Eastern Asia: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in Eastern Asia

In 2021, the East Asian tall oil fatty acids market increased by 1.9% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a perceptible setback. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Industrial Tall Oil Fatty Acids in Eastern Asia

In value terms, tall oil fatty acids production fell to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible decline. The growth pace was the most rapid in 2020 when the production volume increased by 16%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Industrial Tall Oil Fatty Acids

Exports in Eastern Asia

In 2021, shipments abroad of industrial tall oil fatty acids was finally on the rise to reach X tons after three years of decline. Over the period under review, exports showed noticeable growth. The pace of growth was the most pronounced in 2014 with an increase of 65%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, tall oil fatty acids exports skyrocketed to $X in 2021. Total exports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.1% against 2019 indices. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan prevails in exports structure, finishing at X tons, which was near 91% of total exports in 2021. It was distantly followed by China (X tons), achieving a 7.2% share of total exports. Hong Kong SAR (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to tall oil fatty acids exports from Japan stood at +3.9%. At the same time, Hong Kong SAR (+5.0%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +5.0% from 2012-2021. By contrast, China (-1.1%) illustrated a downward trend over the same period. Japan (+5.8 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -3.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest tall oil fatty acids supplier in Eastern Asia, comprising 86% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports.

In Japan, tall oil fatty acids exports expanded at an average annual rate of +1.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: China (+0.4% per year) and Hong Kong SAR (+13.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, rising by 8.8% against the previous year. Over the period under review, the export price, however, continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2020 when the export price increased by 14% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Industrial Tall Oil Fatty Acids

Imports in Eastern Asia

In 2021, the amount of industrial tall oil fatty acids imported in Eastern Asia shrank slightly to X tons, declining by -2.5% against 2020. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 36%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, tall oil fatty acids imports rose remarkably to $X in 2021. Overall, imports showed a noticeable decrease. The growth pace was the most rapid in 2014 when imports increased by 25%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) and South Korea (X tons) represented the main importers of industrial tall oil fatty acids in Eastern Asia, together comprising 71% of total imports. It was distantly followed by Japan (X tons) and Taiwan (Chinese) (X tons), together making up a 29% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +5.5%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X), South Korea ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2021, with a combined 89% share of total imports.

Japan, with a CAGR of +2.8%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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 Eastern Asia stood at $X per ton in 2021, surging by 12% against the previous year. Over the period under review, the import price, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2018 an increase of 19%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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