Uzbekistan: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Uzbekistan

The Uzbek iron oxide pigment market surged to $X in 2021, growing by 68% against the previous year. Overall, consumption, however, showed a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Oxide Pigment Production in Uzbekistan

In value terms, iron oxide pigment production reached $X in 2021 estimated in export price. Overall, production, however, saw a tangible expansion. The growth pace was the most rapid in 2019 with an increase of 72% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Iron Oxide Pigment Exports

Exports from Uzbekistan

Iron oxide pigment exports from Uzbekistan contracted to X tons in 2021, declining by -9.3% on the previous year. Overall, exports faced a deep contraction. The smallest decline of -7.8% was in 2018. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, iron oxide pigment exports soared to $X in 2021. In general, exports saw a perceptible shrinkage. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Russia (X tons) was the main destination for iron oxide pigment exports from Uzbekistan, with a 87% share of total exports. Moreover, iron oxide pigment exports to Russia exceeded the volume sent to the second major destination, Belarus (X tons), ninefold.

From 2017 to 2021, the average annual growth rate of volume to Russia stood at -17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+21.0% per year) and Ukraine (-43.9% per year).

In value terms, Russia ($X) remains the key foreign market for iron oxide pigments exports from Uzbekistan, comprising 75% of total exports. The second position in the ranking was held by Belarus ($X), with a 16% share of total exports.

From 2017 to 2021, the average annual growth rate of value to Russia totaled -9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+224.0% per year) and Ukraine (+123.6% per year).

Export Prices by Country

In 2021, the average iron oxide pigment export price amounted to $X per ton, rising by 76% against the previous year. Over the period under review, export price indicated a resilient increase from 2017 to 2021: its price increased at an average annual rate of +12.9% over the last four years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2017 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+298.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Oxide Pigment Imports

Imports into Uzbekistan

In 2021, purchases abroad of iron oxide pigments decreased by -25.8% to X tons, falling for the third consecutive year after two years of growth. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 70% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron oxide pigment imports declined notably to $X in 2021. Overall, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 168%. Imports peaked at $X in 2020, and then fell notably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest iron oxide pigment supplier to Uzbekistan, accounting for a 89% share of total imports. It was followed by South Korea (X tons), with a 2.7% share of total imports. The third position in this ranking was taken by Turkey (X tons), with a 1.8% share.

From 2017 to 2021, the average annual growth rate of volume from China stood at -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+40.9% per year) and Turkey (+63.4% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Uzbekistan, comprising 90% of total imports. The second position in the ranking was held by South Korea ($X), with a 1.3% share of total imports. It was followed by Turkey, with a 1.1% share.

From 2017 to 2021, the average annual rate of growth in terms of value from China stood at +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+4.1% per year) and Turkey (+69.0% per year).

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2021, with an increase of 13% against the previous year. In general, the import price showed significant growth. The pace of growth was the most pronounced in 2018 an increase of 58%. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

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

From 2017 to 2021, the most notable rate of growth in terms of prices was attained by China (+25.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :