GCC: Tall Oil Market 2024

Tall Oil Market Size in GCC

The GCC tall oil market reached $X in 2021, picking up by 4.3% against the previous year. The total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.0% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Tall Oil Production in GCC

In value terms, tall oil production rose remarkably to $X in 2021 estimated in export price. The total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.7% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 44%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Tall Oil Exports

Exports in GCC

In 2021, the amount of tall oil exported in GCC skyrocketed to X tons, jumping by 97% on 2020 figures. In general, exports saw buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 513%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, tall oil exports surged to $X in 2021. Over the period under review, exports posted a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 1,331%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons), followed by Saudi Arabia (X tons) represented the major exporters of tall oil, together generating 100% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Saudi Arabia (with a CAGR of +70.8%).

In value terms, the United Arab Emirates ($X) remains the largest tall oil supplier in GCC, comprising 81% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +4.1%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, increasing by 42% against the previous year. Over the period under review, the export price, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2017 when the export price increased by 133% 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 by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.9%).

Tall Oil Imports

Imports in GCC

In 2021, supplies from abroad of tall oil decreased by -4.4% to X tons, falling for the second year in a row after three years of growth. In general, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 when imports increased by 17%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, tall oil imports fell to $X in 2021. Over the period under review, imports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2019 with an increase of 10% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of tall oil imports in 2021 were the United Arab Emirates (X tons), Kuwait (X tons) and Oman (X tons), together reaching 100% of total import.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +3.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest tall oil importing markets in GCC were Oman ($X), Kuwait ($X) and the United Arab Emirates ($X), with a combined 100% share of total imports.

Among the main importing countries, Oman, with a CAGR of +9.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, increasing by 2.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2016 when the import price increased by 15%. The level of import peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform