China: Linseed Oil Market 2024

Linseed Oil Market Size in China

In 2022, the Chinese linseed oil market decreased by -6.7% to $X, falling for the second year in a row after four years of growth. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Linseed oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Linseed Oil Production in China

In value terms, linseed oil production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 171% against the previous year. Linseed oil production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports from China

Linseed oil exports from China reduced slightly to X tons in 2022, remaining relatively unchanged against the previous year's figure. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 63% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, linseed oil exports surged to $X in 2022. Over the period under review, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +110.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 65%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for linseed oil exports from China, accounting for a 57% share of total exports. Moreover, linseed oil exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fivefold. The third position in this ranking was held by Australia (X tons), with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+1.6% per year) and Australia (+4.1% per year).

In value terms, the United States ($X) remains the key foreign market for linseed oil exports from China, comprising 57% of total exports. The second position in the ranking was taken by Canada ($X), with an 11% share of total exports. It was followed by Australia, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+4.0% per year) and Australia (+3.8% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, with an increase of 28% against the previous year. In general, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Canada ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Australia ($X per ton) and Japan ($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 Canada (+2.4%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into China

In 2022, supplies from abroad of linseed oil decreased by -41% to X tons, falling for the second consecutive year after six years of growth. Overall, imports showed a perceptible decrease. The pace of growth was the most pronounced in 2015 with an increase of 66% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports shrank significantly to $X in 2022. In general, imports recorded a slight slump. The most prominent rate of growth was recorded in 2019 when imports increased by 34% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell dramatically in the following year.

Imports by Country

Russia (X tons), Kazakhstan (X tons) and France (X tons) were the main suppliers of linseed oil imports to China, together accounting for 96% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +250.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil suppliers to China were Russia ($X), Kazakhstan ($X) and France ($X), together accounting for 90% of total imports.

Russia, with a CAGR of +193.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, surging by 9.7% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +83.9% against 2018 indices. The growth pace was the most rapid in 2021 an increase of 48%. Over the period under review, average import prices hit record highs at $X per ton in 2014; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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