ASEAN: Tall Oil Market 2024

Tall Oil Market Size in ASEAN

The ASEAN tall oil market rose markedly to $X in 2021, growing by 7.3% against the previous year. Overall, consumption, however, recorded a noticeable slump. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Tall Oil Production in ASEAN

In value terms, tall oil production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 147% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Tall Oil Exports

Exports in ASEAN

In 2021, overseas shipments of tall oil decreased by -15.8% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2019 when exports increased by 141% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, tall oil exports dropped to $X in 2021. Overall, exports recorded a perceptible slump. The most prominent rate of growth was recorded in 2019 with an increase of 164% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia was the major exporter of tall oil in ASEAN, with the volume of exports accounting for X tons, which was approx. 45% of total exports in 2021. It was distantly followed by Thailand (X tons), Indonesia (X tons) and Singapore (X tons), together generating a 55% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of +4.2%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest tall oil supplying countries in ASEAN were Malaysia ($X), Indonesia ($X) and Thailand ($X), together accounting for 90% of total exports.

Thailand, with a CAGR of +9.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, increasing by 8.1% against the previous year. Export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +10.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tall oil export price increased by +46.6% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 164%. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+21.0%), while the other leaders experienced more modest paces of growth.

Tall Oil Imports

Imports in ASEAN

In 2021, the amount of tall oil imported in ASEAN surged to X tons, jumping by 19% against 2020. In general, imports, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 36% 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 lower figure.

In value terms, tall oil imports expanded rapidly to $X in 2021. Overall, imports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 37% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia was the largest importer of tall oil in ASEAN, with the volume of imports recording X tons, which was approx. 69% of total imports in 2021. Thailand (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (9.9%) and Singapore (5.2%). Vietnam (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to tall oil imports into Malaysia stood at +12.9%. At the same time, Vietnam (+18.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +18.9% from 2012-2021. Indonesia and Thailand experienced a relatively flat trend pattern. By contrast, Singapore (-27.1%) illustrated a downward trend over the same period. While the share of Malaysia (+52 p.p.), Vietnam (+3.1 p.p.), Indonesia (+3.1 p.p.) and Thailand (+3.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Singapore (-60.5 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported tall oil in ASEAN, comprising 45% of total imports. The second position in the ranking was taken by Thailand ($X), with a 22% share of total imports. It was followed by Indonesia, with a 21% share.

In Malaysia, tall oil imports increased at an average annual rate of +2.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-1.5% per year) and Indonesia (+0.8% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, waning by -4.5% against the previous year. In general, the import price showed a abrupt decline. The pace of growth was the most pronounced in 2019 when the import price increased by 10% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform