Asia: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in Asia

In 2021, the Asian tall oil fatty acids market increased by 33% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Industrial Tall Oil Fatty Acids in Asia

In value terms, tall oil fatty acids production declined modestly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by 36% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Industrial Tall Oil Fatty Acids

Exports in Asia

For the fourth year in a row, Asia recorded decline in overseas shipments of industrial tall oil fatty acids, which decreased by -2.4% to X tons in 2021. Overall, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2017 when exports increased by 84%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, tall oil fatty acids exports rose rapidly to $X in 2021. In general, exports saw a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 48%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Japan (X tons) represented the main exporter of industrial tall oil fatty acids, achieving 39% of total exports. It was distantly followed by Indonesia (X tons), Singapore (X tons), Saudi Arabia (X tons) and Malaysia (X tons), together comprising a 49% share of total exports. China (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

Exports from Japan increased at an average annual rate of +3.9% from 2012 to 2021. At the same time, the United Arab Emirates (+9.1%) and Singapore (+4.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of +9.1% from 2012-2021. By contrast, China (-1.1%), Saudi Arabia (-10.7%), Indonesia (-13.6%) and Malaysia (-16.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Japan, Singapore and the United Arab Emirates increased by +25, +11 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest tall oil fatty acids supplying countries in Asia were Japan ($X), Singapore ($X) and Malaysia ($X), together comprising 76% of total exports.

Among the main exporting countries, Singapore, with a CAGR of +4.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with an increase of 12% against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2018 an increase of 14%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+7.9%), while the other leaders experienced more modest paces of growth.

Imports of Industrial Tall Oil Fatty Acids

Imports in Asia

In 2021, overseas purchases of industrial tall oil fatty acids increased by 21% to X tons, rising for the second year in a row after two years of decline. Total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +30.1% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 27% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, tall oil fatty acids imports soared to $X in 2021. The total import value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the nine major importers of industrial tall oil fatty acids, namely India, Turkey, China, Singapore, South Korea, Saudi Arabia, the United Arab Emirates, Japan and Malaysia, represented more than two-thirds of total import.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +35.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tall oil fatty acids importing markets in Asia were Malaysia ($X), India ($X) and Turkey ($X), together comprising 38% of total imports. China, Singapore, South Korea, Saudi Arabia, the United Arab Emirates and Japan lagged somewhat behind, together comprising a further 47%.

Saudi Arabia, with a CAGR of +30.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, surging by 28% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Malaysia ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+10.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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