Republic of Korea: Tall Oil Market 2024

Tall Oil Market Size in Republic of Korea

After two years of growth, the South Korean tall oil market decreased by -0.3% to $X in 2021. In general, consumption, however, recorded a mild setback. The pace of growth appeared the most rapid in 2019 with an increase of 6.2%. Tall oil consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Tall Oil Production in Republic of Korea

In value terms, tall oil production declined modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a slight decline. The most prominent rate of growth was recorded in 2019 when the production volume increased by 7% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Tall Oil Exports

Exports from Republic of Korea

In 2021, shipments abroad of tall oil was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports posted a slight increase. The growth pace was the most rapid in 2015 with an increase of 1,924% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, tall oil exports surged to $X in 2021. Overall, exports saw a significant increase. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for tall oil exports from South Korea, with a 65% share of total exports. Moreover, tall oil exports to India exceeded the volume sent to the second major destination, Malaysia (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India amounted to +97.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (0.0% per year) and Vietnam (-19.4% per year).

In value terms, the largest markets for tall oil exported from South Korea were India ($X), Vietnam ($X) and Malaysia ($X), with a combined 63% share of total exports.

India, with a CAGR of +109.8%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average tall oil export price amounted to $X per ton, jumping by 297% against the previous year. In general, the export price recorded a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+25.5%), while the prices for the other major destinations experienced mixed trend patterns.

Tall Oil Imports

Imports into Republic of Korea

After three years of decline, supplies from abroad of tall oil increased by 34% to X tons in 2021. In general, imports, however, recorded a perceptible decrease. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 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, continue to indicate a abrupt decrease. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest tall oil supplier to South Korea, accounting for a 58% share of total imports. Moreover, tall oil imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), threefold. Singapore (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at -6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-4.5% per year) and Singapore (+66.8% per year).

In value terms, the United States ($X), Singapore ($X) and New Zealand ($X) were the largest tall oil suppliers to South Korea, together comprising 91% of total imports.

Singapore, with a CAGR of +74.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average tall oil import price amounted to $X per ton, rising by 6% against the previous year. Overall, the import price, however, continues to indicate a pronounced setback. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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