Uruguay: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Uruguay

In 2021, after two years of decline, there was significant growth in the Uruguayan iron oxide pigment market, when its value increased by 8.5% to $X. Overall, consumption, however, showed a slight decline. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Iron Oxide Pigment Production in Uruguay

In value terms, iron oxide pigment production declined modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a noticeable slump. The growth pace was the most rapid in 2018 when the production volume increased by 27%. Iron oxide pigment production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports from Uruguay

In 2021, after two years of decline, there was significant growth in overseas shipments of iron oxide pigments, when their volume increased by 509% to X tons. In general, exports continue to indicate a resilient expansion. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron oxide pigment exports soared to $X in 2021. Over the period under review, exports posted buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

El Salvador (X tons), Brazil (X tons) and Paraguay (X kg) were the main destinations of iron oxide pigment exports from Uruguay, together accounting for 98% of total exports.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +20.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X), Brazil ($X) and Free Zones ($X) were the largest markets for iron oxide pigment exported from Uruguay worldwide, together comprising 99% of total exports.

Among the main countries of destination, Free Zones, with a CAGR of +26.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, picking up by 21% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Free Zones ($X per ton), while the average price for exports to Paraguay ($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 Argentina (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Uruguay

In 2021, approx. X tons of iron oxide pigments were imported into Uruguay; growing by 75% compared with the year before. Over the period under review, total imports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron oxide pigment imports skyrocketed to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 85% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Brazil (X tons) and Germany (X tons) were the main suppliers of iron oxide pigment imports to Uruguay, with a combined 71% share of total imports. Mexico, Colombia and the United States lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +19.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Brazil ($X) and Germany ($X) constituted the largest iron oxide pigment suppliers to Uruguay, with a combined 76% share of total imports. The United States, Colombia and Mexico lagged somewhat behind, together accounting for a further 21%.

Among the main suppliers, Mexico, with a CAGR of +14.8%, 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 more modest paces of growth.

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, reducing by -9.5% against the previous year. In general, the import price continues to indicate a slight downturn. The pace of growth was the most pronounced in 2014 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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