Middle East: Tall Oil Market 2024

Tall Oil Market Size in the Middle East

The Middle Eastern tall oil market rose to $X in 2021, growing by 4.1% against the previous year. In general, consumption, however, saw a perceptible slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Tall Oil Production in the Middle East

In value terms, tall oil production rose markedly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decrease. The growth pace was the most rapid in 2019 with an increase of 17% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Tall Oil Exports

Exports in the Middle East

Tall oil exports surged to X tons in 2021, with an increase of 68% against 2020. Over the period under review, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 80%. Over the period under review, the exports attained the peak figure at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, tall oil exports surged to $X in 2021. In general, exports posted a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 157% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the key exporter of tall oil in the Middle East, with the volume of exports amounting to X tons, which was near 59% of total exports in 2021. The United Arab Emirates (X tons) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (14%) and Israel (12%).

Turkey was also the fastest-growing in terms of the tall oil exports, with a CAGR of +74.5% from 2012 to 2021. At the same time, Saudi Arabia (+70.8%), Israel (+31.0%) and the United Arab Emirates (+2.2%) displayed positive paces of growth. From 2012 to 2021, the share of Turkey, Saudi Arabia and Israel increased by +57, +13 and +4.6 percentage points, respectively.

In value terms, the largest tall oil supplying countries in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X), with a combined 92% share of total exports.

Saudi Arabia, with a CAGR of +73.9%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2021, the export price in the Middle East amounted to $X per ton, jumping by 28% against the previous year. In general, the export price, however, faced a deep slump. The most prominent rate of growth was recorded in 2017 when the export price increased by 42% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 the United Arab Emirates ($X per ton), while Turkey ($X per ton) was amongst the lowest.

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

Tall Oil Imports

Imports in the Middle East

In 2021, approx. X tons of tall oil were imported in the Middle East; with an increase of 8.7% on the previous year. In general, imports, however, showed a relatively flat trend pattern. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, tall oil imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a slight downturn. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Turkey represented the largest importing country with an import of around X tons, which amounted to 55% of total imports. The United Arab Emirates (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (12%), Oman (11%) and Israel (6.4%).

Turkey was also the fastest-growing in terms of the tall oil imports, with a CAGR of +10.0% from 2012 to 2021. At the same time, Oman (+3.3%) and Kuwait (+2.3%) displayed positive paces of growth. By contrast, Israel (-8.7%) and the United Arab Emirates (-9.1%) illustrated a downward trend over the same period. Turkey (+33 p.p.), Oman (+3.5 p.p.) and Kuwait (+3 p.p.) significantly strengthened its position in terms of the total imports, while Israel and the United Arab Emirates saw its share reduced by -7% and -16.2% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported tall oil in the Middle East, comprising 53% of total imports. The second position in the ranking was held by Oman ($X), with a 17% share of total imports. It was followed by Kuwait, with a 12% share.

In Turkey, tall oil imports expanded at an average annual rate of +6.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (+9.2% per year) and Kuwait (-0.0% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, surging by 6.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 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 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

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