Belgium: Linseed Oil Market 2024

Linseed Oil Market Size in Belgium

In 2022, after four years of growth, there was significant decline in the Belgian linseed oil market, when its value decreased by -20.1% to $X. Over the period under review, consumption, however, showed a modest expansion. Linseed oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Linseed Oil Production in Belgium

In value terms, linseed oil production amounted to $X in 2022 estimated in export price. In general, production showed a mild descent. The pace of growth appeared the most rapid in 2019 when the production volume increased by 7.8% against the previous year. Linseed oil production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Linseed Oil Exports

Exports from Belgium

In 2022, shipments abroad of linseed oil increased by 0.9% to X tons, rising for the second consecutive year after two years of decline. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 17% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, linseed oil exports rose rapidly to $X in 2022. Overall, exports recorded a moderate increase. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

The Netherlands (X tons), Germany (X tons) and Norway (X tons) were the main destinations of linseed oil exports from Belgium, with a combined 57% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +51.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Norway ($X) were the largest markets for linseed oil exported from Belgium worldwide, with a combined 55% share of total exports.

In terms of the main countries of destination, Norway, with a CAGR of +51.8%, 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

The average linseed oil export price stood at $X per ton in 2022, growing by 13% against the previous year. In general, the export price enjoyed measured growth. The growth pace was the most rapid in 2021 when the average export price increased by 63%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and South Korea ($X per ton), while the average price for exports to Chile ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Belgium

In 2022, after four years of growth, there was significant decline in supplies from abroad of linseed oil, when their volume decreased by -45% to X tons. In general, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 307% against the previous year. Imports peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, linseed oil imports dropped remarkably to $X in 2022. Overall, imports, however, posted strong growth. The pace of growth appeared the most rapid in 2013 when imports increased by 273% against the previous year. Imports peaked at $X in 2021, and then dropped significantly in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of linseed oil to Belgium, accounting for a 73% share of total imports. Moreover, linseed oil imports from Russia exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The Netherlands (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to +139.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.8% per year) and the Netherlands (-7.7% per year).

In value terms, Russia ($X) constituted the largest supplier of linseed oil to Belgium, comprising 69% of total imports. The second position in the ranking was taken by Germany ($X), with a 23% share of total imports. It was followed by the Netherlands, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia stood at +177.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.4% per year) and the Netherlands (-8.6% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, increasing by 3.3% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 +98.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 49%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+16.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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