Asia-Pacific: Tall Oil Market 2024

Tall Oil Market Size in Asia-Pacific

The Asia-Pacific tall oil market rose slightly to $X in 2021, increasing by 2.2% against the previous year. In general, consumption, however, continues to indicate a noticeable slump. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Tall Oil Production in Asia-Pacific

In value terms, tall oil production rose to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2015 with an increase of 8.3% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Tall Oil Exports

Exports in Asia-Pacific

In 2021, after five years of decline, there was significant growth in shipments abroad of tall oil, when their volume increased by 366% to X tons. In general, exports, however, continue to indicate a slight shrinkage. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, tall oil exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a slight downturn. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

New Zealand represented the largest exporting country with an export of around X tons, which accounted for 70% of total exports. Japan (X tons) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by China (5.6%). Malaysia (X tons), Taiwan (Chinese) (X tons), Thailand (X tons) and Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tall oil exports from New Zealand stood at +3.7%. At the same time, Taiwan (Chinese) (+5.3%), Indonesia (+4.2%) and Thailand (+1.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +5.3% from 2012-2021. By contrast, China (-1.3%), Malaysia (-7.6%) and Japan (-18.3%) illustrated a downward trend over the same period. While the share of New Zealand (+70 p.p.) and Taiwan (Chinese) (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-3.1 p.p.) and Japan (-44.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X) emerged as the largest tall oil supplier in Asia-Pacific, comprising 55% of total exports. The second position in the ranking was held by Japan ($X), with a 13% share of total exports. It was followed by Taiwan (Chinese), with a 7.4% share.

In New Zealand, tall oil exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-16.4% per year) and Taiwan (Chinese) (+8.7% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, reducing by -24.5% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the export price increased by 39%. As a result, the export price reached the peak level of $X per ton, and then contracted dramatically in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+7.6%), while the other leaders experienced more modest paces of growth.

Tall Oil Imports

Imports in Asia-Pacific

In 2021, purchases abroad of tall oil increased by 8.5% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, showed a slight curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 23%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, tall oil imports expanded significantly to $X in 2021. In general, imports, however, recorded a perceptible slump. The pace of growth appeared the most rapid in 2017 when imports increased by 12%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan was the key importing country with an import of about X tons, which resulted at 61% of total imports. It was distantly followed by China (X tons), mixing up a 29% share of total imports. South Korea (X tons), India (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tall oil imports into Japan stood at -3.5%. At the same time, India (+15.2%), Malaysia (+12.9%) and China (+4.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +15.2% from 2012-2021. By contrast, South Korea (-4.3%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) and India (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported tall oil in Asia-Pacific, comprising 60% of total imports. The second position in the ranking was held by China ($X), with a 28% share of total imports. It was followed by South Korea, with a 4.7% share.

In Japan, tall oil imports plunged by an average annual rate of -3.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: China (+3.4% per year) and South Korea (-6.8% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, standing approx. at the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 19% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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