, with a combined 68% share of total imports. These countries were followed by the Philippines, Indonesia and Singapore, which together accounted for a further 30%.

In terms of the main importing countries, the Philippines, with a CAGR of +10.5%, 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 mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, picking up by 8.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 16% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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 Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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