Ukraine: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Ukraine

The Ukrainian iron oxide pigment market rose notably to $X in 2021, picking up by 5.4% against the previous year. Over the period under review, consumption, however, showed tangible growth. Iron oxide pigment consumption peaked in 2021 and is likely to see steady growth in the near future.

Iron Oxide Pigment Production in Ukraine

In value terms, iron oxide pigment production rose to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.6% 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 decreased by -3.5% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 56% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports from Ukraine

In 2021, iron oxide pigment exports from Ukraine surged to X tons, with an increase of 23% against 2020. Over the period under review, exports, however, faced a sharp setback. The most prominent rate of growth was recorded in 2013 with an increase of 60% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, iron oxide pigment exports soared to $X in 2021. In general, exports, however, recorded a precipitous setback. The most prominent rate of growth was recorded in 2013 when exports increased by 64%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for iron oxide pigment exports from Ukraine, with a 78% share of total exports. Moreover, iron oxide pigment exports to Russia exceeded the volume sent to the second major destination, Georgia (X tons), fourfold. The third position in this ranking was taken by Moldova (X tons), with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia stood at -18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+43.1% per year) and Moldova (-16.6% per year).

In value terms, Georgia ($X) remains the key foreign market for iron oxide pigments exports from Ukraine, comprising 67% of total exports. The second position in the ranking was taken by Russia ($X), with a 21% share of total exports. It was followed by Moldova, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Georgia totaled +45.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-32.3% per year) and Moldova (-17.1% per year).

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, surging by 6% against the previous year. In general, the export price, however, showed a pronounced curtailment. The pace of growth appeared the most rapid in 2019 when the average export price increased by 37% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to Russia ($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 (+5.9%), while the prices for the other major destinations experienced mixed trend patterns.

Iron Oxide Pigment Imports

Imports into Ukraine

In 2021, overseas purchases of iron oxide pigments increased by 23% to X tons, rising for the third year in a row after two years of decline. In general, total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +4.2% 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 increased by +39.5% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 60%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, iron oxide pigment imports surged to $X in 2021. Overall, total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +118.8% against 2015 indices. The growth pace was the most rapid in 2016 when imports increased by 36%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron oxide pigment to Ukraine, with a 69% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), sixfold. Italy (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.0% per year) and Italy (+3.6% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Ukraine, comprising 74% of total imports. The second position in the ranking was held by Germany ($X), with a 12% share of total imports. It was followed by Italy, with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.5% per year) and Italy (+8.7% per year).

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, picking up by 6.7% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 12% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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