Republic of Korea: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Republic of Korea

The South Korean iron oxide pigment market surged to $X in 2022, growing by X% against the previous year. Overall, consumption enjoyed a resilient increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Oxide Pigment Production in Republic of Korea

In value terms, iron oxide pigment production rose modestly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Iron Oxide Pigment Exports

Exports from Republic of Korea

In 2022, approx. X tons of iron oxide pigments were exported from South Korea; reducing by X% compared with 2021. Overall, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then contracted markedly in the following year.

In value terms, iron oxide pigment exports fell remarkably to $X in 2022. In general, exports recorded a perceptible slump. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then declined rapidly in the following year.

Exports by Country

China (X tons) was the main destination for iron oxide pigment exports from South Korea, accounting for a X% share of total exports. Moreover, iron oxide pigment exports to China exceeded the volume sent to the second major destination, Australia (X tons), more than tenfold. The third position in this ranking was taken by India (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and India (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Vietnam (X% per year).

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the export price saw a notable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Iron Oxide Pigment Imports

Imports into Republic of Korea

Iron oxide pigment imports into South Korea fell to X tons in 2022, reducing by X% against 2021. In general, imports continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2017 when imports increased by X%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, iron oxide pigment imports expanded sharply to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of iron oxide pigment to South Korea, with a X% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by Vietnam (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Vietnam (X% per year).

In value terms, China ($X), Germany ($X) and Japan ($X) appeared to be the largest iron oxide pigment suppliers to South Korea, with a combined X% share of total imports. Vietnam, Brazil, Spain and India lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Brazil, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the average iron oxide pigment import price amounted to $X per ton, picking up by X% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron oxide pigment import price increased by X% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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