Azerbaijan: Iron Oxide Pigment Market 2024

Iron Oxide Pigment Market Size in Azerbaijan

The Azerbaijani iron oxide pigment market contracted slightly to $X in 2023, waning by X% against the previous year. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2016 indices. Iron oxide pigment consumption peaked at $X in 2022, and then shrank modestly in the following year.

Iron Oxide Pigment Production in Azerbaijan

In value terms, iron oxide pigment production contracted modestly to $X in 2023 estimated in export price. Overall, the total production indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

Iron Oxide Pigment Exports

Exports from Azerbaijan

In 2019, approx. X tons of iron oxide pigments were exported from Azerbaijan; remaining relatively unchanged against 2018 figures. Over the period under review, exports continue to indicate a resilient expansion. The smallest decline of X% was in 2018. The exports peaked in 2019 and are likely to see gradual growth in years to come.

In value terms, iron oxide pigment exports totaled $X in 2019. Overall, exports showed a significant expansion. The smallest decline of X% was in 2018. The exports peaked in 2019 and are likely to see gradual growth in the immediate term.

Exports by Country

Turkmenistan (X tons) was the main destination for iron oxide pigment exports from Azerbaijan, with a X% share of total exports. It was followed by Russia (X kg), with a X% share of total exports.

From 2017 to 2019, the average annual rate of growth in terms of volume to Turkmenistan was relatively modest.

From 2017 to 2019, the average annual rate of growth in terms of value to Turkmenistan was relatively modest.

Export Prices by Country

The average iron oxide pigment export price stood at $X per ton in 2019, flattening at the previous year. In general, the export price showed a significant increase. The most prominent rate of growth was recorded in 2018 a decrease of X%. Over the period under review, the average export prices reached the peak figure in 2019 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2019, amid the top suppliers, the country with the highest price was Turkmenistan ($X per ton), while the average price for exports to Russia stood at $X per ton.

From 2017 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%).

Iron Oxide Pigment Imports

Imports into Azerbaijan

Iron oxide pigment imports into Azerbaijan fell significantly to X tons in 2023, declining by X% compared with the previous year. In general, imports, however, posted significant growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2022, and then reduced sharply in the following year.

In value terms, iron oxide pigment imports reduced markedly to $X in 2023. Over the period under review, imports, however, recorded significant growth. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then reduced markedly in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of iron oxide pigment to Azerbaijan, accounting for a X% share of total imports. Moreover, iron oxide pigment imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The third position in this ranking was taken by Iran (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Iran (X% per year).

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

From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Malaysia (X% per year).

Import Prices by Country

The average iron oxide pigment import price stood at $X per ton in 2023, jumping by X% against the previous year. Overall, import price indicated prominent growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, iron oxide pigment import price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2023, import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform