Sri Lanka: Organic Pigments Market 2024

Organic Pigments Market Size in Sri Lanka

In 2021, the Sri Lankan organic pigments market increased by 30% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a noticeable increase. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Organic Pigments Exports

Exports from Sri Lanka

In 2021, the amount of synthetic organic coloring matter and pigments exported from Sri Lanka fell remarkably to X tons, which is down by -81.3% compared with 2020. Overall, exports faced a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of 477%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, organic pigments exports shrank sharply to $X in 2021. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 565%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bangladesh (X tons) was the main destination for organic pigments exports from Sri Lanka, with a 77% share of total exports. Moreover, organic pigments exports to Bangladesh exceeded the volume sent to the second major destination, India (X tons), ninefold. Pakistan (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Bangladesh amounted to -18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+1.8% per year) and Pakistan (+18.7% per year).

In value terms, Bangladesh ($X) remains the key foreign market for synthetic organic coloring matter and pigments exports from Sri Lanka, comprising 63% of total exports. The second position in the ranking was taken by India ($X), with a 21% share of total exports. It was followed by Pakistan, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value to Bangladesh totaled -17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-0.2% per year) and Pakistan (+23.0% per year).

Export Prices by Country

In 2021, the average organic pigments export price amounted to $X per ton, shrinking by -7.6% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, organic pigments export price decreased by -10.8% against 2019 indices. The pace of growth was the most pronounced in 2014 an increase of 122% against the previous year. The export price 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 for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Malaysia ($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 Pakistan (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Organic Pigments Imports

Imports into Sri Lanka

In 2021, overseas purchases of synthetic organic coloring matter and pigments increased by 16% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports posted a temperate increase. The most prominent rate of growth was recorded in 2018 when imports increased by 192%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, organic pigments imports skyrocketed to $X in 2021. Overall, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +69.2% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), China (X tons) and Italy (X tons) were the main suppliers of organic pigments imports to Sri Lanka, together accounting for 73% of total imports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Indonesia ($X) appeared to be the largest organic pigments suppliers to Sri Lanka, with a combined 68% share of total imports. Italy, Taiwan (Chinese), Thailand, the UK, Singapore, South Korea, Turkey, Malaysia and Hong Kong SAR lagged somewhat behind, together comprising a further 23%.

Italy, with a CAGR of +26.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average organic pigments import price stood at $X per ton in 2021, surging by 18% against the previous year. In general, import price indicated a temperate 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, organic pigments import price increased by +281.2% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 206%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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