Vietnam: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Vietnam

In 2022, the Vietnamese iron oxide pigment market decreased by X% to $X, falling for the second year in a row after three years of growth. In general, consumption showed a slight slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Iron Oxide Pigment Production in Vietnam

In value terms, iron oxide pigment production fell to $X in 2022 estimated in export price. Overall, production showed a perceptible curtailment. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Iron Oxide Pigment Exports

Exports from Vietnam

In 2022, shipments abroad of iron oxide pigments decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, iron oxide pigment exports contracted remarkably to $X in 2022. In general, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then declined dramatically in the following year.

Exports by Country

China (X tons) was the main destination for iron oxide pigment exports from Vietnam, accounting for a X% share of total exports. Moreover, iron oxide pigment exports to China exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Taiwan (Chinese) (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Taiwan (Chinese) (X% per year).

Export Prices by Country

In 2022, the average iron oxide pigment export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and Taiwan (Chinese) ($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 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced a decline.

Iron Oxide Pigment Imports

Imports into Vietnam

In 2022, supplies from abroad of iron oxide pigments decreased by X% to X tons, falling for the second consecutive year after six years of growth. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, iron oxide pigment imports soared to $X in 2022. Overall, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of iron oxide pigment to Vietnam, accounting for 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), fivefold. South Korea (X tons) ranked third in terms of total imports 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 South Korea (X% per year).

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

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

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and China ($X per ton), while the price for Italy ($X per ton) and Germany ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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