Vietnam: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Vietnam

In 2021, the Vietnamese iron oxide pigment market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, showed a strong increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Iron Oxide Pigment Production in Vietnam

In value terms, iron oxide pigment production skyrocketed to $X in 2021 estimated in export price. Overall, production saw a buoyant increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 60% against the previous year. Iron oxide pigment production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Iron Oxide Pigment Exports

Exports from Vietnam

In 2021, iron oxide pigment exports from Vietnam surged to X tons, jumping by 73% against 2020 figures. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 219% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, iron oxide pigment exports surged to $X in 2021. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 161% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for iron oxide pigment exports from Vietnam, accounting for a 74% share of total exports. Moreover, iron oxide pigment exports to China exceeded the volume sent to the second major destination, South Korea (X tons), eightfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +74.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+21.9% per year) and Hong Kong SAR (+115.7% per year).

In value terms, China ($X) remains the key foreign market for iron oxide pigments exports from Vietnam, comprising 74% of total exports. The second position in the ranking was held by South Korea ($X), with a 9.6% share of total exports. It was followed by Hong Kong SAR, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +46.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+16.8% per year) and Hong Kong SAR (+64.0% per year).

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2021, falling by -15.7% against the previous year. Over the period under review, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and India ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-4.2%), while the prices for the other major destinations experienced a decline.

Iron Oxide Pigment Imports

Imports into Vietnam

In 2021, iron oxide pigment imports into Vietnam declined to X tons, falling by -7.7% against the previous year's figure. Overall, imports, however, posted resilient growth. The growth pace was the most rapid in 2018 with an increase of 92% against the previous year. As a result, imports reached 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 rose remarkably to $X in 2021. In general, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 31%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest iron oxide pigment supplier to Vietnam, accounting for a 68% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.0% per year) and South Korea (+31.1% per year).

In value terms, China ($X) constituted the largest supplier of iron oxide pigments to Vietnam, comprising 61% of total imports. The second position in the ranking was taken by Germany ($X), with a 12% share of total imports. It was followed by South Korea, with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.4% per year) and South Korea (+27.6% per year).

Import Prices by Country

In 2021, the average iron oxide pigment import price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron oxide pigment import price increased by +89.9% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 73% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and South Korea ($X per ton), while the price for Germany ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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