Japan: Linseed Oil Market 2024

Linseed Oil Market Size in Japan

The Japanese linseed oil market expanded significantly to $X in 2022, rising by 11% against the previous year. In general, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +87.7% against 2017 indices. Linseed oil consumption peaked in 2022 and is expected to retain growth in years to come.

Linseed Oil Production in Japan

In value terms, linseed oil production dropped slightly to $X in 2022 estimated in export price. In general, the total production indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.2% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 74% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Linseed Oil Exports

Exports from Japan

In 2022, shipments abroad of linseed oil increased by 7.5% to X tons, rising for the third consecutive year after two years of decline. In general, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports declined to $X in 2022. Overall, exports, however, faced a abrupt decline. The pace of growth appeared the most rapid in 2021 with an increase of 41% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for linseed oil exports from Japan, with a 95% share of total exports. Moreover, linseed oil exports to Thailand exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand amounted to -12.0%.

In value terms, Thailand ($X) remains the key foreign market for linseed oil exports from Japan, comprising 80% of total exports. The second position in the ranking was taken by China ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Thailand amounted to -14.8%.

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, waning by -12.8% against the previous year. Overall, the export price continues to indicate a slight descent. The growth pace was the most rapid in 2020 an increase of 17% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Thailand totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+14.0%), while the prices for the other major destinations experienced a decline.

Linseed Oil Imports

Imports into Japan

In 2022, the amount of linseed oil imported into Japan fell to X tons, declining by -2.6% against 2021 figures. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.9% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 50%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, linseed oil imports skyrocketed to $X in 2022. Overall, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 66% 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

Belgium (X tons), Germany (X tons) and Canada (X tons) were the main suppliers of linseed oil imports to Japan, with a combined 96% share of total imports. Italy and the United States lagged somewhat behind, together accounting for a further 2.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +62.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil suppliers to Japan were Belgium ($X), Germany ($X) and Canada ($X), with a combined 90% share of total imports. Italy and the United States lagged somewhat behind, together accounting for a further 4.7%.

Among the main suppliers, Italy, with a CAGR of +47.2%, 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

In 2022, the average linseed oil import price amounted to $X per ton, growing by 20% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.4% 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 +42.4% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 28%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+25.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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