Middle East: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in the Middle East

In 2021, the Middle Eastern tall oil fatty acids market was finally on the rise to reach $X after four years of decline. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Production of Industrial Tall Oil Fatty Acids in the Middle East

In value terms, tall oil fatty acids production declined slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a deep downturn. The pace of growth was the most pronounced in 2017 when the production volume increased by 39%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Industrial Tall Oil Fatty Acids

Exports in the Middle East

For the third consecutive year, the Middle East recorded growth in overseas shipments of industrial tall oil fatty acids, which increased by 72% to X tons in 2021. Over the period under review, exports, however, showed a abrupt contraction. The growth pace was the most rapid in 2020 with an increase of 257% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, tall oil fatty acids exports rose to $X in 2021. In general, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2020 when exports increased by 182%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the main exporter of industrial tall oil fatty acids in the Middle East, with the volume of exports resulting at X tons, which was approx. 70% of total exports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 19% share, followed by Iran (4.8%). Turkey (X tons) and Jordan (X tons) followed a long way behind the leaders.

Exports from Saudi Arabia decreased at an average annual rate of -10.7% from 2012 to 2021. At the same time, Turkey (+42.9%), Iran (+18.1%), Jordan (+17.6%) and the United Arab Emirates (+9.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +42.9% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates, Iran, Turkey and Jordan increased by +15, +4.3, +3.6 and +2.2 percentage points, respectively.

In value terms, the largest tall oil fatty acids supplying countries in the Middle East were Saudi Arabia ($X), the United Arab Emirates ($X) and Turkey ($X), together accounting for 89% of total exports.

Turkey, with a CAGR of +41.8%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, shrinking by -39.3% against the previous year. Overall, the export price, however, recorded a pronounced expansion. The growth pace was the most rapid in 2018 an increase of 74%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Imports of Industrial Tall Oil Fatty Acids

Imports in the Middle East

In 2021, after three years of decline, there was significant growth in overseas purchases of industrial tall oil fatty acids, when their volume increased by 55% to X tons. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +11.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 112% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

In value terms, tall oil fatty acids imports skyrocketed to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.4% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 119%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

Turkey represented the largest importer of industrial tall oil fatty acids in the Middle East, with the volume of imports accounting for X tons, which was approx. 43% of total imports in 2021. Saudi Arabia (X tons) held the second position in the ranking, followed by the United Arab Emirates (X tons) and Israel (X tons). All these countries together took near 53% share of total imports. Kuwait (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +35.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tall oil fatty acids importing markets in the Middle East were Turkey ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), together accounting for 89% of total imports. Israel and Kuwait lagged somewhat behind, together comprising a further 7.4%.

Kuwait, with a CAGR of +30.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, rising by 15% against the previous year. Overall, the import price, however, showed a slight decline. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Kuwait ($X per ton) and the United Arab Emirates ($X per ton), while Turkey ($X per ton) and Israel ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+0.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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