Australia: Linseed Oil Market 2024

Linseed Oil Market Size in Australia

The Australian linseed oil market fell slightly to $X in 2022, leveling off at the previous year. In general, consumption, however, enjoyed a temperate expansion. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Linseed Oil Production in Australia

In value terms, linseed oil production soared to $X in 2022 estimated in export price. Overall, production showed a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 435%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Linseed Oil Exports

Exports from Australia

In 2022, overseas shipments of linseed oil increased by 1,467% to X tons, rising for the second year in a row after two years of decline. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 1,510%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports soared to $X in 2022. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 663%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Italy (X tons) was the main destination for linseed oil exports from Australia, with a 71% share of total exports. Moreover, linseed oil exports to Italy exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), fivefold. New Zealand (X tons) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to Italy was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+3.5% per year) and New Zealand (+26.3% per year).

In value terms, the largest markets for linseed oil exported from Australia were Italy ($X), Fiji ($X) and Hong Kong SAR ($X), together comprising 75% of total exports.

In terms of the main countries of destination, Fiji, with a CAGR of +143.2%, saw 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

The average linseed oil export price stood at $X per ton in 2022, with a decrease of -84.6% against the previous year. In general, the export price continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 304% against the previous year. The export price peaked at $X per ton in 2021, and then fell remarkably in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+32.8%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Australia

In 2022, the amount of linseed oil imported into Australia reduced modestly to X tons, which is down by -2.7% against 2021. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 33%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, linseed oil imports surged to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +111.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of linseed oil to Australia, with a 88% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume from Belgium amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.4% per year) and New Zealand (-4.5% per year).

In value terms, Belgium ($X) constituted the largest supplier of linseed oil to Australia, comprising 80% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.0% per year) and New Zealand (-6.2% per year).

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, jumping by 38% against the previous year. In general, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, linseed oil import price increased by +88.4% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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