Europe: Linseed Oil Market 2024

Linseed Oil Market Size in Europe

The Europe linseed oil market expanded modestly to $X in 2022, growing by 4.4% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Linseed Oil Production in Europe

In value terms, linseed oil production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 17%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports in Europe

In 2022, shipments abroad of linseed oil increased by 11% to X tons, rising for the third year in a row after two years of decline. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, linseed oil exports skyrocketed to $X in 2022. Overall, exports saw a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 49%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Belgium represented the major exporter of linseed oil in Europe, with the volume of exports reaching X tons, which was approx. 57% of total exports in 2022. Russia (X tons) took the second position in the ranking, distantly followed by the UK (X tons) and Germany (X tons). All these countries together held approx. 34% share of total exports. Spain (X tons) and Italy (X tons) held a little share of total exports.

Belgium experienced a relatively flat trend pattern with regard to volume of exports of linseed oil. At the same time, Russia (+63.4%), the UK (+34.0%), Spain (+11.9%) and Italy (+11.4%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in Europe, with a CAGR of +63.4% from 2012-2022. By contrast, Germany (-7.2%) illustrated a downward trend over the same period. While the share of Russia (+18 p.p.), the UK (+9.5 p.p.) and Spain (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Belgium (-9 p.p.) and Germany (-10.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($X) remains the largest linseed oil supplier in Europe, comprising 58% of total exports. The second position in the ranking was held by Russia ($X), with a 12% share of total exports. It was followed by the UK, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value in Belgium stood at +4.9%. In the other countries, the average annual rates were as follows: Russia (+48.9% per year) and the UK (+25.1% per year).

Export Prices by Country

In 2022, the export price in Europe amounted to $X per ton, with an increase of 3.8% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, linseed oil export price increased by +71.8% against 2016 indices. The growth pace was the most rapid in 2021 when the export price increased by 43% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($X per ton), while Russia ($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 (+3.9%), while the other leaders experienced more modest paces of growth.

Linseed Oil Imports

Imports in Europe

In 2022, supplies from abroad of linseed oil increased by 6.6% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a slight reduction. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports surged to $X in 2022. Total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +105.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Norway (X tons), Germany (X tons), the Netherlands (X tons) and Ireland (X tons) represented roughly 71% of total imports in 2022. It was distantly followed by France (X tons) and Belgium (X tons), together creating a 10% share of total imports. Spain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Norway (with a CAGR of +64.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil importing markets in Europe were Norway ($X), Germany ($X) and the Netherlands ($X), with a combined 57% share of total imports.

In terms of the main importing countries, Norway, with a CAGR of +57.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Europe stood at $X per ton in 2022, picking up by 16% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.6% 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 +81.8% against 2017 indices. The growth pace was the most rapid in 2020 when the import price increased by 26% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Spain ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform