Central Asia: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in Central Asia

In 2021, after four years of growth, there was significant decline in the Central Asian industrial oleic acid market, when its value decreased by -7.1% to $X. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +54.2% against 2016 indices. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank in the following year.

Industrial Oleic Acid Production in Central Asia

In value terms, industrial oleic acid production contracted to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +26.1% against 2015 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 26%. As a result, production reached the peak level of $X, and then shrank in the following year.

Industrial Oleic Acid Exports

Exports in Central Asia

In 2020, approx. X kg of industrial oleic acid were exported in Central Asia; dropping by -94.3% compared with the year before. Over the period under review, exports recorded a dramatic shrinkage. The volume of export peaked at X tons in 2019, and then reduced sharply in the following year.

In value terms, industrial oleic acid exports shrank significantly to $X in 2020. In general, exports recorded a dramatic downturn. Over the period under review, the exports hit record highs at $X in 2019, and then reduced remarkably in the following year.

Exports by Country

Kazakhstan (X kg) represented roughly 100% of total exports in 2020.

Kazakhstan was also the fastest-growing in terms of the industrial oleic acid exports, with a CAGR of -94.3% from 2019 to 2020. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest industrial oleic acid supplier in Central Asia.

From 2019 to 2020, the average annual rate of growth in terms of value in Kazakhstan totaled -91.5%.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2020, increasing by 51% against the previous year. Export price indicated a significant expansion from 2019 to 2020: its price increased at an average annual rate of +51.2% over the last one years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2019 to 2020, the rate of growth in terms of prices for Kazakhstan amounted to +51.2% per year.

Industrial Oleic Acid Imports

Imports in Central Asia

In 2021, industrial oleic acid imports in Central Asia expanded remarkably to X tons, increasing by 10% against 2020. Over the period under review, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 213%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, industrial oleic acid imports soared to $X in 2021. In general, imports posted a temperate expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 175%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Mongolia (X tons) represented the key importer of industrial oleic acid, creating 67% of total imports. It was distantly followed by Uzbekistan (X tons) and Kazakhstan (X tons), together mixing up a 30% share of total imports. Tajikistan (X tons) followed a long way behind the leaders.

Mongolia was also the fastest-growing in terms of the industrial oleic acid imports, with a CAGR of +20.7% from 2012 to 2021. At the same time, Kazakhstan (+10.6%) displayed positive paces of growth. By contrast, Uzbekistan (-4.1%) and Tajikistan (-17.4%) illustrated a downward trend over the same period. While the share of Mongolia (+47 p.p.) and Kazakhstan (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Tajikistan (-24.6 p.p.) and Uzbekistan (-25.8 p.p.) displayed negative dynamics.

In value terms, Mongolia ($X), Uzbekistan ($X) and Kazakhstan ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 94% share of total imports.

Among the main importing countries, Mongolia, with a CAGR of +20.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2021, growing by 6.4% against the previous year. In general, the import price, however, saw a slight slump. 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, the country with the highest price was Tajikistan ($X per ton), while Mongolia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tajikistan (+16.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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