CIS: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in CIS

In 2021, the CIS industrial oleic acid market decreased by -1.3% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020, and then declined slightly in the following year.

Industrial Oleic Acid Production in CIS

In value terms, industrial oleic acid production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 21%. The level of production peaked at $X in 2020, and then reduced in the following year.

Industrial Oleic Acid Exports

Exports in CIS

In 2021, shipments abroad of industrial oleic acid was finally on the rise to reach X tons after three years of decline. In general, exports recorded a remarkable increase. The growth pace was the most rapid in 2015 when exports increased by 3,352%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, industrial oleic acid exports skyrocketed to $X in 2021. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 2,591% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Russia (X tons) was the major exporter of industrial oleic acid in the CIS, constituting 99% of total export.

Russia was also the fastest-growing in terms of the industrial oleic acid exports, with a CAGR of +12.7% from 2012 to 2021. Russia (+16 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest industrial oleic acid supplier in the CIS.

In Russia, industrial oleic acid exports expanded at an average annual rate of +16.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in the CIS amounted to $X per ton, with an increase of 14% against the previous year. In general, the export price enjoyed a perceptible increase. The growth pace was the most rapid in 2018 an increase of 89% against the previous year. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the rate of growth in terms of prices for Russia amounted to +3.2% per year.

Industrial Oleic Acid Imports

Imports in CIS

In 2021, supplies from abroad of industrial oleic acid decreased by -21.7% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of 59% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, industrial oleic acid imports surged to $X in 2021. Over the period under review, imports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 59%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Russia dominates imports structure, amounting to X tons, which was near 77% of total imports in 2021. Uzbekistan (X tons) took the second position in the ranking, followed by Kazakhstan (X tons). All these countries together took near 15% share of total imports. The following importers - Belarus (X tons) and Azerbaijan (X tons) - each reached a 6.3% share of total imports.

Russia was also the fastest-growing in terms of the industrial oleic acid imports, with a CAGR of +17.0% from 2012 to 2021. At the same time, Kazakhstan (+10.6%) and Belarus (+8.0%) displayed positive paces of growth. Azerbaijan experienced a relatively flat trend pattern. By contrast, Uzbekistan (-4.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Russia increased by +37 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported industrial oleic acid in the CIS, comprising 79% of total imports. The second position in the ranking was taken by Uzbekistan ($X), with a 6.9% share of total imports. It was followed by Azerbaijan, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value in Russia totaled +19.5%. The remaining importing countries recorded the following average annual rates of imports growth: Uzbekistan (-5.5% per year) and Azerbaijan (+1.6% per year).

Import Prices by Country

In 2021, the import price in the CIS amounted to $X per ton, growing by 63% against the previous year. Import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, industrial oleic acid import price increased by +78.6% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Azerbaijan ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Azerbaijan (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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