Asia: Tall Oil Market 2024

Tall Oil Market Size in Asia

The Asian tall oil market expanded to $X in 2021, increasing by 2.1% against the previous year. In general, consumption, however, showed a perceptible slump. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Tall Oil Production in Asia

In value terms, tall oil production rose to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable reduction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 6.5%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Tall Oil Exports

Exports in Asia

In 2021, tall oil exports in Asia skyrocketed to X tons, growing by 60% on the year before. Over the period under review, exports, however, recorded a slight setback. 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. In general, exports, however, saw a perceptible decrease. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey represented the major exporting country with an export of around X tons, which amounted to 43% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, followed by Saudi Arabia (X tons), Japan (X tons), Israel (X tons) and China (X tons). All these countries together held near 44% share of total exports. Malaysia (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the tall oil exports, with a CAGR of +74.5% from 2012 to 2021. At the same time, Saudi Arabia (+70.8%), Israel (+31.0%) and the United Arab Emirates (+2.2%) displayed positive paces of growth. By contrast, China (-1.3%), Malaysia (-7.6%) and Japan (-18.3%) illustrated a downward trend over the same period. While the share of Turkey (+43 p.p.), Saudi Arabia (+9.7 p.p.), Israel (+7.7 p.p.) and the United Arab Emirates (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-2.8 p.p.) and Japan (-40.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Japan ($X) were the countries with the highest levels of exports in 2021, with a combined 57% share of total exports. Saudi Arabia, China, Malaysia and Israel lagged somewhat behind, together accounting for a further 21%.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of +73.9%, recorded the highest rates of growth with regard to 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, jumping by 16% against the previous year. In general, the export price, however, saw a slight downturn. The most prominent rate of growth was recorded in 2020 an increase of 20%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 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 the United Arab Emirates ($X per ton), while Turkey ($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 (+3.6%), while the other leaders experienced more modest paces of growth.

Tall Oil Imports

Imports in Asia

In 2021, supplies from abroad of tall oil was finally on the rise to reach X tons after three years of decline. Over the period under review, imports, however, showed a slight slump. The pace of growth appeared the most rapid in 2017 with an increase of 23%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, tall oil imports rose significantly to $X in 2021. Overall, imports, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of 9.8%. 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 represented the largest importer of tall oil in Asia, with the volume of imports recording X tons, which was near 59% of total imports in 2021. It was distantly followed by China (X tons), mixing up a 28% share of total imports. South Korea (X tons), Turkey (X tons), India (X tons) and Malaysia (X tons) followed a long way behind the leaders.

Imports into Japan decreased at an average annual rate of -3.5% from 2012 to 2021. At the same time, India (+15.2%), Malaysia (+12.9%), Turkey (+10.0%) and China (+4.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia, with a CAGR of +15.2% from 2012-2021. By contrast, South Korea (-4.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China, India and Turkey increased by +12, +2 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported tall oil in Asia, comprising 54% of total imports. The second position in the ranking was held by China ($X), with a 25% share of total imports. It was followed by Turkey, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value in Japan amounted to -3.1%. In the other countries, the average annual rates were as follows: China (+3.4% per year) and Turkey (+6.9% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 17%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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