Eastern Asia: Tall Oil Market 2024

Tall Oil Market Size in Eastern Asia

In 2021, the East Asian tall oil market increased by 0.3% to $X for the first time since 2012, thus ending a eight-year declining trend. In general, consumption, however, continues to indicate a perceptible setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Tall Oil Production in Eastern Asia

In value terms, tall oil production shrank modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt slump. The growth pace was the most rapid in 2020 with an increase of 0.5%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Tall Oil Exports

Exports in Eastern Asia

In 2021, overseas shipments of tall oil were finally on the rise to reach X tons after two years of decline. Overall, exports, however, saw a deep downturn. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, tall oil exports skyrocketed to $X in 2021. In general, exports, however, saw a deep setback. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan was the major exporter of tall oil in Eastern Asia, with the volume of exports recording X tons, which was approx. 52% of total exports in 2021. It was distantly followed by China (X tons) and Taiwan (Chinese) (X tons), together achieving a 45% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +5.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Japan ($X), Taiwan (Chinese) ($X) and China ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 87% share of total exports. South Korea lagged somewhat behind, comprising a further 12%.

Among the main exporting countries, South Korea, with a CAGR of +21.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 9.6% against the previous year. Export price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tall oil export price increased by +62.7% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 48% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+20.2%), while the other leaders experienced more modest paces of growth.

Tall Oil Imports

Imports in Eastern Asia

In 2021, overseas purchases of tall oil were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, recorded a slight shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 24%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, tall oil imports rose rapidly to $X in 2021. Over the period under review, imports, however, recorded a mild descent. The pace of growth was the most pronounced in 2017 with an increase of 14%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) represented the main importer of tall oil, creating 66% of total imports. It was distantly followed by China (X tons), mixing up a 31% share of total imports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tall oil imports into Japan stood at -3.5%. At the same time, China (+4.8%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +4.8% from 2012-2021. By contrast, South Korea (-4.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported tall oil in Eastern Asia, comprising 64% of total imports. The second position in the ranking was taken by China ($X), with a 30% share of total imports.

In Japan, tall oil imports contracted by an average annual rate of -3.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: China (+3.4% per year) and South Korea (-6.8% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, remaining stable against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 19%. Over the period under review, import prices reached the peak figure 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, amid the top importers, the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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